Every deal made in July had a recorded value of less than $100 million
The M&A (merger and acquisition) activities in the Mideast slid even lower in July to a record setting 12 month low, despite growing over two consecutive months in the area.
Data published by Bureau van Dijk states that only $270 million in dealing was recorded over the month of July, an amount that plummeted 88 per cent below the $2.23 billion recorded in June.
The number of deals also dropped from the 73 recorded in June to only 59 July transactions. Even though this is a decline between recent months, those 59 deals were a significant increase over the 17 recorded for July of 2009, providing an indication that growth is coming back to the Mideast.
July only saw deals below $100 million, with just six of those transactions reaching beyond the $10 million mark. Data for the values was collected from five nations and Kuwait had the highest total with $121 million.
The three July deals in the UAE totaled $7 million, which was an enormous drop from June’s five recorded deals totaling $395 million.
The highest value for July deals was made by Kipco Asset Management. A United Gulf Bank subsidiary, Kipco dumped their whole 24 per cent stake in Kuwait’s United Healthcare worth $73 million.Paul Holdsworth, Staff Writer, Gulf Jobs Market News