GSSSB issuance in the Middle East should continue to increase in the coming years, supported by government initiatives and the relative nascency of certain markets. The UAE and Saudi Arabia will likely remain the leaders of the region's GSSSB market, particularly through green bonds, which we expect will continue driving regional issuance over the next three to five years. Gulf Cooperation Council (GCC) government-related entities (GREs) in fossil fuel dependent sectors are aligning strategies with national sustainability targets, but implementation may be delayed. The demand for GSSSB issuance in the region is sensitive to oil prices, inflation, and interest rates; these factors could impact funding and regulations.