Answer :
The Arabian Peninsula was one of the world's poorest regions until the discovery of oil there at the end of the 19th century,
What is a century?
When stating a date, a century is a time frame of 100 years. For instance, the 19th century covered the years 1801 to 1900. Since the late eighteenth century, the Church's material standing had been deteriorating. Any period of 100 years is referred to as a century.
Which made it one of the richest. Saudi Arabia and Qatar are two examples of how oil and the wealth it has brought to the region have defined Arab states during the 20th century
Since oil accounts for a significant portion of the GDP and practically all export revenue for the countries of the Arabian Peninsula, oil prices are crucial to their economies.
Therefore, By The Arabian Peninsula nations make almost all of their export money.
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Final answer:
The Arabian Peninsula's wealth and power stem from its substantial oil and natural gas reserves, which drive economic activities and have a major influence on political structures, such as its predominantly monarchical governments. Oil wealth has brought prosperity but also created inequality and made the region a focus for foreign interest. Efforts are underway to diversify economies and address the impacts of oil on demography and women's rights.
Explanation:
The discovery and export of oil and natural gas have profoundly transformed the Arabian Peninsula, driving the region's economy and dramatically altering its political and social landscape. The physical features of the peninsula consist largely of desert, like the Rub' al-Khali (Empty Quarter), with mountains along the western and southern edges, which receive the most rainfall. Water is a scarce resource throughout this predominantly arid region.
In terms of governance, most of the peninsula's countries are ruled by monarchy, with the significant exception of Yemen, which features a democratically elected government. The export of oil has catapulted countries like Saudi Arabia into wealth and global influence, given that it holds about 25 percent of the world's known oil reserves. The country operates through a state-run oil corporation known as Aramco, which supports the royal family.
Oil wealth has had various impacts on the region including enabling massive infrastructure projects, bolstering military capabilities, and providing the means for vast social welfare programs. However, there have also been negative consequences, such as the uneven distribution of wealth, creating inequality both within countries and between different socio-ethnic groups. Additionally, the strategic importance of the oil resources has historically made these countries susceptible to foreign influence and control.
Oil has also influenced patterns of human settlement, attracting migrants seeking economic opportunities, which has changed the demographics of the region. Many countries are now striving to diversify their economies to reduce dependency on oil, with efforts seen in the development of banking sectors, free-trade zones, and even tourism. The substantial oil revenue also affects women's rights and the circumstances in various countries, with these rights often inversely related to family size.
