Saudian Arabian Money
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.
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.