Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is the largest Arab state in Western Asia by land area (approximately 2,150,000 km2, constituting the bulk of the Arabian Peninsula) and the second-largest in the Arab world after Algeria. It is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast, and Yemen in the south. It is the only nation with both a Red Sea coast and a Persian Gulf coast. The Kingdom of Saudi Arabia was founded by Abdulaziz bin Abd al-Rahman Al Saud in 1932. Ibn Saud united the separate regions of Hejaz, Nejd, Al-Hasa and Asir into a single state through a series of conquests beginning in 1902 when he captured Riyadh, the ancestral home of his family, the House of Saud. The country has been an absolute monarchy since its inception. It describes itself as being Islamic and is highly influenced by Wahhabism. Saudi Arabia is sometimes called "the Land of the Two Holy Mosques" in reference to Al-Masjid al-Haram, and Al-Masjid an-Nabawi, the two holiest places in Islam.There are 21 million Saudi nationals and 5 million foreigners living in Saudi Arabia. With the world's second largest oil reserves and the world's sixth largest natural gas reserves, the Kingdom is categorized as a high income economy with 19th highest GDP in the world Being the world's largest oil exporter is the basis for its position as one of the 20 most powerful countries according to the National Power Index, it also ranked as a regional power and maintains regional hegemony in the Arabian Peninsula. It is a member of Gulf Cooperation Council, Organisation of Islamic Cooperation, G-20 major economies and OPEC. Its economy is largely backed by its oil industry, which accounts for more than 95% of exports and 70% of government revenue, although the share of the non-oil economy has been growing recently. This revenue has facilitated the transformation of the underdeveloped desert kingdom into one of the world's wealthiest nations, as reflected in such developments as the creation of a welfare state.