Led by $2.2bn merger of Al Khaliji Commercial Bank and Masraf Al Rayan (Q.S.C.), Middle East and Africa’s financial services industry saw a drop of 24.02% in deal activity during Q1 2021, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 34 deals worth $3.19bn were announced for the region during Q1 2021, against the last four-quarter average of 44.75 deals.

Of all the deal types, venture financing saw most activity in Q1 2021 with 18 deals, representing a 52.9% share for the region.

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In second place was M&A with 14 deals, followed by private equity deals with two transactions, respectively capturing a 41.2% and 5.9% share of the overall deal activity for the quarter.

In terms of value of deals, M&A was the leading category in Middle East and Africa’s financial services industry with $2.91bn, while venture financing and private equity deals totalled $160.94m and $127.15m, respectively.

Middle East and Africa financial services industry deals in Q1 2021: Top deals

The top five financial services deals accounted for a 97.8% share of the overall value during Q1 2021.

The combined value of the top five deals stood at $3.12bn, against the overall value of $3.19bn recorded for the quarter.

The top five financial services industry deals of Q1 2021 tracked by GlobalData were:

1) $2.2bn merger of Al Khaliji Commercial Bank and Masraf Al Rayan (Q.S.C.)

2) The $426.79m acquisition of Blom Bank Egypt by Arab Banking(Bahrain)

3) Altshuler Shaham Provident and Pension Funds’ $279.35m acquisition of Psagot Investment House

4) The $110m venture financing deal with Melio Payments by Accel, Aleph Capital Partners, American Express Ventures, Bessemer Venture Partners, Coatue Management, Corner Ventures, General Catalyst Partners, Latitude Venture Partners and Salesforce Ventures

5) STANLIB Infrastructure Fund II’s private equity with New GX Advisory Services Proprietary for $107.15m.