The Gulf Cooperation Council (GCC) corporates sector reflects steady earnings due to ongoing government-led capex in infrastructure and energy. "We project GCC non-oil GDP growth at 3.7% in 2026 (from 4.2% previously), with non-energy sectors benefitting from state-led programs in infrastructure and tourism, stated Fitch Ratings in its 'neutral' 2026 sector outlook. The initial public offering and debt capital market (DCM) pipelines remain robust into 2026, and refinancing risk remains moderate. We expect order backlogs for corporates to remain resilient in 2026 despite potential delays in mega projects, it added. Refinancing risk is modest, with maturity walls pushed to 2028 and no material maturities for the next 24 months among investment-grade credits, said the report.