Strong private sector activity drives GCC debt market in 2013
In its latest Economic Update, NBK says growth in the GCC’s stock of outstanding debt securities remained solid in 2013 driven by low rates and rapid economic growth. Issuance growth by the private sector was particularly strong, led by non-financial corporates in Saudi Arabia. Banks too continued to be a large source of new debt issues spurred on by regulatory changes. New rules allowing covered bonds in the UAE and Sukuk debt in Oman could see further strength in debt securities growth in 2014.