The GCC is expected to face elevated fixed-income maturities over the next five years, led by Saudi Arabia and the UAE, according to Kamco Invest.

The firm projected maturities of $174.5 billion in Saudi Arabia and $171.8 billion in the UAE between 2026 and 2030. Government-issued bonds and sukuk account for most Saudi maturities at $106.4 billion, while corporate issuances dominate in the UAE at $136.2 billion.

Qatar’s maturities are forecast at $85.6 billion over the same period, with Kuwait, Bahrain and Oman each at around $25 billion. GCC sovereign maturities are estimated at $244.8 billion, compared with higher corporate maturities of $263.3 billion, according to Bloomberg data.

Kamco Invest said bond and sukuk maturities are set to remain elevated through 2030, driven by government deficit financing and corporate investment and refinancing activity.

Most GCC debt maturities are denominated in US dollars, accounting for 64.7%, followed by issuances in Saudi riyals and Qatari riyals at 10.6% and 6.3%, respectively. The bulk of maturities fall within the high investment-grade category, with A-rated instruments totaling $208.7 billion and overall investment-grade maturities at $239.1 billion.

Conventional bonds dominate the maturity profile, with $317.6 billion coming due over the next five years, compared with $190.5 billion for sukuk. Corporate bond maturities, at $173.4 billion, exceed government bond maturities of $144.2 billion. 

By sector, banks and financial services firms account for $210.4 billion in maturities through 2030, followed by energy at $21.8 billion, while utilities and industrials total $13.6 billion and $5.4 billion, respectively. Real estate maturities are concentrated in the UAE and Saudi Arabia, at $11.2 billion and $4.3 billion.

GCC bond and sukuk issuance totaled $206.6 billion through mid-December 2025, largely unchanged from a year earlier, though issuance shifted toward corporates. 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 percent to $81.4 billion. Saudi Arabia remained the largest issuer despite an 18.3 percent drop to $82.0 billion, while issuance fell in Qatar, rose modestly in the UAE, and surged in Kuwait following approval of its debt law.

Green issuance climbed to $12.5 billion in 2025, led by the UAE and Saudi Arabia. Kamco Invest expects issuance to rise in 2026, supported by refinancing needs, fiscal deficits and potentially lower interest rates, with refinancing and deficit financing together potentially adding more than $140 billion.