MENA M&A Deal Value Plunged 47% in H1 2026 With Slowdown in Outbound Activity

The value of announced mergers and acquisitions (M&A) involving the MENA region in the first half of 2026 fell 47% year-on-year to $48.7 billion, as outbound acquisitions and transactions involving regional targets weakened significantly, according to LSEG data.

A total of 643 transactions were announced during the first six months of the year, down 2% from the corresponding period in 2025. 

Deals involving MENA-based targets reached $21.7 billion, a 56% decline from a year earlier and the lowest first-half total in two years. Meanwhile, outbound M&A activity by MENA acquirers dropped 38% to $25 billion, marking a three-year low. 

The weaker M&A market also lowered advisory revenues, with fees from completed M&A transactions in MENA totalling $203.5 million during the first half of 2026, a fall of 19% from the same period a year earlier.

The UAE remained the region’s most targeted market, attracting $16.5 billion in M&A activity, far ahead of Saudi Arabia, at $2.9 billion, and Morocco, at just over $1 billion. 

Dealmaking was dominated by the materials sector, which accounted for half of all M&A value involving MENA targets during the first half of the year. Industrials and financials were the second and third most active sectors by value, while technology and financial services recorded the highest number of transactions. 

The largest deal announced in the region was the $10 billion merger of UAE-based strategic metals platform SMT Holdings (Miotal) with Nasdaq-listed special-purpose acquisition company Fifth Era Acquisition Corp. I, announced in April.  

In the M&A league table, Cantor Fitzgerald secured the top position after advising on transactions worth $10 billion, giving it a 20.5% market share. Goldman Sachs ranked second, with $8.95 billion worth of advised deals, while JPMorgan placed third, with $5.22 billion.  

(Writing by Ahmad Mousa; editing by Seban Scaria) Ahmad.mousa@lseg.com