Fraker graduated cum laude from Harvard University in 1971 with a Bachelor of Arts degree. He has served as a banker in the Middle East for more than thirty years. He began his career with Chemical Bank, where he worked from 1972 to 1979. He worked in Lebanon, the UAE, and Bahrain, ending as a Vice President and Regional Manager for the bank’s Bahrain office. He joined the Saudi International Bank in 1979, and worked for SIB until 1991, holding positions of increasing management responsibility in the bank’s General Banking, Credit and Client Development units. When he left SIB in 1991, Fraker was serving on the bank’s Management Committee.