The UAE contributed the most to 3Q earnings growth across the Gulf region, with Dubai seeing a 29.7% y-o-y jump in net income during the quarter and Abu Dhabi firms seeing a 17% y-o-y increase, according to Kamco Invest’s latest GCC Corporate Earnings report (pdf). This was followed by Kuwait, which posted the strongest quarterly increase among the smaller markets.

Dubai-listed firms’ net income hit a record USD 8.1 bn in 3Q 2025, outpacing Abu Dhabi in growth terms but still trailing ADX in absolute earnings, with Abu Dhabi-listed firms netting USD 11.1 bn in earnings.

Dubai’s earnings expansion was led by the banking sector, which saw net income rise 28.7% y-o-y to USD 3.7 bn, while real estate earnings also rose 43.7% y-o-y to USD 2.3 bn, powered by a 37.4% bottom line increase at Emaar Properties to USD 1.2 bn and a 57.1% rise at Emaar Development to USD 885 mn. Meanwhile, Dubai’s utilities sector posted a 23.3% y-o-y jump in net income to USD 1.1 bn.

Abu Dhabi earnings driven by banks + energy firms: Abu Dhabi-listed companies' 3Q net income was supported by a 21.2% rise in banking sector earnings to USD 3.3 bn. First Abu Dhabi Bank led the pack, posting USD 1.5 bn, up 20.8%, followed by Abu Dhabi Commercial Bank at USD 841 mn, up 29.2%. Energy earnings in Abu Dhabi climbed 10.9% y-o-y to USD 2.5 bn. Adnoc Gas (+7.6%), Adnoc Drilling (+9.9%) and Taqa (+26.6%) all reported stronger earnings, offsetting weakness elsewhere in the index. The F&B/tobacco and capital goods segments also saw gains.

9M snapshot: Dubai-listed companies posted an 11.1% y-o-y rise in net income to USD 20.6 bn, while Abu Dhabi firms recorded 14.9% growth to USD 30.5 bn during the nine-month period. Banking and energy remained the biggest contributors in both markets.

THE REGIONAL PICTURE-

Both Dubai and Abu Dhabi saw growth average higher than the wider GCC trend, as the GCC collectively netted USD 65.6 bn in aggregate 3Q net income, up 7.9% y-o-y, and marking the strongest reading in 12 quarters. Banking remained the main driver of growth, with sector earnings rising 15.2% y-o-y to a record USD 17.4 bn on higher net interest income (+7.8%) and a 20.4% jump in non-interest income, offsetting an uptick in impairments. Real estate also delivered broad-based gains, up by nearly two-thirds, while telecoms and utilities saw sector-wide contractions.

Saudi-listed companies recorded a 1.3% y-o-y rise to USD 38.2 bn, as gains in banking (+15.2%), real estate, and capital goods offset declines in telecoms and utilities. Kuwait’s earnings jumped 23.1% y-o-y, while Qatar (+2.7%), Oman (+11.2%), and Bahrain (+31.3%) also reported y-o-y growth.

For 9M 2025, GCC-listed companies posted mixed results for net income, with Dubai (up 2.7%) and Abu Dhabi (up 5.6%) remaining the largest positive contributor. More modest growth was recorded in Qatar, Oman, and Bahrain, partially offsetting declines in Saudi Arabia (-5.3%) and Kuwait (-1.6%). Saudi’s contraction was driven by weaker energy and materials earnings.

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