September 2025 witnessed a surge in debt capital markets (DCM) activity across the Gulf Cooperation Council (GCC), with a series of landmark Sukuk and conventional note issuances.
Underscoring the region's growing sophistication in Islamic
finance and sustainable funding, the uptick in issuance activity
comes amid a buoyant market backdrop.
Investors are showing strong interest in Sharia-compliant products.
At the same time, more governments and companies are looking for
new ways to raise funds, and there's a growing focus on
ESG-linked deals. These trends are driving innovation in Sukuk
formats and attracting a broader base of global investors.
We supported issuers across multiple jurisdictions including the
Cayman Islands, Bermuda and the Dubai International Financial
Centre (DIFC).
The firm assisted with the following transactions:
- Alinma Bank, via Alinma AT1 Sukuk Limited
(Cayman Islands incorporated), on the issuance of $500m Additional
Tier 1 capital sustainability certificates under its existing
programme. This completed on 3 September 2025.
- The Ministry of Finance of the Kingdom of Saudi
Arabia, via KSA Ijarah Sukuk Limited (Cayman
incorporated), on establishing a new trust certificate issuance
programme on 1 September 2025, and the subsequent dual-tranche
issuance of $2.25bn 4.25% trust certificates due 2030 and $3.250bn
4.875% trust certificates due 2035. This completed on 9 September
2025.
- Sobha Realty, via Sobha Sukuk I Holding
Limited (DIFC incorporated), on the issuance of $750m green trust
certificates due 2030 under its newly updated programme. This
completed on 11 September 2025.
- Commercial Bank of Qatar, via CBQ Finance
Limited (Bermuda incorporated), on the issuance of $600m 4.625%
notes due 2030 under its existing programme. This completed on 10
September 2025.
- The Public Investment Fund, via GACI First
Investment Company (Cayman Islands incorporated), on the issuance
of $2bn 5% notes due 2035 under its newly updated programme. This
completed on 15 September 2025.
- Omniyat, via Omniyat Sukuk 1 Limited (Cayman
Islands incorporated), on the issuance of $400m 7.25% long
three-year trust certificates due March 2029 under its newly
updated programme. This completed on 16 September 2025.
- Bank AlJazira, via BAJ Tier 1 Sukuk Company
Limited, on the establishment of a new $1.5bn Additional Tier 1
capital certificates programme on 1 September 2025, and a further
issuance of $500m additional tier 1 capital certificates on 22
September 2025.
- Almarai, via Almarai Sukuk Ltd. (Cayman incorporated), on the issuance of $500m trust certificates due 2030. This completed on 24 September 2025.
Our team, on each of these transactions, was led by partnerCiaran
Bohnackerand senior associateSzymon
Durlo.
Commenting on the significant upswing in DCM activity, partner
Ciaran Bohnacker said: 'This busy period of issuance activity
reflects the strength and resilience of the GCC's capital
markets, as well as the growing demand for innovative and
sustainable financing solutions.'
'These transactions highlight the diversity of issuers - from
sovereigns and financial institutions to real estate developers and
corporates - and the increasing sophistication of Sukuk structures,
including green and sustainability-linked instruments. The
region's capital markets continue to evolve, with issuers
leveraging offshore platforms to access global investors and align
with international best practices.'
Welcoming the momentum of activity, Ciaran continued: 'It is a
pleasure to have supported such a diverse group of issuers and to
play a role in the continued development of Islamic finance across
the region.'
We continue to support this evolution, offering deep expertise in
legal and administrative support in the capital markets space
across the GCC. The firm's involvement across these deals
underscores our position as a leading service provider in the
Islamic finance sector.
To find out how we can help you with Islamic finance solutions, get
in touch with the team.