The development of direct financing market is an important manifestation of the level of development of financial markets. Stock and bond markets have become two of the most kernel carriers of direct financing market. The Arab countries have formed the structure of a stock market supplemented by a bond market. However，the bond market，if compared with the stock market or the bond market in other countries，is not fully developed yet. This paper starts from the stock and bond markets to analyze the direct financing market situation in the Arab countries.