RIYADH: According to a recent report by S&P Global, investments in Vision 2030 and ongoing regulatory changes are expected to drive further growth in Saudi Arabia’s domestic corporate bond and sukuk markets.
According to the ratings agency’s most recent report, the Kingdom’s domestic debt markets have expanded gradually over the previous five years. In the first quarter of 2025, corporate bonds and sukuk issuance more than doubled to $37 billion, up from $15.5 billion in the same time in 2020.
The results coincide with Saudi Arabia being the largest issuer of primary debt in the Gulf Cooperation Council. According to Kuwait Financial Centre, commonly known as Markaz, the Kingdom raised $31.01 billion in 41 offers in the first quarter of 2025, accounting for more than 60% of total GCC sukuk and bond activity.
“The development of Saudi Arabia’s overall financial markets continues to accelerate due to large-scale Vision 2030 investments, regulatory reforms, initiatives to attract overseas funding, and investments in capital markets infrastructure over the past decade,” stated Timucin Engin, credit analyst at S&P Global Ratings.
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