Saudi Arabia and UAE dominate MENA sustainable bond issuance in H1 2025: Bloomberg
ABU DHABI (ALETIHAD)Saudi Arabia and the UAE together dominated the issuance of green, social, sustainable, and sustainability-linked (GSSS) bonds in the Middle East and North Africa (MENA) region during the first half of 2025, according to data from Bloomberg's Capital Markets League Tables.Total GSSS bond issuances across the region reached $9.47 billion in the first six months of 2025, only slightly lower than the $9.91 billion raised during the same period last year. While higher global interest rates and a pause in issuances from Egypt and Qatar impacted the overall figure, strong volumes from Saudi Arabia and the UAE maintained the region's momentum.Saudi Arabia accounted for a commanding 66% of total regional issuances, raising $6.25 billion — a 25% increase compared to the first half of 2024. The surge was driven by infrastructure financing under the kingdom's Vision 2030. The largest single transaction came from the Saudi government with a $1.58 billion issuance. Other notable issuers included Al Rajhi Bank with two sustainable sukuks ($1.5 billion and $200 million), Saudi Electricity ($1.25 billion), Alinma Bank ($500 million), and SAB with a $650 million AT1 issuance.The UAE followed with $3.22 billion, representing 34% of total regional GSSS bond activity. Debut transactions from National Central Cooling Company (Tabreed) at $700 million, and Omniyat at $500 million, were key highlights.Islamic finance instruments dominated the MENA sustainable debt landscape, comprising $6.8 billion of the total. This marks a 17% year-on-year increase, reflecting the region's growing influence as a hub for Islamic finance.There was also a notable increase in AT1 issuances, which reached $3.15 billion, the highest level in five years. These hybrid instruments, used by banks to meet Basel III regulatory requirements ahead of 2026 implementation, saw strong investor interest, particularly in the UAE.Commenting on the trends, Venty Mulani, Data Specialist for Sustainable Fixed Income at Bloomberg LP, said:
'The sustainable bond market in Saudi Arabia and the UAE continues to mature and evolve. As reporting improves, with Bloomberg data suggesting nearly 68% of issuances over the past three years have either an impact or allocation report, we look forward to seeing more transparency through innovations such as green digital bonds.'
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