Jordan, officially the Hashemite Kingdom of Jordan, is an Arab kingdom in Western Asia, on the East Bank of the Jordan River, and extending into the historic region of Palestine. Jordan borders Saudi Arabia to the south and east, Iraq to the north-east, Syria to the north, and Palestine, the Dead Sea and Israel to the west.The kingdom emerged from the post-World War I division of West Asia by Britain and France. In 1946, Jordan became an independent sovereign state officially known as the Hashemite Kingdom of Transjordan. After capturing the West Bank during the 1948 Arab–Israeli War, Abdullah I took the title King of Jordan and Palestine. The name of the state was changed to The Hashemite Kingdom of Jordan on 1 December 1948.Although Jordan is a constitutional monarchy, the king holds wide executive and legislative powers. Jordan is classified as a country of "medium human development" by the 2011 Human Development Report, and an emerging market with the third freest economy in West Asia and North Africa. Jordan has an "upper middle income" economy. Jordan has enjoyed "advanced status" with the European Union since December 2010, and it is a member of the Euro-Mediterranean free trade area. It is also a founding member of the Arab League and the Organisation of Islamic Cooperation.