Gulf capital markets are maturing quickly, with listed equities valued at around $4 trillion and debt markets reaching $1.2 trillion by the end of the first half of 2026, according to Fitch Ratings.
Bashar Al Natoor, Managing Director and Global Head of Islamic Finance at Fitch, shared the figures with the Emirates News Agency (WAM) on the sidelines of the Arab Federation of Capital Markets Annual Conference in Abu Dhabi. Sukuk accounts for about 42 percent of the region's debt market, he said, pointing to their growing role as a funding channel alongside bank financing.
Al Natoor said capital markets now serve governments, banks and companies alike by connecting issuers with investors and widening funding options in economies where firms still lean heavily on bank lending. Development has moved at different speeds across the GCC, shaped by the size of each economy and its strategic priorities, and it now reaches well beyond equities into sukuk and bonds.
He sees room for further growth, particularly in domestic debt markets. More sukuk and bond issuances and listings would add depth and give investors a wider range of instruments, he said.
Nasdaq Dubai featured prominently in his remarks. Fitch data show the exchange listed more than 28 percent of global hard-currency sukuk outstanding at the end of the first half of 2026. Total debt securities listed there passed $140 billion, with sukuk making up roughly 70 percent.
Looking ahead, Al Natoor said the next phase could bring derivatives, exchange-traded funds and eventually asset tokenisation, which he described as still at an early stage with considerable scope to develop. He added that stronger regulatory frameworks, greater transparency, higher investor confidence and a broader product base will be essential to deepening the region's markets.
News Source: Emirates News Agency
