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Fahd bin Abdul Aziz
Sultan Bin Abdul Aziz
Naef Bin Abdul Aziz
Salman Bin Abdul Aziz
Ahmad Bin Abdul Aziz
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SAUD BIN NAEF
Prince Saud bin Naef was appointed deputy governor of the Eastern Province
under governor and notoriously corrupt businessman
Prince Mohammad bin Fahd. Saud himself is no slouch on the business front.
He finds ways to line his pocket both inside Saudi Arabia
and outside the kingdom.
MAIL MONOPOLY
SNAS Worldwide Express is Prince Saud's express mail service monopoly, a
fitting business venture for the son of Saudi Arabia's
ruthless interior minister, Prince Naef bin Abdul Aziz. The initials, SNAS,
stand for Saud bin Naef bin Abdul Aziz bin Saud, the prince's fullname.
Ostensibly a local affiliate of DHL Worldwide Express, SNAS is an example
how members of the royal family use their power and status to gain an edge
in the private sector and add to their already incredible wealth.
Since SNAS began in 1983, licenses for other international mail service
firms, like TNT Skypak International, were withdrawn. Now
SNAS's only competitor is the government-run--and, therefore, beholden to
the royal family--Saudi Post Office. As a monopoly, SNAS charges
exorbitant rates for its service. For example, a letter from neighboring
Dubai to New York cost, in 1992, $22.13 by Federal
Express and $58.50 by TNT Skypak International. That same letter would
cost $86 if sent by SNAS from Saudi Arabia. It is not hard to
guess who benefits from these price markups.
A Cairo businessman involved in the express mail service business notes,
"Most countries have more than one service." He added the
resistance tends to come "from the government because it's a monopoly
from the post office." He knew of only two countries with just one
privately owned express mail service, Saudi Arabia and Sudan.
INVESTOR
In 1983, Saud bin Naef set up a "management company" called SNAS
(UK), Ltd. (He must like to see his name in print.) The company managed
the prince's business affairs in Great Britain. Over the years of its
existence, until 1992, Saud "loaned" one million pounds to the
company, these loans were its only funding. Prince Saud's
"manager" was Jonathan Aitken, who received a lot of press about
his link to the company because when he became an MP he never declared his
directorship of SNAS (UK), Ltd. Like his cousin, Prince Mohammad bin Fahd,
Prince Saud has a very cozy business relationship with Aitken.
Prince Saud is also in the investment banking business. He is owner,
"honorary" chairman, and leading investor of the Trans-Arabian
Investment Bank, known as Taib, which was founded in 1979. The goal of
Taib is to increase Saud's wealth. Taib mostly does business
in Saudi Arabia, but its two subsidiaries search for investments in North
American markets. Transar Properties Investment Company,
N.V. buys property. In 1983, it had already spent $160 million. Parisbas-
TAIB was established in 1983 to advise on North American
industrial investments.
Of course, one investment company is not enough for a Saudi prince. In the
1983 Financial Times Survey of Arab Banking and Finance,
Saud was also listed as chairman of Gulf Consolidated Company for Services
and Industries. The company had $10 million invested in
an Ajman oil concession and $34 million in Singapore real estate. The
survey also noted that Gulf Consolidated held $45 million in
post-dated checks.
The businessmen of the Saudi royal family have a habit of using insider
knowledge of upcoming government projects to guide their Saudi Arabian
investments. Prince Saud is no exception. Before his uncle, King Fahd,
announced the automation of Saudi Arabia's internal security system, Saud
bought a 50% interest in an electrical equipment trading company that was
just being established. Of course, the company got the contract.
THE WORD OF A PRINCE
Prince Saud got a taste of the American legal system in 1985 when he was
sued in Portland, Oregon by Hussein Ali Amhaz, an
American citizen from Lebanon. Amhaz claimed that Saud and other members
of his family, namely, Mohammad, Turki, and Faisal
promised to lend him $5 million to invest in business and property in
Oregon. He also named Viewpoint Development (Portland), N.V.
which is an alleged front company owned or controlled by the defendant
princes, as an additional defendant in the suit. The suit alleges that the
corporation commissioner of Oregon revoked the Viewpoint's authority to do
business in Oregon on March 18, 1985.
SOURCES
 | The Independent, April 12, 1995, Wednesday, HOME; Page 2, 535
words, The minister and the MPs' register Aitken did not declare
directorships; Company records reveal the Chief Secretary's
involvement with five companies while an MP which were not made known
to Parliament. Tim Kelsey and Liz Searl report, TIM KELSEY
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| The Guardian, April 11, 1995, THE GUARDIAN HOME PAGE; Pg. 2,
1547 words, THREE STRANDS IN AITKEN INVESTIGATION; the health hydro,
the Saudi prince and involvement in defence deals, David Pallister
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| The Guardian, October 31, 1994, THE GUARDIAN HOME PAGE; Pg.
5, 2640 words, HOW AITKEN COURTED SAUDI ROYAL FAMILY; Criticism of
pro-Israel reporting of 1967 war led to 25-year relationship with Arab
kingdom * Cod fax used in Ritz investigation, David Pallister
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| Moneyclips, May 7, 1992, 307 words, Eliminate all nuclear
arms, say Fahd, Menem, SAUDI ARABIA
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| The Washington Post, March 27, 1992, Friday, Final Edition,
FIRST SECTION; PAGE A23, 1396 words, Saudi Wealth Stirs Discontent;
Business Venture Seen, As Royal 'Monopoly', Caryle Murphy, Washington
Post Foreign Service, CAIRO
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| MEED Middle East Economic Digest, May 17, 1991, Vol. 35 ; No.
19 ; Pg. 6; ISSN: 0047-7230, 143 words, Taib announces dividend;
Trans-Arabian Investment Bank, IAC 10808061
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| United Press International, August 6, 1985, Tuesday, BC
cycle, Regional News, Oregon, 302 words, Saudi princes sued for $323
million, PORTLAND, Ore.
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| Financial Times, October 3, 1983, Monday, SECTION III;
Financial Times Survey; Arab Banking and Finance; Arabian Investment
Companies; Pg. III, 181 words, M.F.
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| Financial Times, October 3, 1983, Monday, SECTION III;
Financial Times Survey; Arab Banking and Finance; Arabian Investment
Companies; Pg. III, 70 words, M.F.
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| Financial Times, September 21, 1982, Tuesday, SECTION I;
Saudi Arabia under Fahd; Pg. 10, 1392 words, The princes and their
businesses, By Michael Field
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| Fortune, March 10, 1980, Domestic Edition, Pg. 48, 4863
words, The Saudis Awaken to Their Vulnerability, by DAVID B. TINNIN
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