Saudi Arabia to lead $500bn wave of GCC debt maturities over next five years, says report

Saudi Arabia and the UAE are expected to drive a significant surge in Gulf Cooperation Council (GCC) debt maturities over the next five years, with total regional maturities projected to reach $500 billion, according to a recent analysis by Kamco Invest.

The report estimates that Saudi Arabia’s fixed-income maturities will total $174.5 billion between 2026 and 2030, closely followed by the UAE at $171.8 billion. Saudi Arabia’s debt market has expanded in recent years, attracting strong investor interest in government bonds and sukuk amid a global environment of elevated interest rates.

Most of Saudi Arabia’s maturities — approximately $106.4 billion — are expected to come from government-issued bonds and sukuk, while in the UAE, corporate instruments dominate with $136.2 billion in expected maturities. Qatar, Kuwait, Bahrain, and Oman are projected to record maturities of $85.6 billion and around $25 billion each, respectively.

The report highlights that GCC sovereign maturities are forecasted at $244.8 billion, while corporate maturities exceed this at $263.3 billion over the same period. The bulk of the debt is denominated in US dollars (64.7%), followed by local currencies, with Saudi riyals at 10.6% and Qatari riyals at 6.3%. Most instruments fall within the high investment-grade category, with A-rated debt totaling $208.7 billion.

Conventional bonds dominate the region’s fixed-income market, with maturities of $317.6 billion expected through 2030, compared with $190.5 billion for sukuk. Corporate bond maturities of $173.4 billion surpass government maturities of $144.2 billion. Banks and other financial institutions account for $210.4 billion of corporate maturities, or nearly 80% of the total, followed by the energy, utilities, industrial, and real estate sectors.

In 2025, aggregate bond and sukuk issuances in the GCC reached $206.6 billion, largely unchanged from the previous year. However, issuance patterns shifted: government issuance fell to $77.9 billion, while corporate issuance rose to a record $128.6 billion. Bond issuance reached a record $125.2 billion, while sukuk issuance declined 19.1% to $81.4 billion.

Saudi Arabia remained the largest regional issuer in 2025 despite an 18.3% decline, with total issuance of $82 billion. The UAE recorded moderate growth to $64.9 billion, Qatar saw a decline to $22.1 billion, and Kuwait’s issuance surged to $20.5 billion following approval of its new debt law.

Green financing also increased, with total GCC green issuances rising to $12.5 billion in 2025, led by the UAE at $5.6 billion and Saudi Arabia at $5.1 billion. These Shariah-compliant green sukuk support projects in renewable energy, clean transportation, and climate-resilient infrastructure.

Looking ahead, Kamco Invest expects issuance activity to remain high in 2026, driven by fiscal deficits, corporate borrowing, and potential declines in interest rates. Refinancing of maturing debt is projected to require approximately $85.4 billion in new issuances, while government deficit financing could contribute around $60 billion.