The Middle East and North Africa (MENA) region has recorded 13 mergers and acquisitions (M amp;A) in the first quarter of 2016, an unchanged number from the same period in 2015, a study showed on Monday.
But the total value of these deals dropped by 39.7 percent to 1. 5 billion U.S. dollars from 2.5 billion dollars, said the study released by financial intelligence service Mergermarket.
The United Arab Emirates (UAE) ranked first with seven deals totalling 447 million dollars, said Kirsty Wilson, global research editor at Mergermarket. "The highest valued UAE deal of the quarter was the 292 million dollar 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 dollars," Wilson added.
Mergermarket identifies the telecommunications sector as the most targeted in the Middle East, entirely as a result of Saudi Telecom Company's 494 million dollar acquisition of Kuwait Telecommunications, the highest valued deal of the quarter.
Another sector that experienced considerable growth was the construction segment, which recorded 135 million dollars in the first quarter of 2016, compared with 41 million dollars in 2015. Transport posted 90 million dollars in the first quarter, compared to 21 million dollars in the same period last year.
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