Geopolitical issues tend to dominate coverage of the region, but there are positive investment aspects to the sector, including strong valuations and even stronger returns, if you are prepared to do the research. Since the Arab Spring the region has been transformed, and the process is ongoing.

Frances Hudson, investment director and global thematic strategist at Standard Life Investments, says: “What you have got is a population that is becoming more consumer orientated and that needs to be served somehow. If you are looking for things that are going to evolve, and for structural developments, you want to steer clear of anything remotely controversial. There are opportunities in the Middle East, for those that do their homework.”

Defining Mena itself can be a tricky business. There is the traditional Mena definition by the World Bank, which includes Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Malta, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, West Bank and Gaza, Yemen. But then there is the Menat version, which includes Turkey. Furthermore, with Israel effectively a developed market in terms of corporate governance, some definitions remove it from the mix.

Ms Hudson notes: “In a way it might be helpful to limit the scope of it, because then within the countries that are included you can identify some common characteristics. You’ve got a huge number of countries that are involved in the production and export of oil and gas, and relatively few who are on the import side of that.”

The energy issue can also complicate the growth of these economies, as when energy and commodity prices are at a premium the currencies are stronger and it makes it harder for those economies to diversify.

“If your primary export is energy or commodities, then your currency tends to strengthen, which means your other domestic activities become less competitive,” explains Ms Hudson.

Many of the Mena countries are pushing to become more of a financial hub, with Morocco leading the charge by renaming the Moroccan Financial Board the Casablanca Finance City Authority to help position the city as an international financial centre.

This is a strategy that appears to be working, with Casablanca appearing in the latest Global Financial Centre Index in March for the first time at number 62 out of 83. In total there were nine Mena financial centres in the index, with Tel Aviv in Israel ranked the highest at 21. Five of the eight returning centres also saw a move higher up the index.

In an environment where the developed world is in a fragile recovery and the traditional emerging markets are facing continued headwinds, the Mena region could be the next investment powerhouse.

Nyree Stewart is features editor at Investment Adviser