Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
The Kingdom faces the GCC’s largest debt maturity load through 2030, with USD 174.5 bn coming due over the next five years. Of that total, USD 19.9 bn is due next year, according to Kamco Invest’s GCC Fixed Income Market Update (pdf).
The profile is overwhelmingly sovereign-led, with the government accounting for USD 106.4 bn of the total as it manages deficit financing tied to megaproject spending. This means the new year’s debt calendar will likely be led by deficit-driven issuance.
Anticipated rate cuts are likely to push borrowers to lock in lower rates for their refinancing needs. Kamco Invest forecasts that GCC central banks will continue to slash rates in line with the US Fed due to pegged currencies, projecting a general 50 bps cut across the region. Specific data for Saudi suggests an expected cut of 57 bps in 2026, which would bring the rate down to 3.68% by December 2026. Saudi’s repo rate was cut by 75 bps in 2025, ending the year at 4.25%. The report notes minimal pressure on currency pegs and expects monetary policies to remain largely stable and supportive of the region’s sizable projects market.
Saudi remained the largest debt issuer in the GCC in 2025, raising USD 82 bn, including USD 10.6 bn in perpetual instruments. Nonetheless, the Kingdom’s total issuance fell 18.3% y-o-y from USD 100.3 bn in 2024 as funding needs normalized. After skipping the green market last year, Saudi made a comeback in 2025 raising USD 5.1 bn, trailing only the UAE’s USD 5.6 bn.
Zooming out
The GCC faces a USD 508.1 bn maturity through 2030, of which USD 85.4 bn is due next year. Refinancing demand could generate roughly USD 85.4 bn in new issuance in 2026.
Total GCC issuance came in at USD 206.6 bn in 2025 — a year marked by higher corporate participation at USD 128.6 bn and lower government debt at USD 77.9 bn. While the region’s sukuk issuance faltered, going down 19.1% y-o-y to USD 81. 4 bn, the bond market hit its highest level on record at USD 125.2 bn, up 17.9% y-o-y.
Financial services carry the region’s largest sector risk, with USD 210.4 bn due, representing 79.9% of all corporate maturities through 2030. Meanwhile, energy has USD 21.8 bn in maturities (8.3% of corporate total), and utilities and industrials are exposed to USD 19 bn in combined maturities.
