Saudi Arabia has cemented its role as the beating heart of the Gulf’s debt markets, with recent multi-billion-dollar issuances underscoring its unmatched appetite for funding and investor confidence.
September alone saw a flurry of deals—$5.5 billion in sovereign sukuk tied to Vision 2030, $3 billion raised by Aramco, and another $2 billion from the Public Investment Fund. Together, they marked Riyadh’s final dollar tap for 2025 and its first sukuk structured under AAOIFI standards, opening new streams of Islamic liquidity.
The numbers paint the scale: $63 billion raised internationally this year, out of $271 billion across CEEMEA. In the first half of 2025, Saudi entities—government, corporate, and financial—collected nearly $48 billion from 71 issuances, keeping the kingdom firmly ahead of its Gulf peers despite a year-on-year decline.
Market watchers expect the kingdom’s dominance to continue through year-end, with the UAE playing second fiddle and others—Oman, Kuwait, and Abu Dhabi—still sitting on the sidelines. HSBC, which has claimed the top spot in MENA bond rankings, sees Middle East issuance already brushing against record levels at $137 billion, with more still to come.
The Gulf pipeline looks stacked. Falling interest rates, deep regional liquidity, and ambitious economic projects are expected to draw sovereigns and corporates back to market. Bankers anticipate a rush of activity after Q3 earnings, with October and early November shaping up as the busiest months before issuance slows for year-end.
The story is clear: Riyadh isn’t just funding Vision 2030—it’s setting the tempo for the entire region’s debt market.
