The United Arab Emirates recorded the highest year-on-year growth in primary debt issuances among GCC countries in the first quarter of 2025. The UAE achieved a 61.6% increase, raising $10.2 billion through 29 issuances. They account for 19.7% of the region’s total debt market, according to a report by Kuwait Financial Centre “Markaz”.
Despite a 19.6% decline from the previous year, Saudi Arabia maintained its lead in terms of issuance value, raising $31 billion across 46 deals, representing 60.2% of the GCC’s total issuance value of $51.5 billion from 125 issuances.
Qatar ranked third, raising $7.1 billion from 38 issuances (13.9%). Kuwait recorded the second-highest annual growth rate at 40.7%, with $1.4 billion in issuances. Bahrain saw the steepest decline, dropping 44.5% year-on-year, with only two issuances totaling $1.5 billion.
Corporate debt issuances dominated the Gulf market in Q1 2025, reaching $32.1 billion—a 45.3% year-on-year increase—accounting for 62.4% of total primary issuances. In contrast, sovereign issuances decreased 41.8% to $19.4 billion, accounting for 37.6% of the market.
Government-related entities contributed around $6.8 billion, or 21%, of total corporate debt.
The financial sector led the market by $22 billion raised through 100 issuances, making up 42.8% of the total. It was followed by the government sector with $19.4 billion, and the real estate sector with $4.3 billion from five issuances (8.3%). The remaining 11.3% was spread across other sectors.
Conventional bond issuances increased 15.8% to $33.8 billion. They comprise 65.5% of the market. Sukuk issuances, on the other hand, dropped 32.5% to $17.8 billion.
Short-term issuances (less than five years) accounted for the majority of the market at 53.1%, equivalent to $27.4 billion. Medium-term instruments (5–10 years) represented 35.8%, while long-term issuances (10–30 years) were limited to a single issuance worth $809 million. One perpetual bond worth $1 billion was also issued.
Large-scale issuances exceeding $1 billion dominated the market. They represent 61.9% of the total value. Mid-sized issuances ($500 million–$1 billion) reached $14.4 billion. Smaller issuances (under $100 million) totaled 65 deals with a combined value of $1.9 billion.