Fitch Ratings said, in a report that Saudi Arabia’s debt capital market is expected to reach $600 billion by the end of 2026, driven by cross-sector financing needs and regulatory initiatives, cementing its position as the largest issuer of USD-denominated debt and sukuk among emerging markets.
Saudi Arabia was the largest dollar sukuk issuer in 2025, accounting for over 31% of global issuance, it added.
In 2025, the Kingdom’s dollar debt issuance surged by 49% to around $100 billion, with sukuk growth outpacing bonds. Outstanding Saudi debt surpassed $520 billion, up nearly 21%, with sukuk accounting for 62%, according to the report.
The ratings agency also said that, in emerging markets excluding China, Saudi Arabia was both the largest dollar-debt issuer in 2025 with an 18% share.
Following reforms, foreign investors now contribute more than 10% of the government’s outstanding direct domestic issuance in primary local markets at end-2025, compared to 4.5% in 2024, Fitch further stated.
Fitch Ratings said, in a report that Saudi Arabia’s debt capital market is expected to reach $600 billion by the end of 2026, driven by cross-sector financing needs and regulatory initiatives, cementing its position as the largest issuer of USD-denominated debt and sukuk among emerging markets.
Saudi Arabia was the largest dollar sukuk issuer in 2025, accounting for over 31% of global issuance, it added.
In 2025, the Kingdom’s dollar debt issuance surged by 49% to around $100 billion, with sukuk growth outpacing bonds. Outstanding Saudi debt surpassed $520 billion, up nearly 21%, with sukuk accounting for 62%, according to the report.
The ratings agency also said that, in emerging markets excluding China, Saudi Arabia was both the largest dollar-debt issuer in 2025 with an 18% share.
Following reforms, foreign investors now contribute more than 10% of the government’s outstanding direct domestic issuance in primary local markets at end-2025, compared to 4.5% in 2024, Fitch further stated.
