Saudi Arabia has sold a record $20 billion worth of bonds since the start of this year, marking the highest in the kingdom’s history and surpassing China in global debt issuance. According to Bloomberg data, the Saudi government directly raised $11.5 billion, while state-controlled firms such as Saudi Electricity, Saudi Telecom, Saudi National Bank, and Riyad Bank borrowed an additional $8.8 billion. These companies, though government-owned, are listed on the Tadawul stock exchange.

Analysts view the surge in borrowing as a reflection of the country’s Vision 2030 plan, which aims to diversify the oil-dependent economy. The trend indicates that debt pressure is now extending beyond the government to state-owned enterprises. Saudi Arabia became the largest international debt issuer among emerging markets in 2024, a pattern expected to continue through 2026.

Financial Times reported that Saudi banks are increasingly turning to foreign loans. Despite lower oil prices, the kingdom remains relatively stable due to low production costs and substantial foreign currency reserves.