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  "documentTitle": "2024 TransAct Middle East",
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  "notes": "Includes specific mentions of TAWAL, PIF, and MGX.",
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      "text": "AUM: $100 billion",
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      "text": "While global drivers of M&A in the TMT industry are largely driven by software, due to its predictable cash flows they generate, the Middle East saw most of its major deals during the first half of 2024 focused on media and entertainment, an emerging area of interest for regional investors in the region. Although AI and GenAI development is rapidly taking place in the Middle East, notably in advertising and product design teams, it has yet to significantly impact transaction volume, as companies are looking to invest directly in AI instead. To address this, Saudi Arabia is planning a significant US$40 billion fund dedicated primarily to investing in AI technology. In the UAE, Abu Dhabi also recently unveiled MGX, a new fund targeting deals in AI and semiconductors which targets US$100 billion in assets under management through MGX.",
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      "text": "Technology remains central to various sectors, from AI to renewable energy. The region's continued push towards smart cities, 5G rollout and cloud adoption has led to heightened interest in telecom towers, data centres and digital infrastructure. Governments across the GCC are heavily investing in national digital strategies which creates significant opportunities for the M&A activity in the region. More recently, Saudi Arabia's sovereign wealth fund, PIF, has agreed to buy a majority stake in TAWAL from STC Group.",
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