UAE-based issuers led the GCC bonds and sukuk market, raising $11.7 billion across 28 issuances in Q3 2024, compared to $7.8 billion through 17 issuances a year ago, according to Kuwait Financial Centre (Markaz).

Saudi-based issuers ranked second, securing $11.2 billion through 19 issuances.

However, Saudi entities led the GCC market over the first nine months of 2024, raising $47.8 billion from 60 issuances. The UAE entities followed with $32.1 billion through 88 issuances.

Qatari entities were the third-largest issuers by value in Q3 2024, with $3.5 billion in issuances, surging 236% year-on-year (YoY).

Kuwaiti issuers raised $1.7 billion across six issuances, up from $0.3 billion in the same period last year.

Markaz said that Bahraini issuers raised $35 million in Q3 2024 from a single issuance, while Omani entities raised $20 million.

The energy sector accounted for the largest amount of primary debt issuances by value, raising a total of $13.1 billion, or 47% of the total value of issuances in the GCC during the quarter, followed by the financial sector that raised a total value of $11.5 billion.

Total GCC corporate primary issuances increased by 233% YoY in Q3 2024 to $26.3 billion, bringing the total value for the first 9 months to $59.4 billion.