The stock of outstanding GCC fixed income instruments rose to $239.8 billion in the first six months of this year. The largest debtors are the Qatari public sector (23 per cent), the UAE financial sector (16 per cent) and the UAE public sector (15 per cent). Among non-financial private issuers, the Saudi sector is the most active with 10 per cent of all outstanding GCC debt followed closely by the UAE. Issuance was up 13.2 per cent compared to a year ago, with $30.1 billion worth of debt securities issued over the last six months. The UAE, Saudi Arabia, and Qatar accounted for 82 per cent of the issuance in 2013. The private sector has been increasingly outperforming the public sector over the last twelve months. The average maturity of outstanding GCC debt securities remained steady at 5.8 years at the end of the first half of 2013.