The total value of Saudi-listed sukuk and bond issuances rose 15% y-o-y to SAR 633.5 bn in 4Q 2024, despite the volume declining 7% y-o-y in the quarter to 65 issuances, according to Tadawul’s Quarterly Debt Market Report (pdf). The total traded value on Tadawul’s sukuk and bonds index dropped 29.6% y-o-y to SAR 3.3 bn in 4Q 2024, while the number of transactions fell 19.6% to 10.3k.

Government debt dominates: Listed government sukuk and bonds accounted for 97.4% of total issuances in 4Q 2024, amounting to nearly SAR 617 bn. Corporate sukuk and bonds made up the remaining 2.6% (SAR 16.5 bn).

Ownership breakdown: Saudi investors held SAR 624.9 bn in debt instruments, representing 98.6% of total ownership. Foreign investors owned 1.1% (SAR 6.6 bn), while GCC investors held 0.3% (SAR 2 bn).

The listed sukuk and bonds-to-GDP ratio stood at 15.6% during the quarter, up from 13.8% in 4Q 2023. The ratio fell on a quarterly basis, however, declining 17.6% from 3Q 2024.

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