February 21, 2007
David Robertson, Business Correspondent
The al-Yamamah arms-for-oil deal between Britain and Saudi Arabia is the largest export order signed by the UK, but even after 22 years its controversial legacy clings to those involved.
The names linked with al-Yamamah read like an encyclopaedia of the past two decades. They include Margaret Thatcher, Michael Heseltine, Mark Thatcher and Tony Blair.
BAE Systems, Britain’s prime defence contractor, has been the biggest beneficiary of al-Yamamah, which means “dove of peace” in Arabic, racking in $43 billion (£21.9 billion) from the Saudis since the deal was signed in 1985.