Saudi Arabia remains the dominant player in the GCC’s debt markets. The kingdom raised a remarkable $63 billion in international debt in 2025. Saudi Arabia debt issuance continues to lead the region, supporting Vision 2030 and its economic transformation.
Saudi Arabia’s Major Debt Issuances in 2025
In the first half of 2025, Saudi Arabia raised $47.93 billion through 71 debt issuances. This was despite a 20% decrease in debt compared to 2024. In September alone, Saudi Arabia accessed the market with three major issuances.
One of these was a $5.5 billion dual-tranche dollar-denominated sukuk. This issuance directly funds Vision 2030, marking a key part of Saudi Arabia’s economic transformation.
Additionally, Aramco raised $3 billion through its own sukuk issuance. The Public Investment Fund (PIF) also raised $2 billion through conventional bonds. These actions reflect the kingdom’s ongoing commitment to economic development.
Vision 2030 Funding Through Debt Issuances
Saudi Arabia’s Vision 2030 aims to diversify the economy. The recent sukuk issuance is part of the country’s broader strategy to fund these efforts. The sukuk raised were compliant with AAOIFI standards, allowing access to all Islamic liquidity pools globally. This was also the kingdom’s first sukuk issuance in 2025 and the final dollar funding exercise of the year.
This strategic funding is essential for realizing the Vision 2030 goals, which include creating a more diversified economy and reducing the country’s reliance on oil exports.
Key Players Behind Saudi Arabia’s Debt Success
Several global financial institutions helped Saudi Arabia in these issuances. HSBC, Citi, JPMorgan, and Standard Chartered coordinated the sale of these bonds. Notably, HSBC led the MENA bond bookrunner rankings in 2025. This partnership demonstrates the kingdom’s growing role in the global debt market.
With these partnerships, Saudi Arabia continues to solidify its position in international financial markets. The kingdom’s debt issuance activities are proving crucial to its transformation efforts.
GCC Debt Market Outlook
Saudi Arabia continues to drive debt issuance in the GCC. In 2025, the total debt issuance from the Middle East exceeded $137 billion year-to-date. This suggests that the region could surpass $140 billion by year-end.
While UAE, Oman, and Kuwait have not yet accessed the market this year, analysts expect them to do so by the end of 2025. The region benefits from strong liquidity, stable oil prices, and major economic projects, making it an attractive destination for debt issuances.
Saudi Arabia’s Debt Issuance Outlook for 2025 and Beyond
Looking ahead, Saudi Arabia’s debt issuance leadership is expected to continue. The country’s robust financial activities align with its long-term goals to diversify its economy. Saudi Arabia debt issuance will remain a key tool for funding the nation’s economic transformation under Vision 2030.
Saudi Arabia’s leadership in the debt markets will likely shape the future of the MENA region’s financial landscape. The country’s continued success in issuing bonds and sukuk ensures its place as a regional and global financial leader.
