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ZAWYA: Goldman Sachs leads MENA M&A with $104bln in deals over 9M as national champions spur dealmaking
ZAWYA: Goldman Sachs leads MENA M&A with $104bln in deals over 9M as national champions spur dealmaking
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Bindu RaiGoldman 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.Financial advisor rankings based on M&A announcements with any MENA involvement in 9M 2025. Credit: LSEG Deals IntelligenceBoosting 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.Jassim AlSane, Co-head of Investment Banking in the Middle East & North Africa, Goldman Sachs. Image courtesy: Goldman SachsGoldmans 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 leadTop M&A deals with MENA involvement in 9M 2025. Credit: LSEG Deals IntelligenceAccording 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% m...