Golden gimmick
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The Golden Gimmick refers to the deal struck in 1950 between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium dominated by three US and one British oil company. The deal accorded the American oil companies a tax break equivalent to 50% of their profits on oil sales, the other 50% of which went to King Ibn Saud. He agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil.
