Private equity transactions in the Middle East and North Africa fell by 38% in the first half of 2025 compared with the first six months of last year, though investments tended to be of higher value than in 2024, according to research released Tuesday.

The data, released by financial analytics firm MAGNiTT, recorded 29 private equity transactions in the first half of 2025, with a total value of $2.88 billion — an 11% year-on-year decline in value. This marked the third consecutive half-year decline, reflecting a maturing MENA private equity market that's focused on fewer later-stage deals with higher value.

Midsize to mega deals dominated the activity, with those between $500 million and $1 billion representing 29% of the total (up from 15% last year), and deals worth at least $1 billion making up 14% of activity, a five-year high. Syndicated deals — which are larger and involve a group of lenders — also rose, with 80% of the top five transactions involving co-investments between domestic and international investors.

“The MENA region’s PE recalibration is being led by scale-ready SMEs [small and medium enterprises] and high conviction strategies, not withdrawal. The growing dominance of $100M+ deals signals a maturing landscape ready to absorb larger pools of capital,” Farah El Nahlawi, research department manager at MAGNiTT, said in a statement announcing the results.