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1 minutes to read by  BlueBay Fixed Income team, I.Zyskind Dec 15, 2025

BlueBay Portfolio Manager Illya Zyskind recently traveled to the Middle East and he reflects here on the rapid growth of the credit markets across the region, presenting interesting new opportunities in private credit across both secondary and primary markets.

Key points:

  • Credit markets across Dubai and Saudi Arabia are developing rapidly and presenting new opportunities in private credit.

  • Dubai’s credit markets have abundant liquidity, although this prosperity masks rising leverage levels and emerging idiosyncratic stress points.

  • In Saudi Arabia, there is significant progress under Vision 2030 with a focus on technology, tourism, and mining, and the Kingdom has introduced modern legal frameworks.

  • There are significant opportunities in both primary origination and secondary loan deployment, however success requires understanding local nuances and careful due diligence.

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