Kuwait Investment Company (KIC): $236.6 billion in Gulf sovereign debt instruments maturing by 2030
Kuwait Investment Company (KIC) Investment reported that Gulf governments are expected to face high levels of maturing debt instruments over the next five years, particularly obligations from bond issuances launched in the years following the pandemic.
According to Bloomberg data, Gulf sovereign debt maturities are projected to reach approximately $236.6 billion between 2026 and 2030, while corporate debt maturities are slightly higher at $254.8 billion. The value of maturing bonds and sukuk is expected to remain elevated from 2027 to 2031 before gradually declining in subsequent periods.
The increase in maturities over the next five years reflects the intensity of short-term issuances, with tenors of less than five years, by both governments and corporations.
The report analyzed the types of instruments, noting that conventional bonds accounted for the largest share, with maturities expected to reach approximately $308.4 billion over the next five years, compared to expected sukuk maturities of $183.0 billion.
The report indicated that Saudi Arabia continues to record the largest volume of fixed-income debt maturities during the period from 2026 to 2030. Saudi debt maturities are expected to reach approximately $167.4 billion by 2030, followed by issuers in the UAE and Qatar with maturities of $157.4 billion and $89.0 billion, respectively.
The report also predicted that Oman would record the lowest level of fixed-income debt maturities over the next five years, at $22.3 billion, while maturities in Kuwait and Bahrain would reach approximately $31.5 billion and $23.7 billion, respectively.
The report recorded total Gulf bond and sukuk issuances at approximately $116.8 billion, compared to $102.2 billion in the first half of 2025, representing an annual growth of $14.7 billion, or 14.3%. Government issuances reached $42 billion, compared to $37.4 billion in 2025, while corporate issuances reached $74.8 billion, compared to $64.8 billion. Full-year 2025 issuances had set a record high of $212.2 billion.
On a country-by-country basis, Saudi Arabia led with approximately $52.3 billion in issuances, compared to $50.7 billion in 2025, recording a growth of 3.2%. In terms of absolute value growth, Kuwait led the region with issuances of $8.7 billion in the first half of the year, compared to $1.8 billion in 2025, while the UAE, Qatar, and Oman recorded significantly smaller increases in issuance volumes during the year. Regarding the maturity structure, perpetual instrument issuances remained at high levels throughout the year, following a record high in 2025.
According to Bloomberg data, total perpetual instrument issuances reached $13.2 billion this year, compared to a total of $18.2 billion for the full year 2025. Saudi issuers led this category with $7.4 billion, followed by the UAE with $3.7 billion.
The report expects Gulf issuances to remain at high levels throughout the year, supported by the volume of maturing debt and ongoing financing needs. Refinancing of maturing debt is expected to reach approximately $30.7 billion during the remainder of the year, while government deficit financing, amid declining oil revenues, will support the overall issuance trend for the rest of the year.
