Bush to nominate Fraker as envoy to Saudi Arabia
WASHINGTON (Reuters) - President George W. Bush will nominate Ford M. Fraker, a Massachusetts native who heads a London-based investment banking firm, to be U.S. ambassador to Saudi Arabia, the world's top oil producer, the White House said.
The nomination of Fraker, 58, chairman of London-based Trinity Group Limited, was announced by the White House late on Monday.
Trinity Group said on its Web site it has placed $2.5 billion in investment products, primarily with institutional investors in Europe and the Middle East. It said it planned to expand its operations this year into the Middle East and the United States.
Fraker, a former head of banking at Saudi International Bank, also provides consulting services to Intercontinental Real Estate Corp. of Boston.
If his nomination is approved by the U.S. Senate, Fraker would replace current ambassador James C. Oberwetter in Saudi Arabia, No. 3 foreign oil supplier to the United States.