UAE- Mideast MA deals reach 1.5b in Q1

4/18/2016 11:49:43 PM

(MENAFN- Khaleej Times) The Middle East witnessed 13 merger and acquisitions deals with a value of $1.5 billion in the first quarter of 2016 and the UAE attracted the highest number of deals during this period according to a report.

The total number of deals is the same as in the same period last year but total deal value has declined by 39.7 per cent from $2.5 billion said the report by Mergermarket a leading news and intelligence service for mergers and acquisitions.

Mergermarket identifies the telecommunications sector as the most targeted in the Middle East entirely as a result of Saudi Telecom Company's $494 million acquisition of Kuwait Telecommunications - the highest-valued deal of the quarter.

The M&A activity report was released ahead of the Middle Eastern M&A and Private Equity Forum to be held in Dubai on May 16.

Kirsty Wilson global research editor at Mergermarket said: "The UAE attracted the highest number of deals during the quarter with the announcement of seven deals totalling $447 million. The highest-valued UAE deal of the quarter was the $292 million acquisition of e-commerce platform Souq.com by Standard Chartered Private Equity Limited Baillie Gifford and International Finance Corporation in a funding round that valued the company at $1 billion."

Deal value in the telecommunications sector grew significantly totalling $494 million in the first quarter of 2016 compared with $223 million in the same period last year. Other sectors that experienced considerable growth were construction which recorded $135 million compared with $41 million; and transport with deal value totalling $90 million compared with $21 million.

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