The development of Southwest Asia has been slowed by wars, over territories, religion differences, and by the lack of resources in some countries. Oil is the biggest resource in Southwest Asia. Industry and manufacturing are the major part of the economy of Israel and Turkey, because they have very little oil. Israel is the most prosperous nation but has the least amount of resources. Some of the smaller countries, located along the Persian Gulf, have become very rich from the exportations of oil.
Oil plays a large part in the economy and well being of the Arabian Peninsula.
The countries of the Arabian Peninsula have high incomes and high standards of living. The industrialization and modernization are both due to the oil industry. Arabia is able to modernize its capitals and other religious and precious monuments. Middle East Countries Iraq has a population of 23.1 million, comprises nearly 60 percent of the total area of the Middle East and has 40 percent of the region's population. Iraq is best endowed with natural resources and has major oil reserves and large areas of irrigated farmland.