Qatar, also known as the State of Qatar or locally Dawlat Qatar, is an Arab country, known officially as an emirate, in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. It is bordered by Saudi Arabia to the south; otherwise, the Persian Gulf surrounds the state. A strait of the Persian Gulf separates Qatar from the nearby island nation of Bahrain. Qatar is an oil- and gas-rich nation, with the third largest gas reserves, and the first or second highest GDP per capita in the world. An absolute monarchy, Qatar has been ruled by the al-Thani family since the mid-19th century and has since transformed itself from a British protectorate noted mainly for pearling into an independent state with significant oil and natural gas revenues. During the late 1980s and early 1990s, the Qatari economy was crippled by a continuous siphoning off of petroleum revenues by the Emir, who had ruled the country since 1972. His son, the current Amir Hamad bin Khalifa al-Thani, overthrew him in a bloodless coup in 1995. In 2001, Qatar resolved its longstanding border disputes with both Bahrain and Saudi Arabia.