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The Kingdom was the biggest issuer of fixed-income instruments in the GCC this year, raising a total of USD 84 bn, according to a report (pdf) by Kuwait-based financial firm Kamco Invest. This marks a 45% y-o-y increase in Saudi’s fixed-income issuances and surpasses the UAE (USD 61 bn) and Qatar (USD 24.1 bn).
The GCC saw total fixed-income issuances climb 57.3% y-o-y to a record-high USD 182.7 bn in 2024. This growth was driven by a surge in corporate issuances, which rose 48.5% y-o-y to USD 105.4 bn in 2024.
Also leading in bond maturities: The Kingdom is also set to account for the lion’s share of bond maturities in the GCC from 2025 to 2029, with USD 168 bn in maturities, followed by the UAE at USD 153.2 bn, and Qatar USD 79.5 bn. The majority of maturities here, totaling USD 110.2 bn, are tied to government-issued bonds and sukuk.
The Kingdom holds the highest oil sector corporate maturities in the GCC totaling USD 12.8 bn by 2029. The Kingdom also holds USD 3.8 bn in real estate maturities by 2029 — second only to the UAE (USD 7.2 bn).
GCC corporate maturities are projected at USD 235 bn over the next five years (2025–2029), according to Kamco.
That’s slightly below GCC sovereign maturities, which are projected at USD 232.3 bn over the same period. Bond and sukuk maturities are expected to remain elevated throughout this period before gradually declining in the subsequent years, Kamco says, citing Bloomberg data.
What the pundits are saying: Shifting US bond yields and evolving global conditions signal challenges for fixed-income markets, the report reads. However, the GCC’s strong fiscal standing, low external borrowing, and sovereign wealth funds position it ahead of debt-laden emerging markets, ensuring resilience amid uncertainty, the report said.
