Goldman Sachs continued to drive dealmaking activity in the region over the first three quarters of 2025, topping the mergers and acquisition (M&A) league table in MENA with 24 deals valued at $104 billion, according to LSEG Deals Intelligence data.
Driving this growth were national champions in the region, which dominated the top 10 deals with “significant growth objectives” and “an approved strategy” that is government backed, according to Jassim AlSane, Co-head of Investment Banking in the Middle East & North Africa, Goldman Sachs.
According to LSEG data, materials was the most active sector in MENA over the nine months at $32.6 billion, accounting for 57% of MENA target M&A by value.
Boosting this sector was the ADNOC and OMV agreement in March to merge chemicals firms Borouge and Borealis, creating a $60 billion joint venture, which would acquire NOVA Chemicals, a North American producer, for 49.2 billion UAE dirhams ($13.4 billion) in a deal that is still pending.
“We clearly see MENA strategics move on the global stage with more conviction,” AlSane told Zawya. “We saw this with the Borealis merger with Borouge and Savvy [Games] investing in Niantic,” referring to the Niantic Labs sale of its video-game division to the Saudi Arabia-owned Scopely for $3.5 billion in March.
Goldmans Sachs was the advisor to Scopely, a company acquired in 2023 by Savvy Games, which is backed by PIF, the Saudi sovereign wealth fund.
The investment bank also served as an advisor on e&’s sale of its 40% stake in Khazna Data Center Holdings for $2.2 billion, as part of a deal struck with artificial intelligence company G42 in February.
National champions lead
According to AlSane, over the last few years, MENA economies have produced large national champions that are leading the charge in cross-border M&A transactions, with the UAE and Saudi Arabia at the forefront.
The LSEG report states MENA’s financial sector recorded the highest number of deals in the first nine months, with deals involving a MENA target reaching $56.9 billion over the period, 143% more than the value recorded last year at this time and a level only exceeded twice before.
The UAE emerged as the most targeted country in MENA at $45 billion, followed by Saudi at $5.6 billion.
“The largest deals remain outbound cross-border activity and we’re seeing fewer intra-regional deals,” AlSane added.
The total number of deals announced in the region increased 13% to an all-time high over the nine months, with MENA outbound M&A totalling $93.8 billion, an all-time first nine-month record despite a 2% decline in the number of deals from year ago levels.
The total value of announced M&A transactions involving the MENA region reached $157.3 billion during the first nine months of 2025, according to LSEG, a 166% increase compared to the same period last year, largely driven by the $55 billion acquisition of gaming giant Electronic Arts in September by a consortium led by PIF, Silver Lake, and Affinity Partners.
Looking ahead, AlSane forecast M&A activity to remain positive in Q4 and H1 2026 but cautioned that clients are closely observing valuations and returns. He also dismissed liquidity concerns, adding that MENA clients have capital and will continue to look out for attractive opportunities.
While mega deals have been driving M&A activity in the region, AlSane added that growth of the local startup scene will continue to see founder backed companies that are disrupting the local and international space, citing Huda Beauty’s partial sale of its fragrance brand Kayali to General Atlantic in February, which saw Goldman Sachs International serve as the financial advisor.
(Reporting by Bindu Rai, editing by Seban Scaria)
bindu.rai@lseg.com
