Executive Summary
The GCC Bonds and Sukuk market primary issuances in H1 2025 raised USD 92.04 billion raised through 215 Sovereign and Corporate issuances, recording a 5% decrease from the same period last year. While conventional issuances regained popularity among investors representing 56% of the market worth USD 51.6 billion in in issuances in the first half of 2025 – recording a 7.8% increase from the same period last year. Sukuk issuances fell 18% totaling USD 40.4 billion in the first half of 2025.
As of 30th June 2025, Saudi Arabia accounted for 52% of outstanding GCC primary issuances. In terms of market performance, the S&P MENA Bond and Sukuk Index posted a total return of 3.99%. Moreover, 5-Year Sovereign CDS spreads experienced mixed performance across GCC countries during H1 2025 with the State of Kuwait recording significant tightening in spreads by nearly 11.5%.
