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  "documentTitle": "2024 TransAct Middle East",
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  "authorName": "PwC",
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      "text": "Despite the slower growth rate experienced by the global economy, the Middle East has remained resilient, supported by solid economic fundamentals and supportive government policies.",
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      "text": "Middle East M&A Deal Volume (FY-2021 to FY-2023)",
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      "text": "Deal Volume: 447",
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      "text": "The second half of the year witnessed a more bearish sentiment among dealmakers, contributing to M&A volumes and values declining by 6% and 25% in 2023, compared to the year before.",
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      "text": "In fact, in just two years, global deal values halved from their peak of over US$5tn in 2021 to US$2.5tn in 2023, as seen in PwC's latest Global M&A Industry outlook. Additionally, global deal volumes also declined by 17%, going from just over 65,000 deals in 2021 to approximately 55,000 deals in 2023. This led to a widespread caution among dealmakers and prompted a shift towards more strategic and selective transactions.",
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      "text": "Despite the slower growth rate experienced by the global economy, the Middle East has remained resilient, supported by solid economic fundamentals and supportive government policies. This resilience has boosted stability and investor confidence in the region, leading to a relatively active deal market compared to other regions that are more susceptible to higher interest rates and recessionary fears.",
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      "text": "In 2023, the global mergers and acquisitions (M&A) market showed a mixed performance. Although the deal activity improved slightly during the first half of the year, compared to the declines in 2022, the prospects for a full recovery were hindered by the impact of rising interest rates, financing challenges and slowing economic growth in many regions.",
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      "text": "However, mid-market deals held up better than expected, as predicted in our 2023 mid-year M&A outlook, because they were easier to get done in a difficult financing environment. Deal makers made a series of smaller deals to drive transformation and growth, which helped maintain mid-market deal activity.",
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      "text": "The oil price volatility and decreased revenues following further OPEC+ production cuts, haven't dimmed investor confidence and we find the continued buoyancy of non-oil sectors and intensified efforts of regional governments to diversify their economies have continued to support the countries' economic prospects. This further emphasises the significant role of sovereign wealth funds (SWFs) that have remained at the forefront of government economic diversification initiatives, driving deal activity in the region.",
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