A trip to the Middle East: reflections on private credit

Dec 15, 2025

Following a recent trip to Dubai and Riyadh, Illya Zyskind, Senior PM for EM Debt, discusses how credit markets across both jurisdictions are developing rapidly, presenting interesting new opportunities in private credit across both secondary and primary markets.

Key takeaways

  • The Gulf region’s policy clarity and optimism make it increasingly attractive for investors seeking both yield and more predictable investment environments.
  • 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.

Read the full article here