Very different. Before the discovery of oil in Saudi Arabia in the year 1938, life was different. Saudi Arabia was one of the poorest countries in the world at the time of its founding in 1932, reliant on pilgrimage revenues and limited agriculture. There were no cars, electricity, roads, infrastructure, hospitals, etc. Almtairi, Naief M., Development of Oil and Societal Change in Saudi Arabia. Master of Arts (Sociology), August, 1985, 132 pp., 10 tables, 4 illustrations, bibliography, 80 titles. Before the discovery of oil Saudi Arabia's economic structure was limited, and the majority of the population was engaged in herding and agriculture. March 3, 1938: Oil in Saudi Arabia. The discovery of oil has made Saudi Arabia made of the world's richest, most important nations. Story Tools. (CNN) -- Before 1938, Saudi Arabia was known primarily for two things: its vast deserts and as the home of two of Islam's holiest sites.