Economic relations between the Kingdom of Saudi Arabia and the United States of America began on February 23 of 1930, and became closer in 1931 at the time of starting commercial flow of Saudi oil and the late King Abdulaziz bin Abdulrahman Al Saud's granting of the right of oil exploration to the American company (Standard Oil) with a 66-year contract . 1932 is considered as a special year for the Kingdom of Saudi Arabia and the United States, where the two countries witnessed two important events, first: the unification of Saudi State under the name of Kingdom of Saudi Arabia, and signing of the interim trade diplomatic agreement between the two countries. The second one was the US's breaking of its isolation from the outside world and its support for its companies and investments abroad. The number of US companies, which was founded in the Kingdom of Saudi Arabia during the seventies Hijra over (200 companies). The Arabian American Oil Company (Aramco), was formed and which was known later as (Saudi Aramco) and wholly owned by the Kingdom of Saudi Arabia. In 1972, the total value of the Kingdom's imported goods and materials from United States was $ 314 million, and the Kingdom's exports were $ 194 million. In June 8 ,1974, economic relations between the two countries moved on to a new phase of cooperation, after the Custodian of the Two Holy Mosques King Fahd bin Abdulaziz Al Saud signed a joint statement with the United States on establishment of the US-Saudi Joint Committee for Economic Cooperation to meet the Kingdom's needs from materials and expertise at the stage where the Kingdom was experiencing a dramatic increase in development projects. Trade and economic relations between the Kingdom of Saudi Arabia and America were subjected to several agreements, particularly the (Technical Cooperation between the Governments of the two countries) . The Kingdom and America signed another cooperation agreement in order to increase the volume of partnerships among US private companies in local projects in the Kingdom, which contribute to the introduction of modern technology to the country. Today, The Kingdom of Saudi Arabia is the largest stable economy in the Middle East, and is characterized by its active membership in the major economic Group of Twenty, in addition to its membership in the World Trade Organization, and having the largest foreign reserves on the basis of per capita average. The Kingdom seeks to continue to be an oasis of stability in the Middle East and the basic engine to the wheel of economic growth in the region despite the turmoil experienced by the region currently. --More 16:13 LOCAL TIME 13:13 GMT www.spa.gov.sa/1630331
