Dubai continues to shine in a year where GCC markets struggle to keep pace with a broader global rally. Abu Dhabi posted a steadier, more subdued recovery, according to Kamco Invest research.
GCC equity markets ended 2025 with mixed performances. Dubai’s benchmark index finished 2025 as the third-best performing market in the GCC, rising 17.2 per cent to close at 6,047.1 points.
Abu Dhabi delivered a more modest equity market recovery. The ADX General Index rose 6.1 per cent in 2025 to close at 9,992.72 points, rebounding after two consecutive years of decline.
Market capitalisation increased 3.7 per cent to Dh3.03 trillion. It was supported by gradual gains across select sectors. Real estate witnessed a 15.4 per cent rise, followed by telecommunications and financials.
Trading activity on the ADX was robust. Volumes surged 35.3 per cent to 85.8 billion shares, while value traded rose 31.0 per cent to Dh316.0 billion.
Abu Dhabi’s real estate market witnessed a rise in transaction values, jumping 36 per cent to Dh165.5 billion.
The MSCI GCC Index gained 1.6 per cent in 2025, driven by geopolitical tensions, crude oil weakness, and declines in Saudi stocks.
Oman and Kuwait outperformed with gains of 28.2 per cent and 21.0 per cent, respectively.
Dubai Financial Market’s total market capitalisation rose 14.7 per cent year on year to Dh1.029 trillion. It is driven by a strong pipeline of new listings.
While the gain marked the index’s fifth consecutive annual advance, it was also the third-largest yearly increase over the past four years, pointing to a maturing but still resilient uptrend.
Trading activity also accelerated sharply. Volumes climbed 19.8 per cent to 60.4 billion shares, while the value of shares traded jumped 55.3 per cent to Dh161.8 billion.
Emaar Properties dominated turnover with Dh46.4 billion worth of shares traded, followed by Emaar Development and Emirates NBD.
The emirate’s real estate sector recorded its strongest year on record, with transaction volumes rising 17.1 per cent to 212.8 thousand deals and total sales values surging 27.3 per cent to Dh667.6 billion.
Globally, equity markets enjoyed a third consecutive year of double-digit gains, driven by a powerful rally in artificial intelligence-related stocks and easing monetary policy.
Major benchmarks in the US, Europe, and Asia rose around 17 per cent, while emerging markets surged more than 30 per cent, outperforming the GCC.
The contrast highlighted how sector composition, liquidity, and global trends shaped market outcomes. The last year witnessed a massive geopolitical strain and falling oil prices. It also underlines a rising gap between regional exchanges and global peers, and a sharp divergence within the Gulf.