Saudi
Arabian Economy:
More than one-quarter of the world's known oil reserves
lie beneath the sands of Saudi Arabia.
In 1933, Standard Oil Company of California won the rights
to prospect for oil in Saudi Arabia. In 1938, oil was
discovered at Dammam Oil Well #7, which is still producing
oil today. The Arabian American Oil Company (ARAMCO) was
founded in 1944 and held the right to continue to search
for oil in the Kingdom. In 1980, the Saudi Government
assumed ownership of ARAMCO.
The Kingdom's oil wealth has insured that the citizens of
that country live an opulent life style enjoyed by few.
With free education and interest free loans most Saudis
prosper. All Saudi citizens, as well as Muslim pilgrims,
receive free health care. Government programs provide
support for Saudi Arabians in the case of disability,
death, or retirement. The entire country is an impressive
socialist state. Economically, Saudi Arabia has developed
into a modern, technologically advanced nation.
Currency:
The Saudi riyal is the basic monetary unit in Saudi
Arabia. The riyal consists of 100 halalahs and is issued
in notes and coins of various denominations. The riyal is
3.75 to the American dollar.
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