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The GCC giants were also leading bidders, as sovereign wealth funds including the Public Investment Fund and the UAE’s Abu Dhabi Investment Authority (ADIA) and Mubadala doubled down on economic diversification plans.
Saudi Arabia and the UAE were the top inbound M&A destinations in the GCC in 1H 2024, accounting for 152 inbound transactions at a disclosed value of USD 9.8 billion, according to the latest EY MENA M&A Insights report.
The GCC giants were also leading bidders, as sovereign wealth funds including the Public Investment Fund and the UAE’s Abu Dhabi Investment Authority (ADIA) and Mubadala doubled down on economic diversification plans.
The M&A count inched up 1% y-o-y at 321 transactions in the first half, while aggregate transaction value rose 12% to USD 49.2 billion, the report showed. Saudi was home to the highest number of inbound M&As and was also the most frequent bidder during the period.
The UAE was responsible for the largest transaction, with Mubadala’s USD 12.4 bn acquisition of Trust Insurance topping the list. Mubadala and ADIA were responsible for the second-largest M&A transaction as the pair for the Dalian Wanda Chinese Mall unit in April.
Saudi and Emirati countries have an appetite — for each other: The first half of 2024 saw 94 transactions involving UAE companies on one side and the Kingdom on the other, accounting for 61% of intra-regional deal flow. Intra-regional transactions were worth c. USD 6.4 bn during the period, up 13% compared to the first half of 2023.
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Inter-regional M&A activity accounted for 166 (52%) of 321 transactions. Inter-regional activity also accounted for the lion’s share (87%) of transaction value at USD 42.8 bn, a 15% y-o-y increase.
