The GCC’s debt capital market has recorded solid expansion, with outstanding volumes reaching USD1.1trln in the third quarter of the year — a 12.7% increase compared with the same period in 2024, according to Fitch Ratings.
Sukuk continued to dominate the market, representing 40% of total outstanding volumes, up from 37.4% in the first nine months of last year. The segment grew by nearly 22% year-on-year, significantly outperforming conventional bonds, which rose by 7.2%.
Saudi Arabia and the UAE remained the region’s leading debt capital markets, accounting for 46% and 30% of total outstanding volumes, respectively.
Looking ahead, the market is anticipated to remain robust, supported by government-led initiatives and strong issuance activity as states advance their diversification agendas. Continued favourable funding conditions and a strong issuer profile are expected to underpin performance.
“The GCC debt capital market is likely to maintain its resilience into 2026, driven by healthy issuance levels, supportive funding conditions, and a high-quality issuer base,” said Bashar Al Natoor, Fitch’s Global Head of Islamic Finance.
