Saudi Arabia Tops GCC Debt Issuers Despite 20% Drop in H1 2025 Issuances

Saudi Arabia remained the Gulf Cooperation Council (GCC) region’s top issuer of bonds and sukuk in the first half of 2025, despite debt issuances falling 20% year-on-year (YoY), Kuwait Financial Centre (Markaz) said in a new report.

Saudi companies raised $47.93 billion through 71 issuances in the first six months of 2025, down from $59.73 billion in H1 2024.

The UAE secured the second spot with $24.03 billion raised through 69 issuances, an increase of 22.2% from H1 2024. Qatar followed, with $10 billion raised from 58 issuances. Bahrain recorded $5.62 billion, while Kuwait saw a 48% increase in issuance value, reaching $3.39 billion. Oman had the lowest total, raising $1.08 billion from six issuances.

Total bond and sukuk activity across the GCC reached $92.04 billion through 215 issuances in the first half of the year, registering a 5.5% year-on-year decline.

Corporate issuances surged by 67.7% YoY to $60.20 billion during the first six months of the year. Government-related corporations raised $11.2 billion through 11 deals, up 1.8% YoY. Conversely, sovereign debt issuance across the GCC dropped by 48.2%, totalling $31.85 billion.

Conventional issuances rose 7.8% YoY to $51.61 billion in the first half, while sukuk sales declined by 18.2% YoY to $40.43 billion.

The financial sector led the bond and sukuk issuances, with a total value of $40.1 billion through 167 issuances. Government issuances followed, with $31.9 billion through 25 issuances, Markaz said.

GCC primary issuance size ranged from $2 million to $5 billion.  

US dollar-denominated issuances led the GCC bonds and sukuk primary market, raising a total of $73.1 billion through 146 issuances.

The Saudi riyal emerged as the second most-used currency, with SAR-denominated offerings totaling $7 billion across eight transactions.