M&A deals in MENA up 7% as Saudi Arabia, UAE lead the way: EY
Updated 27 February 2025
Nirmal Narayanan
RIYADH: Saudi Arabia and the UAE helped drive merger and acquisition activities in 2024 up 7 percent across the Middle East and North Africa to reach $92.3 billion, according to an analysis.
In its latest report, professional services network firm EY revealed that the MENA region witnessed 701 deals over the period, a 3 percent rise from the 679 deals seen in 2023.
EY added that the UAE and Saudi Arabia together reported 318 deals in 2024 valued at $29.6 billion. These two nations were also among the top MENA bidders indicating their active participation in the merger and acquisition landscape.
According to the analysis, this expansion was driven mainly by reforms in capital markets across the region, as well as strategic policy changes and strengthened efforts to attract international investments.
Earlier this month, banking firm Morgan Stanley also echoed similar views and said that the MENA region will witness a significant “structural upswing” in transaction volume and value size in 2025 propelled by policy shifts and regulatory reforms.
Commenting on the latest report, strategy and transactions leader at EY MENA Brad Watson said: “In 2024, the MENA region witnessed positive developments in the M&A space with a year on year increase in activity as well as overall deal value. With companies actively seeking opportunities to grow and diversify their operations, cross-border deals were the major driver in terms of volume and value.”
EY said that the Gulf Cooperation Council region accounted for the majority of deals within the MENA region at 580, accounting for 52 percent of the volume and 74 percent of the value.
The report added that the UAE reported the largest M&A deal in 2024, with the acquisition of Truist Insurance by Clayton Dubilier & Rice, Stone Point Capital and Mubadala Investment for $12.4 billion.
The second-biggest deal was made by Saudi Aramco, with the energy giant acquiring a 22.5 percent stake in Rabigh Refining and Petrochemical Co. from Tokyo-based Sumitomo Chemical for $8.9 billion.
The third-largest deal was the acquisition of a 60 percent stake in the Chinese shopping mall company Zhuhai Wanda Commercial Management Group by PAG, Mubadala and Abu Dhabi Investment Authority for $8.3 billion.
EY revealed that outbound deals contributed to the largest share of M&A transaction value in 2024, accounting for 61 percent of the total consolidated deal value, with 199 transactions amounting to $56.6 billion.
In terms of sectors, technology and consumer products were the leading contributors to overall deal volume, each experiencing a 10 percent year-on-year increase.
The US was the largest acquiring country outside of the region by volume and value, with 48 transactions totaling $4.6billion.
“The top five subsectors in the M&A landscape were insurance, asset management, real estate and hospitality, power and utilities, and technology — indicating a real interest in the innovative solutions that the MENA region can provide,” said Watson.
He added: “In addition, there is a focus on strengthening regional relationships with Asian and European countries, enabling MENA countries to gain access to larger and growing markets.”
According to the report, domestic M&As contributed to 48 percent of the total deal volume in 2024, with 339 deals valued at $24.4 billion.
The technology and consumer products sectors together contributed 35 percent of the deal volume, driven by accelerated digital transformation in the region.
“In 2024, technology remained the most attractive sector for investors, accounting for 23 percent of total inbound and domestic deal volume. We’re living through a productivity renaissance fueled by technology and AI, which will manifest in capital allocation and M&A,” said Anil Menon, head of M&A and equity capital markets leaders at EY MENA.
The oil and gas sector topped the sectors in domestic M&A values at $9 billion, largely due to Saudi Aramco’s $8.9 billion acquisition of a stake in Rabigh Refining and Petrochemical Co.
Fresh funding flows in even as broader market data points to a slowdown
Updated 6 sec ago
Nour El-Shaeri
RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum.
Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital.
Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally.
The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games.
“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46.
“We are pleased to support a team that builds with intention and long-term ambition,” she added.
Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.”
The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.
The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles.
Premialab raises $220m
UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton.
Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market.
Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.
Walid Tarabih, founder and CEO of Relik
The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors.
The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies.
“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab.
Relik closes seed round
UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny.
Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.
The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets.
“We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.”
Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”
Nawah raises $23m
Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding.
The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors.
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. (Supplied)
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials.
The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe.
Algeria’s VOLZ raises $5m
Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.
Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform.
Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund.
The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa.
MENA startup funding slows in November
Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report.
This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year.
More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November.
Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions.
Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets.
Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction.
E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups.
Debt financing dominated the month, accounting for more than $125 million through a single transaction.
The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution.
From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million.
B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models.
The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.
