Lower oil prices has altered the fiscal landscape of GCC countries as the prized fiscal surplus registered in erstwhile years has flipped into deficits. Between 2016 and 2017, GCC countries are expected to post a fiscal deficit of USD 302 billion. This deficit will be met partly with reserves and partly through borrowings (both domestic and international). We estimate GCC governments to raise between USD 260bn -USD 400bn in debt cumulatively through 2020 by issuance of local and international debt/bonds. This is a significant jump relative to USD 72.1bn raised cumulatively during the period 2008-2014.