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Abu Dhabi buys into airlines
Abu Dhabi has acquired substantial holdings in US airlines and air freight companies.
Click here to view a Gulf News page on November 23, 1978(pdf)
Reports submitted to the US Civil Aeronautics Board and made public that Abu Dhabi holds large and widespread airline stock of slightly more than one per cent to 2 1/2 per cent, of the common stock in four of the principle US commercial air carriers and a sizeable bloc of preferred stock in another.
The stocks were selected and purchased on behalf of Abu Dhabi by Morgan Guaranty Trust Company, itself one of the United States' largest owners and trustees of corporate stocks.
New UFO spotted over Kuwait
An unidentified flying object has appeared over Kuwait for the third time in a fortnight. The latest appearance came a day after the Kuwait government appointed a special UFO committee to investigate the two previous sightings.
As on the two previous occasions telecommunications between Kuwait and the outside world were interrupted during the UFO's brief presence in the area. The object hovered over water tanks in the Sabria area in the northeast corner of the country, near the Euphrates river estuary.
Complete chaos in Tehran city
The Iranian military-led government of General Gholam Reza Azhari won a confidence vote in Parliament and the Prime Minister pledged political and social freedom for all once law and order was restored.
As the government won support in the Majlis, continued strikes, violence and other disruption in the capital and other parts of the country kept political tension at a height. Power cuts and a clash in the Teheran bazaar, where troops fired on demonstrators, reduced the city to almost complete chaos.
UAE losing 60 million dollars
UAE is losing 60 million dollars a month in lost oil revenue because of the instability of the dollar. UAE Oil Minister Mana Said Al Oteiba disclosed the figure during a visit to Iraq, his second stop on a three nation tour linked to the OPEC meeting to be held in Abu Dhabi, on December 16. Despite the large losses suffered by the UAE, the Minister said that the oil producing nations should not press for the dollar's replacement as the pricing medium for oil.
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