what is mena 
mena is an acronym for the middle east and north africa mena region the region is typically considered to include around 19 countries but the definition can be stretched to include up to 27 1 the world bank includes 21 countries as part of mena and based on their 2020 population reports the region accounts for approximately 6 of the world s population 2according to opec data the mena region holds more than half of the world s oil reserves and two fifths of the world s natural gas reserves 3 due to the region s substantial petroleum and natural gas production mena is an important source of global economic and energy resources understanding menamany of the 13 opec nations are within the mena region while there is no standardized list of countries included in the mena region the term typically includes the area from morocco in northwest africa to iran in southwest asia and down to sudan in africa 14the following countries are often included in the mena region not an exhaustive list 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 21facing a tough recovery due to covid 19 economic growth in the mena region fell by 3 8 in 2020 according to the world bank 5some key mena economiesby far the largest economy in the mena region the kingdom of saudi arabia reported a gross domestic product of 833 billion in 2021 6 the country is highly dependent on petroleum and natural gas which provide some 90 of the country s export earnings although it controls the world s second largest proven oil reserves saudi arabia has announced efforts to reduce its dependence on petroleum exports through investments in the technology and tourism sectors 7iran is the fifth largest economy in the mena region like saudi arabia petroleum exports play a major role in the country s economy though it is more diversified than many other oil exporters in the middle east 68however iran is also subject to strict international economic sanctions as a state sponsor of terrorism a growing nuclear threat and perpetrator of cyber intrusions against foreign countries 9 as a result it is difficult for iran s economy to boom iran s currency has greatly weakened and sanctions greatly restrict international trade with a gdp of 488 billion in 2021 israel is the second largest economy in the mena region behind the geographically much larger saudi arabia 6 unlike many of its neighbors israel is not an energy exporter instead the economy is largely centered around industrial manufacturing diamond cutting and high technology in fact israel is ranked among the top 10 of global high tech ecosystems israel has become world renowned as being the start up nation and is the world leader for number of start ups per capita 10although it is a comparatively advanced industrial country with high average incomes and a strong currency israel s position has often been complicated by geopolitical conflicts with its neighbors 11with a 2020 gdp of 365 billion egypt represents the largest economy in north africa as well as the third largest economy in the mena region 6 following the overthrow of president hosni mubarak during the 2011 arab spring protests the egyptian economy began to undergo significant market reforms which helped attract outside investors and address domestic unemployment in addition to hydrocarbons egypt is a major exporter of textiles and agricultural products 12investing in the mena regionwith more than half of the world s proven oil reserves most investment opportunities in the mena region are focused on the energy industries there are many financial products allowing 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 deliberately re orienting their economies to reduce their dependence on fossil fuel exports for example the united arab emirates has a burgeoning tech sector and qatar is expanding into financial services 1314there are currently no mena specific etfs in the u s that encompass the entire region instead there are several sub regional or country specific etfs that american investors can access these include note that investors in other countries may have access to more and different mena specific funds 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 may or may not be included in the mena region conflict in the mena regiondue to the strategic importance of their oil reserves countries in the mena region have been affected by major local conflicts as well as interference by foreign powers notably the u s invasions of iraq and afghanistan caused major disruptions in regional economic activity while the 2011 arab spring protests caused a number of revolutions and civil wars most notably in libya and syria as well as what the world bank described as the biggest refugee crisis since world war ii 1516 other conflicts in the area include israeli clashes with palestinian terrorists ongoing wars in syria yemen iraq and afghanistan political instability in lebanon and a growing rivalry between iran and saudi arabia as regional power 171819