The Middle East and North Africa region has the world's lowest returns to education. This paper examines what the value of a degree is using nationally representative labour market surveys from Egypt (2012), Jordan (2010) and Tunisia (2014). Specifically, the authors estimate Mincer models for levels and years of schooling. They find that returns are highest in Tunisia and lowest in Egypt, although all three countries fall short of the global average. Higher education is where returns are greatest. They also analyse the returns by sub-groups: sex; age group; and sector. The returns are higher for women than men in Egypt. The younger generation has lower returns than the older generation in Egypt. The private sector in Egypt and Tunisia has lower returns than the public sector. One reason for the low returns is that many individuals are overeducated relative to position requirements.