RIYADH: Saudi Arabia and the US have seen steadily growing economic ties throughout a relationship spanning more than 80 years, beginning with oil and expanding to defense and technology in recent years.
What began as a reliance on oil and gas has expanded to more diverse economic collaboration built on Vision 2030 initiatives.
Economic cooperation between the two nations was solidified in the early 1930s when King Abdulaziz granted the right of oil exploration to the American company Standard Oil through a 66-year contract. This led to the formation of the Arabian-American Oil Company, better known as Aramco.
US President George W. Bush dances with a sword with then Prince Salman bin Abdul Aziz (R), who was governor of Riyadh, during their tour of the Murabba Palace and National History Museum. (AFP file photo)
Saudi Arabia and the US signed an interim diplomatic trade agreement in 1932, establishing an initial framework for trade, according to the Saudi Press Agency.
