1.M&A Consulting and Activity Trends in the MENA Region (2022–2024)

The MENA region experienced a significant rise in M&A
activity in 2022, accompanied by growing demand for M&A consulting services to support complex cross-border and sector-specific transactions, recording 754 deals valued at $82.5 billion,
marking a 13% increase in deal volume compared to the
previous year1. This surge was driven by improving market
conditions, elevated oil prices, and the easing of
COVID-19-related restrictions, which collectively bolstered
investor confidence. Government-related entities, including
sovereign wealth funds and national oil companies, played a
pivotal role, accounting for 137 deals (49%) of the total
disclosed deal value at $40.3 billion2. The UAE and Saudi
Arabia led the region in both target and bidder rankings,
accounting for 326 deals, reflecting their strategic importance
in the MENA M&A landscape.
Despite global economic uncertainties, including rising
interest rates and geopolitical tensions, MENA’s M&A consulting 
market remained resilient in 2023. While deal volume
dropped to 679 transactions, disclosed deal value rose up
slightly to $86 billion, indicating a 4% increase in deal value
from the previous year. The Gulf Cooperation Council (GCC)
countries were particularly active, with 565 deals valued at
$83.2 billion. Sovereign wealth funds continued to drive
M&A activity, focusing on national development and investing
in future-oriented sectors. However, combined M&A
activity of the UAE and Saudi Arabia also saw a slight
decline, with 305 deals valued at $24.8 billion.
In 2024, MENA’s M&A activity rebounded, with 701 deals
amounting to $92.3 billion, reflecting a 3% increase in deal
volume and a 7% rise in deal value compared to 2023. The
UAE and Saudi Arabia reported a combined 318 M&A deals
valued at $29.6 billion. This growth was fueled by substantial
reforms in capital markets, strategic policy changes, and
enhanced efforts to attract foreign investments. Cross-border
deals were a major driver, accounting for 52%3 of the
volume and 74%4 of the value.

1.1 M&A Evolution in the UAE and KSA (2022-2024)

The UAE and Saudi Arabia recorded the sharpest year-on-year growth in deal volumes in 2022, with the UAE rising by 9%5 and Saudi Arabia by 6%6. In the UAE, M&A activity was largely concentrated in sectors such as consumer goods, technology, industrials, and financial services, reflecting the country’s broader strategic push to diversify its economy. The UAE registered three of the region’s largest M&A deals, including a $5 billion investment by Canada’s Caisse de Dépôt et Placement du Québec in Dubai-based ports operators. Despite the 6.4% contraction in deal volume in 2023, both countries remained active. Notable deals included the UAE’s acquisition of Univar Solutions for $8.2 billion and Saudi Arabia’s Public Investment Fund (PIF) acquisition of Scopely, Inc. for $4.9 billion.
In 2024, the two economies began to rebound, reflecting a 4.3% rise in volume and a 19.4% increase in deal value compared to the previous year. The UAE reported the region’s largest M&A deal with the acquisition of Truist Insurance for $12.4 billion, while Saudi Aramco’s $8.9 billion acquisition of a stake in Rabigh Refining and Petrochemical Company was another significant transaction.

1.2 The Dynamics of M&A Deal Types

A clear understanding of the various types of M&A transactions is essential, particularly in the context of the evolving economic strategies of Saudi Arabia and the United Arab Emirates. As previously outlined, deal activity in both countries has demonstrated periodic fluctuations, shaped by global macroeconomic trends, capital market liquidity, and domestic reform agendas. However, the composition of M&A flows—whether inbound, outbound, or domestic— reveals distinct implications for economic development and investor behavior.

Key Economic Effects

• Capital Inflows: Boosts foreign direct investment (FDI), enhancing liquidity and funding for local businesses.
• Knowledge Acquisition: Gains access to international best practices and innovations.
• Economic Diversification: Supports the shift from oil-dependent economies.
• Global Expansion: Enables local companies to access new markets and customer bases.
• Revenue Diversification: Reduces reliance on domestic markets, mitigating local economic risks.
• Enhanced Competitiveness: Positions domestic firms as global players, increasing their competitiveness.
• Economies of Scale: Reduces costs and improves profitability through synergies.
• Strengthened Local Enterprises: Builds robust national companies capable of competing regionally and globally.
• Regulatory Alignment: Simplifies compliance and governance within a unified legal framework.

1.3 Recent Billion-Dollar Deals in KSA & UAE

• Inbound Deal: In 2024, Clayton Dubilier & Rice and Stone Point Capital, in partnership with the UAE’s Mubadala Investment Company, acquired Truist Insurance Holdings for US$12.4 billion.
• Outbound Deal: In 2023, the UAE’s Abu Dhabi National Oil Company (ADNOC) agreed to acquire a gas concession in Mozambique for US$1.15 billion, reflecting the UAE’s strategic expansion into international energy markets.
• Domestic Deal: In 2021, Saudi Arabia’s National Commercial Bank (NCB) merged with Samba Financial Group to establish the Saudi National Bank (SNB), forming one of the largest banking institutions in the region.