Saudi Arabia remains GCC’s biggest borrower in H1 2025 despite 20% YoY drop in debt issuance

Despite a nearly 20% drop from last year, Saudi Arabia led the GCC debt market in H1 2025, raising $47.93 billion and accounting for 52.1% of total issuances. The region collectively issued $92.04 billion, with the UAE, Qatar, Bahrain, Kuwait, and Oman trailing. Conventional bonds gained preference as corporate activity surged across the Gulf’s maturing debt landscape.