The primary debt issuances of bonds and sukuk in the GCC countries amounted to $92.04 billion through 215 issuances during the first half of the year, down 5.5% from the same period last year, where issuances in H1 2024 amounted to $97.36 billion, according to Kuwait Financial Centre (Markaz).

 

Saudi-based issuances led the GCC during H1, raising $47.93 billion through 71 issuances, down from $59.73 billion in H1 2024 a decrease of 19.8%, and representing 52.1% of issuances during the year, stated Markaz in its Fixed Income Report.

 

UAE- based issuances ranked second, with $24.03 billion through 69 issuances, representing 26.1% of the market, an increase of 22.2% from the same period last year. 

 

Qatari entities were the third largest issuers in terms of value, with $10 billion issued through 58 issuances, representing 10.9% of the issuances over the period. 

 

Bahraini issuers came next with a total issuance size of $5.62 billion through 7 issuances, up 49.7% increase from the same period last year. 

 

Kuwaiti issuances recorded a 48% increase from the same period last year, recording a total value of $3.39 billion through 4 issuances. 

 

Omani entities recorded the lowest value of issuances during the year, with $1.08 billion raised through 6 issuances, representing 1.2% of the total value of issuances.

 

According to Markaz, the total GCC corporate primary issuances increased by 67.7% in H1 2025, amounting to $60.20 billion raised, compared to $35.91 billion raised in H1 2024. 

 

Corporate issuances represented 65.4% of total issuances for the first half of 2025, contrasting with the preference of issuances in H1 2024 where more sovereign entities raised capital (Corporate issuances H1 2024: 36.9%). 

 

Government related corporate entities raised $11.2 billion through 11 issuances during the year, an increase of 1.8% from H1 2024 ($11.0 billion through 10 issuances), said the report. 

 

Total GCC sovereign primary issuances decreased by 48.2% in H1 2025, raising $31.85 billion throughout the year, representing 34.6% of total issuances, it added.

 

According to Markaz, conventional issuances increased by 7.8% in H1 2025 compared to H1 2024, raising a total of $51.61 billion for the year. 

 

Sukuk issuances, meanwhile, decreased by 18.2% in H1 2025, resulting in a total value of $40.43 billion for the year so far. As for issuance preferences, H1 2025 saw an increased appetite for conventional issuances in the GCC, representing 56.1% of total issuances for the year. 

 

This is a change in issuance preferences from H1 2024, where more Sukuk were issued than conventional bonds, it stated.

 

Sector wise, the finance led the bond and sukuk issuances in H1 with total value of $40.1 billion through 167 issuances representing 43.6% of total issuances, followed by government issuances with $31.9 billion through 25 issuances, representing 34.6% of total issuances. 

 

This represents an increase for the financial sector (31.1%) and a decrease for government issuances (-48.2%) when compared to the same period last year. 

 

The energy sector came next with $8.6 billion through 9 issuances, representing 9.4% of total issuances, with the remaining sectors together representing a small portion of total issuance (12.5%), it added.-TradeArabia News Service