07 Dec 2009 04:09 PM
DUBAI - The value of mergers and acquisitions deals dropped by 54 percent in the Middle East and North Africa in the third quarter from a year earlier, Ernst & Young said in a report on Monday.
In the third quarter of this year, the value of disclosed M&A deals declined to $7.14 billion, against $15.64 billion in the same period of 2008, the advisory services firm said in an emailed statement.
M&A activity fell 26 percent with the number of deals dropping to 97 in the third quarter from 134 a year earlier.
While the number of outbound deals declined 40 percent, inbound deals rose 12 percent. The value of domestic deals dropped by 60 percent in the 2009 period, and outbound deals fell 54 percent, it said.
Saudi Arabia had the highest number of M&A deals with 14, followed by the United Arab Emirates and Kuwait with 11 deals each. Jordan and Egypt followed with 10 and 8 deals respectively.
Banking and financial services as well as diversified industrial products deals topped the list of deals, followed by oil and gas and asset management.
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