Primary debt issuances of bonds and sukuk across the Gulf Cooperation Council region rose 55.1 percent in 2024 to $147.9 billion, according to an analysis.

In its latest report, Kuwait Financial Center, also known as Markaz, said that Saudi-based issuances led the GCC region last, raising $79.5 billion through 79 offerings, representing a rise of 51.4 percent in value compared to 2023.

The study added that the Kingdom contributed to 53.7 percent of the overall primary debt issuances in the GCC.  Saudi Arabia’s debt market has expanded significantly in recent years, drawing investor demand for debt instruments due to rising interest rates.

In February, the Kingdom raised €2.25 billion ($2.36 billion) through a euro-denominated bond sale, including its inaugural green tranche, as part of its Global Medium-Term Note Issuance Program.

The Kingdom’s National Debt Management Center completed its riyal-denominated sukuk issuance for February at SR3.07 billion ($818 million).

The nation also raised sukuk worth SR3.72 billion in January, SR11.59 billion in December and SR3.41 billion in November.

The financial organization added that the total value of primary issuances in the GCC region during the fourth quarter of 2024 stood at $21.2 billion, representing a rise of 33.33 percent compared to the same period in 2023.

Source: ARABNEWS