Prime Highlights:
- Bond sales in the MENA region surged 20%in the first nine months of 2025, reaching a record $125.9 billion.
- Mergers and acquisitions in the region jumped 166%, with announced deals totaling $157.3 billion, led by Saudi Arabia’s Public Investment Fund in major acquisitions.
Key Facts:
- Saudi Arabia accounted for $67.6 billionin bond issuance, more than half of the regional total, while the UAE contributed $32.7 billion.
- Investment banking fees in the region rose 14%to $1.3 billion, with debt market fees up 22% and M&A advisory fees up 86%.
Key Background:
Bond sales in the Middle East and North Africa (MENA) rose 20 percent in the first nine months of 2025, reaching a record $125.9 billion, according to the London Stock Exchange Group (LSEG).
Saudi Arabia led the way with $67.6 billion in bond offerings, more than half of the total and a 37 percent increase from last year. The UAE followed with $32.7 billion, while Qatar, Bahrain, Morocco, Egypt, Kuwait, and Oman contributed smaller amounts.
The LSEG report highlighted that the number of bond issues rose 27 percent, surpassing all previous first nine-month tallies. Financial issuers contributed 58 percent of the proceeds, while governments and agencies accounted for 25 percent. Islamic bonds, or sukuk, reached an all-time record of $48.2 billion, representing 38 percent of total bond proceeds. Sukuk are Shariah-compliant debt instruments that allow investors partial ownership of an issuer’s assets until maturity.
Major deals included two Saudi sovereign issuances totaling $17.45 billion and Saudi Aramco’s $4.95 billion transaction in May. HSBC led MENA bond bookrunners with $13.18 billion in proceeds, followed by Standard Chartered, JPMorgan, Citi, and Goldman Sachs.
Mergers and acquisitions (M&A) also surged in the region, with announced deals reaching $157.3 billion, up 166 percent from last year. A major transaction was Saudi Arabia’s Public Investment Fund taking part in the $49 billion acquisition of US gaming company Electronic Arts. Outbound MENA M&A totaled $93.8 billion, while deals involving regional targets reached $56.9 billion. Goldman Sachs was the top financial adviser, handling $104 billion in deals.
Investment banking fees in MENA rose 14 percent to about $1.3 billion, mostly from Saudi Arabia and the UAE, which made up 80 percent of the total. Fees from debt markets went up 22 percent to $422.3 million, equity market fees grew 7 percent to $247.4 million, and advisory fees from M&A deals jumped 86 percent to $337.1 million.
These numbers show that MENA’s capital markets are growing, investor confidence is strong, and the corporate sector is very active, making the region a key center for financial growth in 2025.
