Ciaran Bohnacker
Partner
Dubai
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 partner Ciaran Bohnacker and senior associate Szymon 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.
