The Sultanate of Oman (formerly Muscat and Oman), an independent monarchy located in the southeastern part of the Arabian Peninsula, has an area of 82,030 sq. mi. (212,457 sq. km.) and a population of 2.72 million. Capital: Muscat. The economy is based on agriculture, herding, and petroleum. Petroleum products, dates, fish, and hide are exported. ,The first European contact with Muscat and Oman was made by the Portuguese who captured Muscat, the capital and chief port, in 1508. They occupied the city, utilizing it as a naval base and factory and holding it against land and sea attacks by Arabs and Persians until finally ejected by local Arabs in 1650. It was next occupied by the Persians who maintained control until 1741, when it was taken by Ahmed ibn Sa?id of the present ruling family. Muscat and Oman was the most powerful state in Arabia during the first half of the 19th century, until weakened by the persistent attack of interior nomadic tribes. British influence, initiated by the signing of a treaty of friendship with the Sultanate in 1798, remains a dominant fact of the civil and military phases of the government, although Britain recognized the Sultanate as a sovereign state and there is no colonial relationship between them.,, ,Sultan Sa?id bin Taimur was overthrown by his son, Qaboos bin Sa?id, on July 23, 1970. He changed the nation?s name to the Sultanate of Oman.,, Rulers:,,, ,Sa?id bin Taimur, AH1351-1390/1932-1970 AD,, ,Qaboos bin Sa?id, AH1390-1419/1970-1999 AD,, Monetary System:,,, ,1 Rial Omani = 1000 Baiza (Baisa),, ,1 Rial Saidi = 1000 Baiza (Baisa),,