GCC governments have issued about $45 billion in bonds and sukuk so far this year, putting the region’s sovereigns on track for the most debt issuance since 2020. The volume has increased significantly this year, with the first half of 2024 alone reaching well above the $33 billion issued in the whole of last year.
Oil prices have averaged $83 per barrel so far this year, similar to the average for last year, and several countries that have issued bonds and sukuk this year are expected to run budget surpluses in 2024, including the UAE and…