Investment banking fees in the Middle East & North Africa (MENA) reached $862.8 million during the first nine months of 2021, a decrease of 16 percent from the same period last year, according to data available with Refinitiv.
Fees from M&As produced a total of $252 million, a decrease of 39 percent from the same period last year, making up 29 percent of the investment banking fee pool.
According to the global data provider, the first nine months of 2021 showed MENA M&A activity hitting $68.6 billion, a 17 percent increase from the same period last year and just $660 million short of the full-year total last year.
Underwriting fees in equity capital markets surged 115 percent to $119.4 million and recorded the highest nine-month total since 2008.
Bond underwriting fees made up $254.4 million, up 12 percent from the same period last year and the highest year-to-date total since Refinitiv records began in 2000.
The financial sector accounted for the highest activity with $283 million worth of fees earned. This was followed by the energy and power sector, government, and industrials sector.
The top five fee paying nations in the MENA region are: Saudi Arabia, UAE, Qatar, Oman and Egypt.
While JP Morgan earned the most investment banking fees in the region, at $99.9 million or 11.6 percent market share, HSBC and Morgan Stanley took second and third place with 9.3 percent and 6.1 percent market share, respectively.
(Writing by Seban Scaria; editing by Daniel Luiz)
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© ZAWYA 2021