MENA Investment Banking Review Full Year 2023

LSEG Deals Intelligence

Access the MENA Investment Banking Review Full Year 2023 report for MENA Investment Banking review highlights, Investment Banking fees, Mergers & Acquisitions, Equity Capital Markets, Debt Capital Markets, Islamic Finance Bonds, Deals Matrix, and League Tables.

Report Highlights

INVESTMENT BANKING FEES

An estimated US$1.2 billion worth of investment banking fees were generated in the Middle East & North Africa during 2023, 31% less than the value recorded during 2022 and the lowest annual total since 2018.
Advisory fees earned from completed M&A transactions in the region totalled US$251.7 million, a 55% decrease from previous year levels and the lowest full year total in five years. Equity capital markets underwriting fees totalled US$264.1 million, down 40% from 2022 and a three-year low.

MERGERS & ACQUISITIONS

The value of announced M&A transactions with any MENA involvement reached US$80.0 billion during 2023, down 7% compared to the previous year and the lowest annual total since 2020. Although down 18% from 2022’s all-time record annual tally, the number of deals announced in the region during 2023 reached the third highest level since our records began in 1980.
Deals involving a MENA target totalled US$31.7 billion during 2023, down 35% from 2022 and a six-year low. Inbound deals involving a non-MENA acquiror declined 35% to US$8.7 billion, while domestic deals decreased 35% in value to US$23.0 billion.

EQUITY CAPITAL MARKETS

MENA equity and equity-related issuance totalled US$13.3 billion during 2023, down 43% from 2022 levels and the lowest full year total since 2020. The number of issues declined 14% from 2022 but was higher than every other annual count since 2008.
Initial public offerings accounted for 81% of activity, while follow-on issuance accounted for 19%.

DEBT CAPITAL MARKETS

MENA debt issuance totalled US$69.9 billion during 2023, 83% more than the value recorded during 2022 but lower than the annual total recorded during each of the previous six years. The number of issues declined 14% over the same period.
Saudi Arabia was the most active issuer nation during 2023 accounting for 49% of total bond proceeds, followed by the United Arab Emirates (33%), and Bahrain (6%).

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