Understanding the Vital MENA Region
The Middle East and North Africa (MENA) region holds significant socio-economic importance on a global scale. Consisting of around 21 countries as classified by the World Bank, the MENA area encompasses a diverse range of cultures, economies, and political landscapes, from Morocco in North Africa to Iran in Southwest Asia and down to Sudan. Based on the World Bank’s 2020 population reports, MENA accounts for approximately 6% of the world’s population.
Key Points
- The Middle East and North Africa (MENA) region typically includes around 21 countries.
- The region boasts substantial reserves of oil and natural gas.
- MENA is critical for global economic resources due to its rich energy reserves.
- Ongoing conflicts in Syria, Iraq, Iran, Libya, and Yemen persist despite the region’s economic potential.
- The MENA region functions as a stage for global economic power dynamics involving nations like the United States and Russia.
Major MENA Economies and Their Influence
Kingdom of Saudi Arabia
Saudi Arabia shines as a dominant economy within MENA, recording a Gross Domestic Product (GDP) of $833 billion in 2021. Mainly reliant on petroleum and natural gas for 90% of its export earnings, Saudi Arabia also endeavors to diversify with investments in technology and tourism sectors.
Islamic Republic of Iran
Occupying the position of the fifth-largest economy in MENA, Iran’s economy benefits greatly from petroleum exports. Despite having a diversification strategy, strict international economic sanctions presently impede Iran’s economic growth. These sanctions are due to its contentious nuclear program and cybersecurity threats.
State of Israel
Israel’s GDP reached $488 billion in 2021, making it the second-largest economy in MENA. Israel distinguishes itself by focusing on industrial manufacturing, diamond cutting, and especially high technology, earning the title of
Related Terms: OPEC nations, oil reserves, natural gas reserves, global economic resources, geopolitical conflicts, MENA ETFs.
References
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- The World Bank. “Population, Total - Middle East & North Africa, World”.
- Organization of the Petroleum Exporting Countries. “The MENA Region in the International Arena”.
- Organization of the Petroleum Exporting Countries. “Member Countries”.
- The World Bank. “Middle East and North Africa: Overview”.
- The World Bank. “GDP (current US$) - Middle East & North Africa, World”.
- CIA World Factbook. “Saudi Arabia”.
- The World Bank. “Iran Overview”.
- U.S. Treasury Department. “Sanctions Against Iran”.
- Deloitte. “The Israeli Technological Eco-system: A powerhouse of innovation”.
- CIA World Factbook. “Israel”.
- CIA World Factbook. “Egypt”.
- Invest Qatar. “Financial Services”.
- OG Analysis. “United Arab Emirates Information Technology (IT) Market, Size, Share, Outlook and Growth Opportunities 2020-2026”.
- New England Complex Systems Institute. “Six-Year Report on the Arab Spring”.
- Council on Foreign Relations. “Iraq, Afghanistan, and the U.S. Economy”.
- United Nations Human Rights Council, Office of the High Commissioner. “The United Nations Independent International Commission of Inquiry on the Occupied Palestinian Territory, Including East Jerusalem, and in Israel”.
- Center for Strategic and International Studies. “Afghanistan, Iraq, Syria, Libya, and Yemen: The Long-Term Civil Challenges and Host Country Threats from ‘Failed State’ Wars”.
- The World Bank. “The Ripple Effects of the Syrian Conflict in the Mashreq Region”.
- CIA World Factbook. “Middle East”.
- University of Pittsburgh, Library System. “African Studies and African Country Resources @ Pitt: North Africa”.
