A thousand-dollar commission earned by connecting two classmates during his schooling provided the initial blueprint for Adnan Khashoggi’s career as a global intermediary. Operating from his Saudi Arabian base, he evolved into a central figure facilitating multi-million dollar defense contracts and infrastructure projects, eventually orchestrating complex financial arrangements that linked Western corporations with the Saudi government throughout the 1960s and 1970s.
Early Ventures and Professional Foundation
Born in Mecca in 1935, Khashoggi attended Victoria College in Alexandria, Egypt, before moving to the United States to study at California State University, Chico, as well as Ohio State and Stanford. His first significant commercial success involved the transportation sector. After identifying that standard construction vehicles struggled on desert terrain, he utilized funds intended for a personal vehicle to purchase Kenworth trucks equipped with wider wheels. Leasing these vehicles to a construction firm earned him his first $250,000 and established him as the company's local agent.
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Khashoggi became a vital conduit for Western defense contractors seeking entry into the Saudi market. Between 1970 and 1975, Lockheed Corporation paid him $106 million in commissions, which ranged from 2.5% to 15%. He provided these firms with strategic analysis and high-level access. To facilitate these operations, he established a network of corporate entities in Switzerland and Liechtenstein. His influence extended to American politics, where he provided a $200 million donation to Richard Nixon’s 1972 presidential campaign through a secondary bank to navigate legal restrictions on corporate political spending.
Corporate Expansion and Lifestyle
The Triad International Holding Company served as the primary vessel for his diversified global portfolio, which included luxury hotels, real estate, and oil refineries. The firm famously developed the Triad Center in Salt Lake City. His personal expenditures were equally vast, with reports noting he spent $250,000 per day during his peak. His yacht, the Nabila, was at one time the largest in the world and featured in a James Bond film. By 1990, however, his estimated net worth had declined to $8 million.
Fast facts
- Born: 1935, Mecca
- Died: 6 June 2017, London
- Occupations: Businessperson, entrepreneur, arms trader
- Education: Victoria College, California State University, Chico
- Key Company: Triad International Holding Company
- Peak Net Worth: $4 billion
- Citizenship: Saudi Arabia
Questions readers ask
What was the basis of his reputation as the Great Gatsby of the Middle East?
The moniker originated from his exceptionally opulent lifestyle, which included owning the world's largest yacht, hosting lavish international parties, and maintaining a high profile in global media.
How did he become involved in arms trading?
He functioned as a commercial intermediary between major Western defense contractors, such as Lockheed and Raytheon, and the Saudi Arabian government during the 1960s and 1970s.
Achievements
- Educated at Victoria College and California State University, Chico
- Worked as arms trader, businessperson and entrepreneur
