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.