Orange Egypt’s capital increase was the largest in MENA in 2Q2018, M&A activity reached eight-year high: Orange Egypt’s USD 866 mn capital increase was the MENA region’s largest equity capital markets transaction in 1H2018, according to data released yesterday by Thomson Reuters. Total M&A transactions in the region reached an eight-year high during the quarter, growing by 74% y-o-y to USD 33.9 bn, driven largely by energy and power projects, which accounted for 32.8% of total M&As for the quarter. Transactions in the financial sector were the second-largest component with a 30.2% share.

Meanwhile, our friends at EFG Hermes were ranked the region’s top investment bank in terms of equity capital market underwriting fees, with a 24.4% market share. JP Morgan and Goldman Sachs followed in second and third place, respectively.

Debt capital market activity in the region slowed by 2% y-o-y in 1H2018 but remains at its second-highest level ever. Qatar had the largest share of debt issuances with 28.5% of the region’s total, followed by Saudi Arabia with 21.8%. Shariah-compliant transactions were down 44% yo-y in the second quarter of the year to USD 19.3 bn.