Wed Nov 20 12:36:59 UTC 2024: ## MENA Region Sees Surge in Mergers and Acquisitions in First Nine Months of 2024

**Dubai, UAE – November 18, 2024** – The Middle East and North Africa (MENA) region experienced a significant upswing in merger and acquisition (M&A) activity during the first nine months of 2024, according to a new EY report. A total of 522 deals, valued at $71 billion, were recorded – a 9% increase in volume and a 7% increase in value compared to the same period in 2023.

The UAE and Saudi Arabia led the surge, attracting 239 deals totaling $24.5 billion, representing a significant portion of the overall activity. Their attractive business policies and the active participation of sovereign wealth funds like ADIA, Mubadala (UAE), and PIF (Saudi Arabia) fueled this growth. These two countries alone accounted for 52% of the total deal volume and 81% of the total value.

Cross-border M&A activity played a major role, contributing 52% of the deal volume and 73% of the value. The United States was the most popular target for MENA investors, with 32 deals worth $18.3 billion. Strong relationships with Asian and European economies further expanded MENA’s reach into global markets.

Domestic M&A activity also saw a significant 44% year-on-year increase in value, reaching $19.3 billion, driven largely by government-related transactions in the oil and gas, metals and mining, and chemicals sectors.

The largest transaction involved the acquisition of Truist Insurance Holdings for $12.4 billion. Other notable deals included Saudi Aramco’s $8.9 billion investment in Rabigh Refining and Petrochemical Company and a $8.3 billion investment by PAG, Mubadala, and ADIA in Zhuhai Wanda Commercial Management Group. The insurance and oil and gas sectors were particularly attractive to investors.

Inbound M&A activity into the MENA region also saw a substantial increase, rising 20% in volume and 47% in value year-on-year. The UAE received the lion’s share of inbound investment, highlighting its position as a preferred investment destination.

EY predicts that the MENA M&A market will continue its strong performance, expecting over 700 deals by year-end, nearing the record high of 750 deals. This positive outlook stands in contrast to the current global climate of geopolitical uncertainty and increased capital costs.

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