The UAE’s total outstanding bonds and sukuk rose to $309.4 billion by the end of the first quarter of 2025, reflecting an 8.3% increase compared to the same period last year, according to Fitch Ratings.
Sukuk instruments accounted for 20.2% of this total, with the remainder comprising conventional bonds. New sukuk issuances in the UAE during Q1 2025 amounted to $4.9 billion, doubling the $2.45 billion issued in Q4 2024. Bond issuances for the same period stood at $24.1 billion.
The UAE maintains a significant presence in the global sukuk market, holding 6.5% of total outstanding sukuk worldwide as of Q1 2025, ranking fourth after Malaysia, Saudi Arabia, and Indonesia. Additionally, the UAE is among the largest US dollar debt issuers in emerging markets (excluding China), with a 7% share in Q1 2025, following Saudi Arabia, Brazil, and Mexico.
In the Environmental, Social, and Governance (ESG) segment, the UAE ranked third among emerging markets (excluding China) for ESG-related bonds and sukuk in Q1 2025, trailing Türkiye and the Philippines.
Across the Gulf Cooperation Council (GCC), the total value of outstanding debt reached $1.03 trillion by the end of Q1 2025. The UAE holds the second-largest share at 30%, with its sukuk representing 15.6% of the region’s total.
