Middle East and North Africa (MENA)

What Is MENA?

MENA is an abbreviation for the Middle East and North Africa (MENA) region. The region is commonly considered to incorporate around 19 countries, yet the definition can be extended to incorporate up to 27. The World Bank incorporates 21 countries as being part of MENA and in view of their 2020 population reports, the region accounts for roughly 6% of the world's population. As indicated by a 2012 OPEC discourse, the MENA region created around 58% of the world's oil reserves, and 43% of the world's natural gas reserves. Starting around 2018 data, the region actually gives 55% of world's oil reserves. Due to the region's substantial petroleum and natural gas reserves, MENA is an important source of global economic resources.

Figuring out MENA

A considerable lot of the 13 OPEC nations are inside the MENA region. While there is no normalized rundown of countries remembered for the MENA region, the term commonly remembers the area from Morocco for northwest Africa to Iran in southwest Asia and down to Sudan in Africa.

The accompanying countries are frequently remembered for the MENA region (not a comprehensive rundown): Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Malta, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, Palestine, and Yemen.

Facing an extreme recovery due to COVID-19, economic growth in the MENA region fell by 3.8% in 2020 as per the World Bank.

Key MENA Economies

Realm of Saudi Arabia

By a long shot the biggest economy in the MENA region, the Kingdom of Saudi Arabia reported a Gross Domestic Product of $700 billion out of 2020. The country is highly dependent on petroleum and natural gas, which give some 90% of the country's export earnings. In spite of the fact that it controls the world's second-biggest proven oil reserves, Saudi Arabia has announced efforts to reduce its reliance on petroleum exports through investments in the technology and the travel industry sectors.

Islamic Republic of Iran

Iran is the fifth-biggest economy in the MENA region, notwithstanding a severe sanctions system that makes it challenging for exporters to earn foreign currency. Like Saudi Arabia, petroleum exports play a major job in the country's economy, however it is more diversified than numerous other oil exporters in the Middle East.

State of Israel

With a GDP of $407 billion of every 2020, Israel is the second-biggest economy in the MENA region. Dissimilar to a considerable lot of its neighbors, Israel isn't an energy exporter; all things being equal, the economy is to a great extent based on industrial manufacturing, diamond cutting, and high technology. Despite the fact that it is a nearly advanced industrial country with high average salaries, Israel's position has been confounded by several wars with its neighbors, as well as its continuous control of the Palestinian domains.

Egypt

With a 2020 GDP of $365 billion, Egypt addresses the biggest economy in North Africa as well as the third-biggest economy in the MENA region. Following the defeat of President Hosni Mubarak during the 2011 Arab Spring fights, the Egyptian economy started to go through critical market changes, which pulled in outside investors and address domestic unemployment. Notwithstanding hydrocarbons, Egypt is a major exporter of materials and agricultural products.

Investing in the MENA Region

With the greater part of the world's proven oil reserves, most investment opportunities in the MENA region are centered around the energy industries. There are numerous financial products permitting both retail and institutional investors to gain exposure to specific countries' oil and natural gas markets, as well as ETFs that target North Africa, the Middle East, or the MENA region as a whole.

Several MENA economies are purposely re-arranging their economies to reduce their reliance on petroleum derivative exports. For instance, the United Arab Emirates has a prospering [tech sector](/inlet tiger), and Qatar is venturing into financial services.

Fast Fact

There is no specific boundary for the Middle East, North Africa, or the MENA region as a whole. Borderline cases like Turkey, Afghanistan, and Sudan might possibly be remembered for the MENA region.

Major Conflicts in the MENA Region

Due to the strategic significance of their oil reserves, countries in the MENA region have been impacted by major neighborhood clashes as well as obstruction by foreign powers.

Quite, the U.S. attacks of Iraq and Afghanistan caused major disturbances in regional economic activity, while the 2011 Arab Spring fights caused a number of transformations and civil wars, most prominently in Libya and Syria, as well as what the World Bank portrayed as "the greatest refugee crisis since World War II." Other major struggles in the area incorporate the Israeli control of the West Bank and Gaza, progressing wars in Yemen, Iraq, and Afghanistan, and a developing competition among Iran and Saudi Arabia.

Highlights

• Due to these reserves, MENA is an important source of global economic resources.
• The region has tremendous oil, petroleum, and natural gas reserves.
• The region is tormented by tenacious civil wars in Syria, Iraq, Libya, and Yemen, with the United States and Russia supporting rival sides and giving military resources.
• The Middle East and North Africa (MENA) region incorporates around 21 countries, as indicated by The World Bank.

FAQ

What Does MENA Rely on?

MENA represents the Middle East and Northern Africa, alluding to the countries between Iran in the East and Tunisia and Morocco in the West.

What Are the Countries in the Middle East?

The Middle East is generally considered to remember the countries for or close to the Arabian Peninsula. Agreeing the CIA World Factbook, the Middle East incorporates Armenia, Azerbaijan, Bahrain, Gaza Strip/Westbank, Georgia, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, and Yemen. Afghanistan and Pakistan are frequently gathered with the Middle East, yet they are not normally remembered for contemplations of the MENA region.

What Countries Are in the MENA Region?

There is no unmistakable definition of which countries are remembered for the MENA Region, yet it is ordinarily considered to incorporate basically Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Malta, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, the United Arab Emirates, Palestine, and Yemen. Likewise now and then included are Mauritania, Somalia, Sudan, Turkey, and Western Sahara, to give some examples.

Which Countries Make up North Africa?

The countries of Northern Africa regularly incorporate Algeria, Egypt, Libya, Morocco, Sudan, Tunisia, and Western Sahara. This term may likewise be extended to incorporate certain East African countries like Djibouti and Somalia.