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MENA M&A Boom: Record Deal Value And Cross-Border Surge In 2024

by THEFUTURE.TEAM

February 27, 2025

The MENA region is riding a wave of renewed merger and acquisition activity, with deal volumes and values reaching record highs in 2024. According to the latest EY MENA M&A Insights report, the region executed 701 deals—up 3% from 2023—totaling an impressive $92.3 billion, marking a 7% increase year-over-year. In particular, the GCC region led the charge with 580 deals worth $90 billion, underscoring its dominance in the market.

Cross-Border Deals Drive The Momentum

Strategic policy shifts, capital market reforms, and a robust drive to attract foreign investments have fueled a surge in cross-border deals, which now account for 52% of total deal volume and a staggering 74% of the overall value. EY’s Brad Watson highlighted that companies are not only looking to grow but also diversify their operations, tapping into larger, emerging markets through these transnational transactions.

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Key sectors powering this momentum include insurance, asset management, real estate and hospitality, power and utilities, and technology. Watson emphasized that this cross-border dynamism is enabling MENA companies to forge stronger relationships with partners in Asia and Europe, thereby expanding their market reach.

Landmark Deals Signal Strong Investor Confidence

The UAE, in particular, reported the region’s largest M&A deal of 2024—a monumental $12.4 billion acquisition of Truist Insurance by a consortium including Clayton Dubilier & Rice, Stone Point Capital, and Mubadala Investment. This deal is a clear signal of robust investor confidence, further bolstered by Saudi Aramco’s $8.9 billion stake acquisition in Rabigh Refining and Petrochemical Company, and a $8.3 billion deal for a 60% stake in Zhuhai Wanda Commercial Management Group by PAG, Mubadala, and ADIA.

Preferred Destinations And Sectoral Trends

The UAE continues to be a magnet for inbound transactions, capturing 96 deals worth $7.6 billion—67% of the total deal value—thanks to its favorable business environment and strategic focus on technology sectors like AI, cybersecurity, and digital transformation. The landmark $1.5 billion acquisition of Abu Dhabi’s Group 42 by Microsoft underscores the deepening ties between the UAE and the United States.

Saudi Arabia also remains a hotspot, with significant combined deal volumes alongside the UAE. In 2024, the U.S. emerged as the top target for MENA investors, attracting 41 deals valued at $19.9 billion, while Morocco, Qatar, Bahrain, Egypt, and Kuwait also featured prominently among both target and bidding countries.

A New Era For MENA Business

In 2024, M&A activity in the MENA region has not only rebounded but also accelerated, driven by a blend of strategic reforms and an increasingly interconnected global market. As regional players leverage cross-border opportunities to expand and diversify, the MENA landscape is set to become an even more dynamic arena for growth and investment.

This resurgence in M&A activity is a clear testament to the region’s evolving economic landscape, where ambition meets opportunity on a scale that is reshaping business as usual.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.