A recent report revealed that the oil industry in the Middle East is expected to witness a surge in mergers and acquisitions in 2016 amid the distressed financial climate as well a demand for new technology.
The survey, conducted by an international law firm, found that a staggering 86% of respondents expect a surge of deal activity in the next year as price volatility looks set to continue.
Interestingly, the expansion of overseas operations was highlighted as the main driving force behind this anticipated flurry of deal activity, with 70% expecting opportunism around distressed assets to drive deals.
Additionally, the report indicated that many businesses and investors are eyeing technology-driven consolidation. Corporates already operating in the offshore technology and equipment segments were seen as the most attractive targets.
This is without doubt a good sign for the industry, and for Kuwait, as investors from around the globe look to set up operations, make acquisitions or invest in the country’s sizeable oil and gas sector.
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