Companies across the Gulf Cooperation Council are expected to maintain stable credit profiles in 2026 despite ongoing uncertainties, according to S&P Global Ratings.
The agency said GCC corporates remain well-positioned to manage risks, even as they contend with softer prices and heightened geopolitical tensions. This resilience is supported by strong balance sheets among rated firms, adequate liquidity and funding access, and close links to highly rated sovereigns such as Abu Dhabi, Saudi Arabia, and Qatar.
S&P added that sustained government spending on diversification initiatives, along with the strength of non-oil sectors, should support regional economic growth even if oil prices fall to around $60 per barrel in 2026.
Whilst geopolitical tensions remain a significant risk factor, the agency expects any credit impact to be contained. However, financing conditions could worsen if tensions between the United States and Iran continue.
Despite expectations of slightly lower oil prices, S&P projects that the operating performance of rated GCC companies will stay stable in 2026, supported by ongoing government expenditure, steady consumer demand, and population growth.
The agency also anticipates continued strong financing demand from the private sector. It noted that several companies have already tapped capital markets this year, raising $9.7b in January 2026.
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