GCC debt capital markets continued to expand in 2025, with outstanding volumes rising 12.7% YOY to USD 1.1 Tn in 3Q25. According to Fitch Ratings, Sukuk issuance remained a key growth driver, increasing c. 22.0% and lifting Sukuk’s share to over 40.0% of total GCC Debt Capital Market outstanding.

GCC fixed income market maintained strong momentum, with total primary bond and sukuk issuances rising 32.3% YOY to USD 38.74 Bn across 137 deals in 3Q25. According to Markaz, Saudi Arabia led the activity with USD 20.32 Bn representing 52.5% share,

GCC banks are set to deliver another strong year of US dollar debt issuance in 2025, with volumes projected to exceed USD 60 Bn, or USD 40 Bn excluding certificates of deposit (CDs), according to Fitch. The increase is being driven by large upcoming maturities, strong credit growth, and favourable financing conditions.

GCC Sukuk and bond issuances declined 22.1% YOY to USD 100.3 Bn in 1H25 from USD 128.8 Bn in 1H24. According to Kamco Invest, the contraction was primarily attributed to a steep drop in government issuances, which fell to USD 36.6 Bn in 1H25 from USD 76.9 Bn in 1H24.

GCC Sukuk and bond issuances recorded a decline in 1H25. According to Markaz, total primary debt issuances in the region fell 5.5% YOY to USD 92.04 Bn, compared to USD 97.36 Bn in 1H24. Saudi Arabia remained the largest issuer, contributing 52.1% of the total, however its issuance volume declined 19.8% YOY to USD 47.93 Bn during 1H25.

The GCC Debt Capital Market (DCM) totalled USD 1 Tn in outstanding issuances across all currencies, reflecting a 10% YOY growth in 1Q25. According to Fitch Ratings, DCM issuances grew 11% QOQ but declined 3% YOY to USD 89 Bn in 1Q25. Saudi Arabia accounted for the largest share of total outstanding issuances at 45.1%, followed by the UAE at 29.9% a...

The GCC Debt Capital Market (DCM) totalled USD 1 Tn in outstanding issuances across all currencies, reflecting a 10% YOY growth in 1Q25. According to Fitch Ratings, DCM issuances grew 11% QOQ but declined 3% YOY to USD 89 Bn in 1Q25. Saudi Arabia accounted for the largest share of total outstanding issuances at 45.1%, followed by the UAE at 29.9% a...

The GCC bonds and Sukuk issuance recorded a decline during 1Q25. According to Markaz, the total value of primary debt issuances declined 7.1% YOY to USD 51.5 Bn in 1Q25, compared to USD 55.5 Bn in 1Q24. Despite the overall contraction, the GCC corporate primary issuances demonstrated robust growth, rising 45.3% YOY to reach USD 32.1 Bn, constitutin...

The global Sukuk market is expected to experience a slowdown in 2025. According to Moody’s, global sukuk issuance surged 21% YOY to USD 242 Bn in 2024, driven primarily by strong issuances from financial institutions in Saudi Arabia and the UAE. However, the global Sukuk issuance is projected to decline to c.USD 210-220 Bn in 2025.