Out to Beirut last week flew a cosmopolitan group of businessmen with a daring mission. They were the directors of a new investment company called MIDEC Middle East Industrial Development Projects Corp.which represents capital from the U.S. and nine European countries. With field headquarters in Beirut, MIDEC's directors were looking for partners, and the partners they want are Arab businessmen who will set up and run their own enterprises, retaining majority ownership and control but getting help from MIDEC's capital and technical know-how. To old Middle East hands, the idea of Westerners joining in an Arab-controlled enterprise is as dangerous as...
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