The UAE and Saudi Arabia were central to MENA’s merger and acquisition (M&A) landscape in the first half of 2024, recording 152 deals valued at $9.8 billion. The region saw 321 deals worth $49.2 billion, a 12% surge in deal value compared to H1 2023, while deal volume rose by 1%, according to the EY MENA M&A Insights H1 2024 report.
Cross-border transactions played a key role, accounting for 52% of total deal volume and 87% of total deal value, a 15% year-on-year gain.
The UAE registered the region’s largest transaction with the $12.4 billion acquisition of Truist Insurance Holdings by Clayton Dubilier & Rice, Stone Point Capital, and Mubadala Investment. Other significant deals included a $8.3 billion investment by PAG, Mubadala, and ADIA in Zhuhai Wanda Commercial Management Group and Masdar’s $2.9 billion acquisition of a 67% stake in TERNA ENERGY.
Sovereign wealth funds from the UAE and Saudi Arabia, including ADIA, Mubadala and PIF, continued to drive deal activity, aligning with their countries’ economic strategies.
Domestic M&A activity saw 155 deals with a combined value of $6.4 billion, marking a 13% growth. The GCC region was involved in 85% of these deals, with 94 transactions occurring within or between the UAE and Saudi Arabia.
Inbound deals totalled 70, valued at $6.4 billion, with Europe leading in deal volume and North America contributing the highest deal value. The professional firms, services and technology sectors were the most active, with significant contributions from US-UAE partnerships.
Outbound M&A activity was the largest contributor to overall deal value, with 96 deals amounting to $36.3 billion. The US and China accounted for 75% of the outbound deal value, driven by MENA-based sovereign wealth funds’ insurance and real estate investments.
