UAE saw second-highest value of issuances in the GCC in 1H 2025 -report

The UAE ranked second in GCC primary issuances in 1H 2025: UAE entities claimed the second-highest value of issuances across the region, raising USD 24 bn through 69 issuances during 1H this year, accounting for 26% of the total value of issuances in the Gulf region, a recent report (pdf) by Kuwait Financial Centre (Markaz) showed.

This marks a significant jump from USD 19.6 bn in the first half of last year. Coming first is Saudi Arabia, which accounted for 52% of the total regional value, with the Kingdom raising USD 47.9 bn across 71 bonds and sukuk issuances during the period.

DISCLAIMER- Markaz’s figures fall slightly below those picked up by Kamco Invest, which showed in July that debt market activity in the UAE edged higher in the first half of the year, hitting USD 32.9 bn, up 3.8% y-o-y. This could be due to the fact that Markaz excludes specific transactions like those involving 144A securities and carrying less than a one-year maturity.

How did the rest of the Gulf perform? Qatari entities came in third place, with USD 10 bn raised across 58 issuances, a slight dip from 1H 2024, while Bahraini entities raised USD 5.6 bn through seven issuances. Then come Kuwaiti entities with USD 3.39 bn from four issuances, followed by Omani entities with less than USD 1.1 bn across six issuances.

More issuances at a smaller value: While the region saw 215 sovereign and corporate issuances during 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to USD 92 bn. This is also below Kamco Invest’s figures, which noted that the total GCC issuances came in at USD 100.3 bn in the first half this year, down 22% y-o-y. This was primarily attributed to a dip in issuances from governments, which halved their issuances to USD 36.6 bn.

Meanwhile, total corporate primary issuances jumped by 67% y-o-y during the period to reach USD 60.2 bn. Government-related entities accounted for 12% of the total, issuing USD 11.2 bn worth of debt.

Conventional issuances in the region saw a 7.8% y-o-y rise to USD 51.6 bn in 1H 2025, according to Markaz’s report. However, Kamco Invest findings showed conventional bond sales holding flat y-o-y at USD 60.9 bn. Meanwhile, sukuk issuances fell 18% y-o-y during the period to USD 40.4 bn.