Saudi Arabia: The total value of Saudi-listed sukuk and bonds increased to SR695.8 billion ($185.5 billion) at the end of the third quarter of 2025, up 3 percent quarter on quarter.  

Listed sukuk and bonds represented 18.4 percent of Saudi Arabia’s gross domestic product, slightly higher than 18.2 percent in the previous quarter, Argaam reported, citing data from Tadawul’s quarterly debt market report.  

Government sukuk and bonds continued to dominate the market, accounting for 97.6 percent of total listed debt at the end of the quarter, reaching SR679.1 billion. Corporate sukuk and bonds made up the remaining 2.4 percent, or SR16.7 billion.  

The growth in listed sukuk and bonds also aligns with the government’s broader debt management strategy.  

The National Debt Management Center announced its 2025 annual borrowing plan with projected funding needs of SR139 billion, covering both the anticipated budget deficit and upcoming debt maturities.   

As part of this plan, the NDMC completed a domestic sukuk issuance in August valued at SR5.31 billion, distributed across four tranches. These issuances are part of ongoing efforts to strengthen the domestic debt market and diversify the government’s financing sources in line with Saudi Vision 2030 objectives.  

Saudi investors held majority of listed debt instruments, owning SR677.4 billion, or 97.4 percent of the total.   

Foreign investors accounted for SR15 billion, representing 2.2 percent, while investors from Gulf Cooperation Council countries held SR3.4 billion, or 0.5 percent.  

Despite the increase in total market value, trading activity slowed significantly. The traded value dropped 89 percent quarter on quarter to SR1.78 billion from SR16 billion in the previous quarter.  

The number of executed trades also decreased to 10,414 in the third quarter, compared with 12,251 in the second quarter of 2025.  

The number of listed sukuk and bond issuances stood at 60, down slightly from 61 in the previous quarter.