Like the vast Arabian and Sahara deserts that dominate the Middle East and north Africa, private equity activity in the region was arid for the first three months of the year. Yet on closer inspection, patches of vegetation and early signs of growth are visible in the investment climate.

According to data provider Dealogic, in the first quarter there was a total recorded deal value of just $17m (€13.7m), ranking Mena the lowest region for buyout activity in the world. Figures compare poorly with the same period last year, when private equity firms agreed five deals worth $300m, and the final quarter of 2009, with eight deals totalling $810m.