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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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EU Adopts New Package Travel Rules With 14-Day Refund Requirement

The Council of the European Union adopted updated rules on package travel, introducing stricter requirements for refunds, transparency and consumer protection across member states. Updated provisions revise the existing directive and define obligations for travel providers offering bundled services such as flights, accommodation and transfers.

Clarifying The Package Travel Directive

The updated directive clarifies the definition of package travel and excludes certain linked travel arrangements from its scope. Coverage applies to services sold as a single product, including combinations of transport, accommodation and additional services. This revision standardizes how travel products are classified and clarifies rights and obligations for both providers and consumers at the point of purchase.

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Enhancing Transparency And Consumer Rights

New rules require providers to disclose key information before and during travel, including payment terms, visa requirements, accessibility conditions and cancellation policies. These disclosures aim to reduce disputes and improve consumer awareness. Defined refund timelines include a 14-day period for cancellations due to extraordinary circumstances and up to six months in cases of organiser insolvency. The measures address gaps identified in earlier versions of the directive.

Ensuring Accountability And Trust In Travel Services

Organisers must implement complaint-handling systems and provide clear information on insolvency protection under the updated framework. These provisions aim to improve accountability across the travel sector. Previous disruptions, including the collapse of Thomas Cook and travel restrictions during COVID-19, exposed weaknesses in refund processes and consumer protection. Updated rules respond to those issues.

Implications For Cyprus And The Broader Industry

Tourism accounts for approximately 14% of Cyprus’s GDP, with package travel playing a central role in visitor flows. Major operators such as TUI and Jet2 provide structured travel offerings that support demand. Such operators contribute to revenue stability and help extend the tourism season by securing transport and accommodation in advance. Greater regulatory clarity may support continued sector growth.

A Model For Future Consumer Protection

Clearer rules on vouchers, refunds and insolvency protection now apply across the European Union. These measures aim to reduce consumer risk in cross-border travel. Implementation across member states will determine the impact on both consumers and travel providers. The framework may influence future regulatory approaches in the sector.