<P> In February 1945, King Abdul Aziz met President Franklin D. Roosevelt aboard the USS Quincy in the Suez Canal . An historic handshake agreeing on supplying oil to the USA in exchange for guaranteed protection to the Saudi regime is still in force today . It has survived seven Saudi Kings and twelve US presidents . </P> <P> Abdulaziz died in 1953 . King Saud succeeded to the throne on his father's death in 1953 . Oil provided Saudi Arabia with economic prosperity and a great deal of political leverage in the international community . At the same time, the government became increasingly wasteful and lavish . Despite the new wealth, extravagant spending led to governmental deficits and foreign borrowing in the 1950s . </P> <P> However, by the early 1960s an intense rivalry between the King and his half - brother, Prince Faisal emerged, fueled by doubts in the royal family over Saud's competence . As a consequence, Saud was deposed in favor of Faisal in 1964 . </P> <P> The mid-1960s saw external pressures generated by Saudi - Egyptian differences over Yemen . When civil war broke out in 1962 between Yemeni royalists and republicans, Egyptian forces entered Yemen to support the new republican government, while Saudi Arabia backed the royalists . Tensions subsided only after 1967, when Egypt withdrew its troops from Yemen . Saudi forces did not participate in the Six - Day (Arab - Israeli) War of June 1967, but the government later provided annual subsidies to Egypt, Jordan, and Syria to support their economies . </P>

Where does the name saudi arabia come from