Eyad Farsakh
Chair, Kreston Global Corporate Finance Group, and Managing Partner at Kreston Awni Farsakh & Co. United Arab Emirates
MENA dealmaking remained resilient through 2025
April 28, 2026
Diversification programmes, improving capital-market depth and the continued build-out of sector ecosystems across the Gulf means the market is not only active – it is more mature.
EY’s analysis of the first nine months of 2025 provides a clear snapshot of momentum: 649 announced transactions across MENA with an aggregate value of USD 69.1 billion. Inbound activity was particularly strong, with 160 inbound deals totalling USD 23.8 billion. Chemicals and technology were the largest value contributors, at USD 23.9 billion and USD 12.2 billion respectively. This highlights two defining themes for the region: industrial consolidation anchored in energy-adjacent advantages, and rapid expansion of digital infrastructure and services.
Cross-border investment and sector growth drive dealmaking momentum
“At a market level, 2025 reinforced three structural shifts,” said Eyad Farsakh, Managing Partner of Kreston Awni Farsakh & Co. and Chair of the Kreston Global Corporate Finance Group. “First, cross- border flows are shaping outcomes more than ever. Overseas buyers and investors are targeting scalable platforms with visible regulation and defensible cash flows, while regional champions continue to pursue international expansion, technology capability and earnings diversification.”
The combined result is a more interconnected market where valuation expectations are increasingly anchored to global comparables and where diligence standards are converging with international norms.
Larger transactions and stricter diligence reshape market dynamics
Management teams are increasingly expected to provide monthly performance packs, customer and contract analytics, and a defendable normalisation of earnings that bridges statutory accounts to underlying performance. Where this is done well, buyers are more willing to move quickly and to compete on price; where it is not, processes slow down and value leakage becomes common through conservative adjustments and heightened risk pricing.
“Headline value is being driven by fewer, larger transactions,” said Eyad. “This matters, because it influences pricing reference points for entire sub- sectors. It also concentrates execution risk. Capital recycling has become a more explicit agenda. State-linked groups are increasingly monetising mature assets in order to redeploy capital into priority themes, widening the opportunity set for strategic partners and long-term institutional capital.”
Financing access and strategic partnerships support sustained activity
Financing conditions remain a key determinant of M&A pacing. The ability of major regional issuers to access global debt markets supports acquisition financing and refinancing flexibility, while IPO activity influences valuation benchmarks and exit optionality.
Across the region, boards are balancing growth investment with return discipline. This is driving greater use of partnerships, minority stake sales and joint ventures as a route to accelerate strategy while sharing risk. Kreston Global’s Corporate Finance teams support clients across MENA through the full deal lifecycle: strategic options reviews, sell-side preparation and execution, buy-side advisory, valuations, and transaction support. In a more competitive market, disciplined preparation and a clear equity story remain the strongest levers for outcome quality.
