LSEG reported $125.9 billion in MENA bond issuance, a 20% increase from last year and a record for the January to September period since 1980. The bond issues also rose by 27%, beating the previous nine-month period.
Bond issuance and investment banking increased by 20% across the Middle East and North Africa in the first nine months of 2025. It reached $125.9 billion, and according to recent analysis from the London Stock Exchange Group, the market saw record-breaking growth in bond sales, sukuk issuance, and mergers and acquisitions, indicating stronger investor interest and the success of diversification efforts throughout the MENA region.
In its latest ‘Investment Banking Review’ report, it stated that Saudi Arabia was leading with $67.6 billion in bond issuances, which is a 37% increase compared to the year before.
The UAE was followed by $32.7 billion, whereas Qatar, Bahrain, Morocco, Egypt, Kuwait, and Oman contributed smaller portions to the entire volume.
The report noted that Saudi Arabia’s debt market has grown rapidly in recent years, as both domestic and international investors are looking for stable returns.
Kamco Invest conducted a separate analysis, which predicted that Saudi Arabia will have the highest bond maturities in the GCC over the next five years, amounting to $168 billion.
LSEG reported $125.9 billion in MENA bond issuance, a 20% increase from last year and a record for the January to September period since 1980. The bond issues also rose by 27%, beating the previous nine-month period.
UAE bond issuances reached $32.71 billion, which is 4% dip compared to 2024. Qatar saw $10.97 billion in issuances, Bahrain $4.57 billion, Morocco $4.16 billion, Egypt $2.59 billion, Kuwait $2.55 billion, and Oman $750 million.
HSBC took the top spot in the MENA bond bookrunner ranking for the first nine months of 2025, with $13.18 billion in proceeds and a 10.5% market share, followed by Standard Chartered, JPMorgan, Citi, and Goldman Sachs.
The value of deals in MENA increased to $157.3 billion through September, up 166% yearly, due to $49 billion acquisition of US gaming company Electronic Arts by Saudi Arabia’s Public Investment Fund. The number of deals also climbed 13% to a record high.
The report showed that deals targeting MENA companies reached $56.9 billion in the first nine months, which is a 143% increase compared to the same period last year. While the outbound MENA M&A hit $93.8 billion during the first nine months of 2025, which is a record-breaking for the period, even though the number of transactions experienced 2% dip from the year ago.
Goldman Sachs took first place in the M&A financial adviser league table for the MENA region during the first nine months of 2025 for doing advisory work in deals worth $104 billion.
Investment banking fees in MENA were estimated to be around $1.3 billion for the first nine months of 2025, marking a 14% increase from the same period in 2024, according to data from London Stock Exchange Group. The report stated that Saudi Arabia and the United Arab Emirates accounted for 80% of investment banking fees generated during the period. HSBC earned the most, amounting to $93 million or 7% share of the total fee pool.
Debt capital market underwriting fees increased 22% to $422.3 million. It is setting a new record, while equity capital underwriting fees increased 7% to $247.4 million, the highest in three years.
The LSEG report added that advisory fees earned from completing mergers and acquisitions totaled $337.1 million in the first nine months of this year, which is an 86% year-over-year increase. However, syndicated lending fees dropped 22% to $315 million in 2025 compared to 2024.
The surge in both debt and M&A transactions indicates that investors are increasingly attracted to the region as they continue to make efforts to diversify and strengthen its financial markets.
