Economic history of Saudi Arabia

The British pound's post-Brexit downturn is starting to hurt British exporters servicing Middle Eastern oil and petrochemical companies, including Saudi Arabia's oil industry.

National oil giant Saudi Aramco has signed a memorandum of understanding (MoU) to establish a shipbuilding and repair complex in the kingdom, part of Saudi Arabia's efforts to diversify its economy beyond oil, the company said on Jan. 26.

Saudi Arabia is considering issuing shares in state-owned oil giant Saudi Aramco, the kingdom's powerful deputy crown prince told The Economist in a rare interview published on Jan. 7.

Saudi Arabia unveils its 2016 budget on Dec. 28 with the oil powerhouse expected to project a huge deficit following the collapse of crude prices.

At least 11 people were killed and 219 injured in Saudi Arabia on Aug. 30 when a fire broke out at a residential complex housing employees of oil giant Saudi Aramco, authorities said.

"No one can set the price of oil. It's up to Allah," said Saudi Arabian Oil Minister Ali al-Naimi in May. But less devout people believe that Saudi Arabia has been trying very hard to set the price of oil - and to set it low. Moreover, it has been remarkably successful, because last week the price of oil was in the mid $40s per barrel, down from just over $100 last May.

Saudi Arabia's stock market, valued at $585 billion, opened up to direct foreign investment for the first time on June 15, as the kingdom seeks an economic boost amid low global oil prices.