As Abu Dhabi's ADNOC sets its sights on an 11.7 billion euro ($12.74 billion) takeover of German chemical maker Covestro in what would be the largest European acquisition by a Middle Eastern buyer in at least 16 years, it marks a recent upswing in dealmaking between the regions. More than $24 billion in acquisitions of European assets by Middle Eastern buyers have been announced or completed so far this year, the most for the period since at least 2008 and 74% above the average in the last 10 years, according to Dealogic. It is up from just $4.9 billion in the same period last year. Gulf investors are being drawn to Europe by company valuations that lag those in the U.S., an easier regulatory backdrop for buyers from the region, and where investment needs make them more welcome, advisers and analysts told Reuters.