Word: arabization
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...uncommitted nations, Communism has come to seem not only less powerful but also much less appealing. Egypt's Gamal Abdel Nasser, leader of the emergent United Arab Republic, has accepted massive military and economic aid from Russia, but has also cracked down relentlessly on local Communists. Almost all the new nations of Africa have rejected Communism roundly-even Guinea, which two years ago appeared to be well on the way to becoming a Communist outpost...
...MIDDLE EAST. The State Department thinks that Nasser's United Arab Republic might be a long-range stabilizing force in the very unstable Middle East. The problem is not to turn Nasser away from Communism-that has already happened -but to prevent war between the U.A.R. and Israel...
...carefully investing in a wide range of new industries and public works from Casablanca to Baghdad, Shoman's new Arab Bank acted as a catalyst for Arab economic development in the days when no one was willing to bet on it. Says Shoman: "There would not be any industry here if we had not helped finance it." Arab Bank loans created jobs for more than 100,000 workers, and in Jordan the bank's loans for new cement, textile, and food-processing plants have given the country a growth rate in the Middle East second only...
...himself to sleep over bank reports. So strict a Moslem is he that he prays toward Mecca five times a day, allows none of his employees to drink, smoke or eat pork in his presence. Unimpressed by pomp, he treats peddlers, peasants and princes alike. He knows almost every Arab ruler from Ben Bella to King Saud, royally says of Jordan's King Hussein: "He is like one of my sons, but I tell him when he is wrong...
...years ago, when Nasser nationalized all the banks in the United Arab Republic, Shoman lost six branches. When Syria and Iraq recently announced their intention to merge with Egypt, the threat of losing twelve more branches would have driven most bankers to despair. But Shoman believes that any step toward Arab unity is worth some losses. "If the Arab world could be joined together and Arabs could trade freely, they would prosper like Americans," he says. "For the sake of Arab unity, I'll give it all away." He may not have to: aside from his family...