SIGNIfICANT SEPTEMBER
Saudi Prince, Jew Are Partners
A member of the Saudi Arabian
nobility and a Jewish merchant
prince have shaken hands on a
deal that makes them co-owners
of San Francisco's historic Fair-
mont Hotel — for starters.
The new partners are Richard
Swig, scion of one of the most em-
inent Jewish families in San
Francisco for generations, and
Prince Alwaleed Bin Talal Bin
Abdulaziz Al Saud.
Prince Alwaleed has acquired
a 50 percent stake in three Fair-
mont hotels owned by the Swig
family. Included is the chain's
flagship landmark property atop
Nob Hill in San Francisco, and
two others in Dallas and New Or-
leans.
Mr. Swig retains full control of
the Fairmont properties in San
Jose and Chicago.
The price paid by the 37-year-
old Prince Alwaleed has not been
disclosed, but he pledged to in-
vest some $50 million for badly
needed renovations of the hotels.
Mr. Swig said he was ap-
proached by Prince Alwaleed over
a year ago.
Prince Alwaleed will be chair-
man of the new partnership, with
Mr. Swig serving as vice chair-
man.
The new partners intend to
buy as many as 25 other hotels
in the next five to seven years. No
specific sites have been picked,
but the hotels will probably be
scattered throughout Europe,
Canada and the United States.
Ptoduction Up 8 Percent
Israeli industrial production grew
at an annual rate of 8 percent
during the first half of the year,
the Central Bureau of Statistics
reported.
The rise follows increases of 10
percent in the second half of 1993
and 5 percent during the first half
of last year.
YEAR END VALUES
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Germany Will Aid
Israel Trade Status
Bonn (JTA) — Israeli Foreign
Minister Shimon Peres left Ger-
many on Tuesday with a promise
from German authorities that
they would help push forward Is-
rael's request to upgrade its trad-
ing status with the European
Union.
For months, Israel has been
engaged in negotiations with the
E.U. to update its 1975 trade and
economic agreement with the Eu-
ropean body, particularly in the
area of research and development
projects.
In June, Mr. Peres met with
the E.U.'s Council of Foreign Min-
isters in Luxembourg in an effort
to establish closer economic ties
with the 12 European states that
comprise the E.U., which was for-
merly known as the European
Community.
Israel is seeking to have an as-
sociate status with the E.U., sim-
ilar to that of such countries as
, Switzerland and Iceland, which
are not full members of the or-
ganization.
This status would give Israel
similar benefits to those of the
union's regular members, except
that it would have no voting
rights within the organization.
A major obstacle to the E.U.'s
granting Israel privileges in the
sphere of research and develop-
ment were removed last week,
when France formally informed
Israel it would support opening
E.U. research and development
projects — and budgets — to Is-
raeli firms on an equal basis to
that of European firms.
A formal decision by the Coun-
cil of Ministers is expected soon.
Israel is currently suffering a
$5 billion trade deficit with the
E.U., which is its main trading
partner.
A new comprehensive agree-
ment with the E.U. would also
grant favorable treatment to Is-
raeli agricultural exports by grad-
ually increasing the quotas of
Israeli agricultural products al-
lowed into the European market.
"If Israel opens its market to
Palestinian agricultural projects,
it is only just that Israel should
be compensated," Mr. Peres said
after meeting German President
Roman Herzog.
During his two-day visit to
Bonn, Mr. Peres also met with
Chancellor Helmut Kohl and For-
eign Minister Klaus Kinkel.
Speaking to reporters after the
meetings, the Israeli foreign min-
ister voiced a willingness to turn
a page on the history of his host
country and support the desire of
German officials to be a perma-
nent member of the U.N. Securi-
ty Council.
In May, Germany and Italy
were granted temporary mem-
berships on the Security Council
for a two-year period starting in
1995.
"Germany should no longer be
looked upon from the past, but
rather from a view to the
Germany should play a greater
role in world politics," Mr. Peres
said.
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