MENA investment banking fees fell 19% in the first half of 2026, reaching an estimated $757.1 million, according to data from LSEG. The drop marks a three‑year low and continues a downward trend that began in the first quarter, as regional markets felt pressure from the ongoing US‑Iran conflict.
Regional breakdown shows UAE leading the decline
The United Arab Emirates accounted for more than half of the total fees, contributing roughly 55% of the $757.1 million figure. Saudi Arabia followed with about 25%, while Qatar added another 7%. The remaining share came from other MENA markets, though the report did not specify exact percentages for those economies.
Among the banks, JP Morgan emerged as the top earner in the region, maintaining its position despite the overall contraction.
Analysts note the broader impact of geopolitical tension
The decline in fees coincides with heightened uncertainty stemming from the US‑Iran dispute, which has dampened investor confidence across the Middle East and North Africa. Companies in the area have delayed or scaled back capital‑raising activities, leading to fewer deal mandates for banks.
Banks are tightening belts.
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The data underpinning the analysis were supplied by the London Stock Exchange Group, which collates fee information from a range of participating institutions. LSEG’s methodology typically aggregates disclosed earnings from advisory, underwriting and other investment‑banking activities, providing a consolidated view of regional performance. Because the figures are derived from publicly reported results, they reflect the most recent financial statements available from the firms operating within the MENA corridor.
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Overall, the combination of a sharp fee contraction, a concentration of revenue in the UAE, and the prominence of JP Morgan as the leading bank paints a picture of a market handling significant external pressures. The sustained impact of geopolitical tensions appears to be a decisive element, influencing both the volume of transactions and the strategic choices of financial institutions throughout the region.
