In early 2015, an ongoing slump in oil prices had experts discussing whether the decline was structural or cyclical in nature. Later that year, headlines announced that sovereign wealth funds managed by oil-rich countries were selling some of the assets in their portfolios, possibly in an attempt to fill gaps in national budgets hit by low commodity prices. Conversations about diversifying into non-petroleum–based sources of revenue had been ongoing in the Middle East and North Africa (MENA) region for some time, but at the start of 2016, Saudi Arabia announced that it would consider selling shares in the state-owned Saudi Aramco oil company.

When more than 300 investment professionals gathered in Bahrain for the 2016 Middle East Investment Conference, discussions around new drivers of economic growth, transitioning away from oil production, and increasing entrepreneurship and the growth of small and medium enterprises had gained greater relevance.

Ahead of the conference, CFA Institute published the results of its sixth annual Middle East Societies Market Sentiment Survey, which asked investment professionals throughout the region about key financial issues. Respondents to the survey felt that heightened uncertainty would have negative effects on the financial markets over the coming year. They also raised concerns about the introduction of a value-added tax (VAT) that could spur inflation in the region and increase the cost of doing business. (You can watch Bahrain TV’s Arabic-language coverage of the survey results.)

At the conference itself, speakers addressed the region’s economic issues directly. Yousef Abdullah Al-Benyan, the vice chairman and CEO of SABIC, discussed how the private sector can play a role in generating jobs for the region’s growing population. Florence Eid-Oakden, CEO and chief economist of Arabia Monitor, talked with Fadi Al Said, CFA, director and portfolio Manager at Lazard Gulf Ltd., about the region’s changing economic foundations, including the challenges and opportunities presented by increased volumes of trade with China. And Martyn Davies, managing director of emerging markets and Africa at Deloitte Frontier Advisory, revisited some of those ideas during his presentation discussing the Africa-Arabia-Asia arc economy.

For conference insights, and thoughts from delegates at the event, you can review the social media highlights below:

This article originally appeared on the Middle East Investment Conference blog.

If you liked this post, don’t forget to subscribe to the Enterprising Investor.

All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.

Photo courtesy of George Raphel.