At $23 billion in the first eight months, the total volume of acquisitions by Middle Eastern sovereign wealth funds so far this year is some $7 billion more than in the same period last year, according to Dealogic. Nevertheless the number of deals fell year on year from 23 to 19, suggesting state buy-outs were more targeted.
"Middle Eastern sovereign wealth funds went through a bargain-hunting phase earlier on in the crisis, but now they’re more focused on strategic acquisitions. Being cheap is not enough any more," says a senior investment banker in the Middle East.
The funds have encountered losses...
