The value of merger and acquisition (M&A) transactions across the Middle East and North Africa (MENA ) reached $46.6 billion during the first six months of 2024, an increase of 48% from 2023 levels, according to LSEG’s Deals Intelligence.

The report found that even though the number of deals announced in the region declined by 5% from last year, deals involving a MENA target totaled $17.6 billion during the first half of 2024, up 22% from H1 2023. Inbound deals involving a non-MENA acquisition increased 55% in value to $11.2 billion. 

At the same time, MENA outbound M&A amounted to $28.6 billion, a 77% increase from 2023, and recorded the highest H1 total since 2007. 

The growth was spurred by an announcement that Abu Dhabi National Oil Company had entered into negotiations with German materials company Covestro on a potential $14.8 billion takeover. 

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

The financial sector recorded the most transactions, accounting for 36% of the MENA M&A target, followed by materials and industrials.

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