Word: sultans
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B.C.C.I. has been in financial trouble since its money-laundering conviction and has turned for help to one of its original sources of funds: the ruling ! family of Abu Dhabi and its head, Sheik Zayed bin Sultan al-Nahayan, reportedly one of the world's richest men. Last year Zayed and his son Prince Khalifa acquired 77% of the bank and pumped in at least $600 million against the huge shortfall revealed by the Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted...
...Supreme Allied Commander in Europe during World War II, said that "morale is the greatest single factor in successful war." In the course of unrelenting bombing, weeks of hunger and Baghdad's dickering with Moscow about a withdrawal, Iraqi morale evaporated. The Saudi commander, Lieut. General Khalid bin Sultan, said Iraq's soldiers were competent enough, but "they don't believe in what they are fighting...
...means of strengthening Arab societies against radicalism. The hope was that the new Kuwait would lead the way, but the royal family appears less keen about liberalization now than it did when it was courting international support from exile. For their part, Saudi Arabia's King Fahd and the Sultan of Oman, Qaboos bin Said, have promised to create only consultative councils, not parliaments. The U.S. is unlikely to push democratization, knowing fundamentalists are best organized to take advantage...
...proposed shift in education policy will aid a radical transformation of Kuwait's economy. As oil is a nonrenewable resource, Kuwait's leaders are eager for their country to develop in new directions. "We can become the Route 128 of the Middle East," says Fawzi al-Sultan, referring to Boston's beltway dotted with high-tech managerial and consulting firms. "We can be the financial brains behind industrial enterprises in the rest of the gulf and in the Arab world at large. As our ancestors were often away as merchant traders, so large numbers of us can be working abroad...
...other is to let market forces play. While the goal is set -- if still unstated -- the manner of execution is not. Those planning for New Kuwait hope for fiat but are prepared for the slower course. "If, for example, the welfare system is cut back," says Fawzi al-Sultan, "if a person who has three servants, which is not unusual, suddenly has to pay the medical bills of those servants in place of the government, then that person is going to think twice about having three as help. So market forces can do the job. It takes more time...