Saudi was among the top three countries in the GCC in terms of M&A transaction volume in 1Q 2024, Arab News reports, citing Dealogic figures. The Kingdom saw a total of 18 transactions during the quarter worth a combined USD 955 mn, according to the data. Of these transactions, 60% were outbound M&A.

Sector breakdown: Some 52% (USD 500 mn) of Saudi’s M&A activity was concentrated in the chemical sector, followed by the professional services sector (USD 160 mn) and the tech sector (USD 138 mn).

The regional view: Transaction value in the Middle East fell 27% y-o-y in 1Q 2024 to a combined USD 6.2 bn, according to the Dealogic figures. Kuwait was the biggest contributor to GCC M&A activity in terms of both volume and value, with transactions worth USD 1.1 bn, all of which were outbound. The UAE came in second in transaction value at USD 988 mn, 58% of which were domestic transactions.

Tech takes the lead: Oil and gas fell out of the top position in M&A activity during the quarter, dropping to the eighth position overall. Tech saw the highest amount of M&A activity in the GCC during the quarter, with 42 M&A worth a combined USD 1.6 bn, followed by the finance sector, which reeled in USD 1.3 bn worth of M&A.

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