today plate 313 · power shift · end-2025 data

Gulf governments now owe 13% of international government bonds

  • 12.6% of all governments' international bonds outstanding at end-2025 were owed by six Gulf governments, up from 1.9% at end-2014.
  • US$395 bn owed on international bonds by Saudi Arabia, the UAE, Qatar, Bahrain, Oman and Kuwait at end-2025, up from US$31 bn; Saudi Arabia went from US$18 million to US$123 bn.
  • 13.3% by mid-2026, and still rising: together, Gulf governments now owe more on international bonds than Canada, Austria or Mexico, the biggest single borrowers.
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