Saudi Arabia is the largest free market economy in the Middle East and North Africa holding 25% share of the total Arab GDP. The Kingdom's geographic location provides easy access to export markets in Europe, Asia and Africa. It has a continuously expanding domestic market (annual population growth of around 3 percent) characterized by a young and consuming population with strong buying power. The investment environment reflects traditions of liberal, open market private enterprise policies. Saudi Arabia has an impressive record of economic stability and has a modern world-class infrastructure. Saudi Arabia has the largest oil reserves in the world (26 % of the proven total), and is endowed with other natural resources including a wide range of industrial raw materials and minerals such as bauxite, limestone, gypsum, and phosphate and iron ore. It also has a very stable currency. The Kingdome is fully committed to increasing private sector participation in economic growth. Privatization is a key element of the economic liberalization and several sectors are being opened to the private sector. Airlines, postal services, railways, port services and water utilities are some of the potential areas for investment. Saudi Arabia is a founding member of Convention on Arbitration and is a member of the World Trade Organization (WTO), and is also a member in numerous other international and regional organizations.