The MENA region saw 701 M&A transactions last year totaling USD 92.3 bn, with the bulk of activity being in the GCC, where 580 transactions accounted for USD 90 bn, according to EY’s latest MENA M&A insights report. This marks a 3% increase in transaction count and a 7% rise in value y-o-y, likely fueled by capital market reforms, policy shifts, and growing interest from foreign investors, the report reads.

Saudi and Emirati sovereign wealth funds remained the key drivers of dealflow in the region, with Abu Dhabi’s Mubadala Investment (along with two US-based PE firms) clinching the heftiest cash-based M&A last year, as it acquired an 80% stake in US-based fifth largest ins. player Truist Ins. USD 15.5 bn in February 2024. PIF-backed Aramco followed, snapping up an additional 22.5% stake in Rabigh Refining and Petrochemical (Petro Rabigh) for USD 8.9 bn. Meanwhile, the Abu Dhabi Investment Authority (Adia) and Mubadala (along with a Hong Kong-based PE firm) acquired a 60% stake in China’s Zhuhai Wanda Commercial Management Group for USD 8.3 bn in April.

Cross-border transactions topped the M&A league table, making up 52% of the total volume, and 74% of the total value of transactions.

Domestic M&A accounted for 48% of total activity in the region last year with 339 transactions worth USD 24.4 bn, up slightly from 333 in 2023. Technology and consumer products led the charge, accounting for a combined 35% of the total domestic count. Meanwhile, oil and gas remained the heavyweight in terms of value, contributing USD 9 bn — largely driven by Aramco’s acquisition of Petro Rabigh.

Outbound investments accounted for the lion’s share of total consolidated transaction value (61%) with 199 transactions worth USD 56.6 bn.

Inbound investments totaled USD 11.4 bn across 143 transactions, with the value rising 42% y-o-y and volume up 18% y-o-y.

Saudi Arabia and the UAE captured the bulk of inbound and total M&A, with the two countries being home to 318 M&A transactions worth a total of USD 29.6 bn last year.

The US was the biggest bidder from outside the MENA region last year, logging 48 transactions worth USD 4.6 bn. The capital flowed both ways as MENA investors also made the US their prime destination in 2024, striking 41 M&A transactions valued at USD 19.9 bn in the American market.

The technology sector led inbound investments in the region last year, accounting for 23% of total inbound and domestic transaction volume.

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