The value of mergers and acquisitions in the Middle East rose by 62 per cent year-on-year in the first half of 2018, driven by the UAE and dominated by cross-regional activity, according to a new report .
“Overall Middle East activity has been strong in H1 2018, with a significant uptick in aggregate values for both domestic and cross-regional deals compared to the same period last year,” said Omar Momany, head of corporate/M&A at Baker McKenzie Habib Al Mulla, based in the UAE.
“With a handful of standout mega deals and the governments across the Middle East catering to implement investor-friendly reforms and policies, the region is set to experience promising levels of M&A activity in the second half of the year.”
The aggregate value of all Middle East M&A activity rose to $25.4 billion from $15.7bn in the first half of 2017, with deal volume remaining at similar levels as last year, the firm’s report said. However, cross-regional deal activity increased by both value and volume in H1, with 65 per cent of all Middle East M&A activity cross-border in nature.
The UAE drove both inbound and outbound deal flow, accounting for 34 deals totaling $6.6bn and Dubai-based lender Emirates NBD’s $3.2bn acquisition of Turkey-based Denizbank in April ranked the top cross-regional deal by value, according to the report.
Deals targeting the Middle East increased 174 per cent to $8.1bn in the first half of 2018. Inbound deal activity was driven by the acquisitions of Abu Dhabi National Oil Company’s oil field concessions by Austria’s OMG and French oil and gas giant Total, amounting to $2.6bn. Deal volume rose by 26 per cent to 54 deals.
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Outbound cross-regional deals from the Middle East increased by 20 per cent in value to $7.6bn and deal volume was also up by 9 per cent to 82 outbound deals, according to the report.
Meanwhile, domestic deal values spiked three-fold compared to the same period of 2017, driven by the pending $5bn merger of Saudi Arabia British Bank (SABB) and Alawwal Bank in Saudi Arabia.
The energy and power sector was the most attractive sector for inbound Middle East investment, accounting for 15 deals totalling $7.4bn.
“We continue to see healthy investor appetite and deployment of capital into the Middle East, particularly in the UAE with its strong underlying economic fundamentals and openness to foreign investment,” said Will Seivewright, corporate/M&A partner at Baker McKenzie Habib Al Mulla.
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
Company%20profile
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Tips%20for%20holiday%20homeowners
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The Beach Bum
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Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
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if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
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Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
From Zero
Artist: Linkin Park
Label: Warner Records
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Rating: 4/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
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