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Background of money banknotes from different countries of the world, American dollars money, Saudi riyals, Kuwaiti dinars, Emirates dirhams and European euros exchange rates concept, selective focus. Image used for illustrative purpose. Getty Images
The primary debt issuances of bonds and sukuks in the Gulf region rose to $147.9 billion through 296 issuances during 2024, up 55.1% over the previous year, according to Kuwait Financial Centre (Markaz).
This growth was spearheaded by Saudi-based issuances raising $79.5 billion through 79 issuances, up from $52.5 billion in 2023, thus registering an increase of 51.2%, and representing 53.7% of issuances for the year, stated Markaz in its fixed income report.
UAE-based issuances ranked second, with $38.5 billion through 109 issues, representing 26% of the market, followed by Qatari entities with $15.8 billion through 74 issuances, representing 10.7% of the issuances over the year.
Bahraini issuers came next with a total issuance size of $6.9 billion through 10 issuances, up 29.1% over the previous year.
According to Markaz, the Kuwaiti issuances recorded the largest year-over-year growth, posting a 358.6% increase from the previous year. It netted a total value of $3.9 billion through nine issuances.
Omani entities recorded the lowest value of issuances during the year, with $3.4 billion raised through 15 issuances, representing 2.3% of issuances, stated the report.
According to Markaz, the total GCC corporate primary issuances increased by 45.5% from 2023, amounting to $79.7 billion raised, compared to $54.8 billion raised in 2023.
Corporate issuances represented 53.9% of total issuances for the year, following the same trend as in 2023, where corporate issuances represented 57.5% of total issuances.
Government related corporate entities raised a total of $17.4 billion in 2024, representing 21.7% of all corporate issuances, stated the Kuwait Financial Centre in its report.
The total GCC sovereign primary issuances increased by 68.2% in 2024, raising $68.2 billion throughout the year, representing 46.1% of total issuances.
Conventional issuances increased by 79.4% in 2024 compared to 2023, raising a total of $78.9 billion for the year, it added.
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