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Foreign investors extended their buying streak for GCC equities for the seventh quarter in row, buying up some USD 4.8 bn in stocks during 3Q 2025, up from USD 4.2 bn the previous quarter, according to Kamco Invest’s GCC Trading Activity Quarterly Report (pdf). Cumulative inflows for 9M rose 35.4% y-o-y to USD 11.7 bn, versus USD 8.6 bn a year earlier.
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KSA led inflows in 3Q: Saudi Arabia drew the largest share at USD 2.8 bn last quarter, supported by reports of the expected easing of foreign ownership caps in Tadawul-listed companies before year-end, followed by Abu Dhabi (USD 799.7 mn) and Dubai (USD 614.9 mn). Foreign investors recorded consistent net buying in the two regional heavyweights throughout all three months of the quarter.
Foreigners bought SAR 10.1 bn worth of Saudi shares in Q3, offsetting local selling of SAR 10.5 bn as both retail and institutions booked yields. YTD inflows hit SAR 17.3 bn, up 5.6% y-o-y. Buying peaked in September, when inflows topped SAR 7.9 bn, pushing the TASI up 5% in a single session, its strongest gain since 2020.
ELSEWHERE IN THE REGION- Kuwait followed with USD 283.3 mn in equities bought by foreign investors, while Qatar logged USD 267.2 mn. Bahrain saw a modest USD 22.9 mn in 3Q, and Oman remained the only market with net outflows at USD 38.7 mn, extending its selling streak from 2Q.
On a YTD basis, the UAE leads the way in terms of foreign inflows at USD 5.9 bn, followed by Saudi Arabia (USD 4.5 bn) and Kuwait (USD 1.7 bn). Qatar and Bahrain saw smaller net buys of USD 179.9 mn and USD 18.3 mn, while Oman recorded outflows of USD 527.5 mn.
Smaller exchanges drove index growth: The MSCI GCC Index climbed 4.6% q-o-q last quarter to 767.9, its highest reading in three quarters. Oman (+15.1%) led, followed by Kuwait (+4.0%), Saudi (+3.0%), Qatar (+2.8%), Dubai (+2.3%), Abu Dhabi (+0.6%), and Bahrain (+0.2%).
Regional investors are selling: GCC investors (excluding Bahrain) were net sellers of USD 51.2 mn in 3Q, nearly flat from USD 50.5 mn in 2Q. The Kingdom saw net buying of USD 121.8 mn, followed by Qatar (62.6 mn), offset by net selling in UAE, Kuwait, and Oman. Total GCC trading volume rose 15% q-o-q to 108.9 bn shares, led by Kuwait (+38.2%) and Oman (+158.8%).
Banks, banks, banks: Aggregate trading value was steady at USD 151.3 bn. Kuwait led the charge at USD 21.9 bn (+13.5% q-o-q), while Saudi fell slightly to USD 86.3 bn. Saudi banks accounted for the largest turnover at USD 35.9 bn, up 22.9% y-o-y, led by Al Rajhi (USD 5.7 bn), SNB (USD 2.8 bn), and Alinma (USD 2.7 bn).
