Kuwait has long been a trading post, a hub where the markets of modern Iraq, Iran, Saudi Arabia and other territories could easily be accessed by Arabian Gulf transportation. The renowned Greek ruins on the Kuwaiti Island of Faylaka suggest that it was an active hub for trading between the Mediterranean and Eastern worlds more than 2,000 years ago.
Local Kuwaiti goods were largely limited to sponges and pearls until the early 1900s. The granting of a major oil concession in 1934 to the joint venture between the predecessors of British Petroleum and Chevron, and the discovery of oil in 1938, led to the export of Kuwaiti oil after World War II and the resulting sea change in the Kuwaiti economy over the next half-century.
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