The United Arab Emirates has claimed the crown of M&A powerhouse in the Middle East and North Africa, leading 2025’s first nine months with an influx of deals worth a striking $29 billion.
According to EY’s latest MENA M&A Insights Report, investors have been pouring into the region with renewed confidence, driving a 23% year-on-year surge in dealmaking. Across the region, 649 transactions were recorded, valued at $69.1 billion — with the GCC taking a lion’s share of 500 deals worth $65.9 billion.
Cross-border action has been the real engine this year, making up more than half of all deals and three-quarters of total value — the highest in five years. “This continued momentum reflects the hunger for international expansion and strategic diversification,” said EY’s MENA Strategy and Transactions leader.
The Year’s Mega Moves
The UAE’s dominance wasn’t just in numbers — it was in magnitude. The $16.5 billion acquisition of a 64% stake in Borouge by Austrian group OMV and its unit Borealis stands tall as the region’s biggest transaction of 2025. Close behind, ADNOC’s $6.3 billion purchase of a 46.94% stake in Canada’s NOVA Chemicals reinforced Abu Dhabi’s petrochemical ambitions.
Saudi Arabia also made its mark, with Aramco’s $3.5 billion acquisition of Chile’s Primax S.A ranking third on the regional leaderboard.
Outbound investments proved equally robust, with 189 deals totaling $28.5 billion. The UAE and Saudi Arabia together accounted for a massive 85% of this outflow, targeting markets like Canada — the biggest recipient with $7.1 billion in deal value — and the UK, which led in deal count.
A Surge Across Sectors
Inbound transactions into MENA rose sharply too, hitting 160 deals worth $23.8 billion, marking a double-digit jump in both volume and value compared to last year. Domestic dealmaking also showed strength, contributing nearly half of total transactions — 300 deals valued at $16.8 billion — powered by a flurry of mid-sized activity in technology, healthcare, and financial services.
Sovereign wealth funds continued to act as strategic anchors, closing 22 deals that shaped the region’s investment landscape through 2025’s first three quarters.
With investor appetite still strong and diversification at the forefront, the MENA M&A stage is no longer just resilient — it’s in full expansion mode, with the UAE leading the charge.
