RIYADH: Even as global investment banking fees declined by 33 percent last year compared to 2021, things were upbeat in the Middle East and North Africa region with a 5 percent increase to around $1.6 billion, according to global data provider Refinitiv. The firm also noted that advisory fees earned from completed mergers and acquisitions transactions in the region reached $509.6 million, a 35 percent increase from 2021. In addition, equity capital markets underwriting fees also increased 31 percent year on year to reach $450 million during 2022, according to Refinitiv. However, syndicated lending fees declined 3 percent to a three-year low of $521.2 million, while debt capital markets fees declined 54 percent to $124.9 million, the lowest full year total since 2015. HSBC Holdings earned the most investment banking fees in the region during 2022, a total of $120.3 million, or a 7.5 percent share of the total fee pool, followed by Citi and JP Morgan. Thirty-eight percent of all MENA fees were generated in Saudi Arabia during 2022, followed by the UAE at 35 percent. Even though the number of deal announcements in the region increased 6 percent from last year, the value of announced mergers and acquisitions transactions with any MENA involvement reached $85.2 billion during 2022, 31 percent less than the value recorded in 2021, Refinitiv reported. Deals involving a MENA target totaled $49.3 billion during 2022, down 42 percent from last year and a four-year low. Marking the highest full-year deal count of all time, the number of deals increased 1 percent from last year. Inbound deals involving a non-MENA acquirer declined 77 percent from last year’s all-time record to $13.4 billion, while domestic deals increased 28 percent in value to $36 billion. The top deal with MENA involvement included CDPQ, a global investment group, investing $5 billion in three of Dubai-based DP World’s flagship UAE assets. MENA outbound M&As totaled $31.9 billion, up 6 percent compared to the value recorded during 2021 and a seven-year high. With deals targeting industrial companies accounting for 23 percent of MENA target M&A during 2022, the industrials sector was most active, followed by the financial sector with 22 percent. The UAE was the most targeted nation, followed by Saudi Arabia and Egypt.