Middle East Inks $25 Billion of Deals Defying Virus Gloom
It"™s been a busy week for dealmaking in the Middle East.
In a matter of days, about $25 billion in deals have been struck in the oil-rich region, including the year"™s biggest infrastructure and banking transactions even as the coronavirus pandemic cripples overall dealmaking.
The blitz is quite rare for a region often known for political unrest and its influence on energy markets. It is also welcome relief for investment bankers looking to salvage what could be a difficult year for mergers and acquisitions.
M&A activity in the Middle East is reviving as governments take measures to diversify their economies away from oil. They"™re also seeking to create more efficiencies through consolidation or by bringing in overseas investors. Sovereign wealth funds including Saudi Arabia"™s Public Investment Fund are deploying billions of dollars to buy stakes in companies ranging from Facebook Inc.to Citigroup Inc. to take advantage of a downturn in prices.
The value of M&A deals in the Gulf states, including proposed deals, is up tenfold so far in June compared with the same period last year, according to data compiled by Bloomberg. That volume stands up well against the 44% drop globally this month, the data show.
Abu Dhabi has been leading the
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