In the face of growing geopolitical tension and low oil prices, Middle Eastern countries are intent on breaking their reliance on oil. The International Monetary Fund (IMF) has sharply downgraded its growth forecasts for almost all the countries in the Middle East and North Africa citing the US sanctions on Iran, recent attacks on Saudi oil facilities, and the drop in the oil price as reasons. It now forecasts that Iran’s economy will contract by at least 9.5% this year, while it cut its forecast for the largest economy in the region, Saudi Arabia, to 0.2% growth.