The value of announced M&A transactions with any Middle East or North African (MENA) involvement reached $46.6 billion during the first six months of 2024, up 48% compared to year ago levels, according to data from LSEG’s Deals Intelligence.

While the number of deals announced in the region declined 5% from last year at this time, deals involving a MENA target totalled $17.6 billion during the first half of 2024, up 22% from first half 2023 levels as inbound deals, involving a non-MENA acquiror, increased 55% in value to US$11.2 billion. 

Domestic M&A in the MENA declined 12% to seven-year low of $6.3 billion.

MENA outbound M&A totalled $28.6 billion, a 77% increase from year ago levels and the highest first half total since 2007, boosted by the announcement that Abu Dhabi National Oil Company (ADNOC) had entered into negotiations with German materials company Covestro on a potential takeover worth $14.8 billion. 

The UAE was the most targeted nation, followed by Saudi Arabia and Egypt.

It was the largest deal with MENA involvement during the first half of 2024 and the 9th largest globally.

The financial sector was most active, accounting for 36% of MENA target M&A during the first half of 2024, followed by materials and industrials.

 

For its advisory work on deals worth a combined $28.7 billion, Morgan Stanley took first place in the M&A financial advisor league table for announced MENA deals in H1 2024. It was followed by Rothschild & Co. ($19 billion) and Goldman Sachs & Co. ($15.5 billion).

(Writing by Seban Scaria; editing by Daniel Luiz seban.scaria@lseg.com)