A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets recorded handful gains in 2025 despite a challenging backdrop marked by heightened geopolitical tensions in the region and sustained pressure on global oil prices, according to Kamco Invest’s annual report on GCC equity markets. While global equities posted strong advances during the year, performance across local exchanges remained measured, shaped by regional uncertainties and sector-specific pressures.
The Abu Dhabi Securities Exchange (ADX) closed 2025 with its General Index rising 6.1% to 9,992.7 points, recovering from declines recorded in the previous two years. Kamco Invest described ADX as the fifth-best performing market in the GCC for the year.
Market capitalisation of ADX-listed companies rose moderately by 3.7% year-on-year to Dh3.03 trillion, reflecting broader market expansion. Sectoral performance was evenly split, with five of the ten sector indices ending the year in positive territory, while the remaining five recorded declines.
The real estate sector emerged as the strongest performer on ADX, gaining 15.4% in 2025, followed by telecommunications, which rose 12.7%, and financials, up 9.2%. These gains helped offset sharp declines in consumer-facing segments, with the consumer staples index plunging 43%, marking the steepest fall among ADX sectors. The healthcare and consumer discretionary indices also posted double-digit declines of 22.9% and 18.4%, respectively, during the year.
In terms of individual stock performance, Fujairah Cement Industries topped the ADX gainers’ list with a 122.2% surge in its share price. It was followed by GFH Financial Group and Union Insurance, which posted gains of 93.2% and 84.6%, respectively. On the downside, Mair Group recorded the steepest annual fall, declining 46.2%, while Agthia Group and Insurance House saw their shares drop 41.8% and 40.5%.
Trading activity on ADX strengthened over the year. Volumes traded increased by 35.3% to 85.8 billion shares, compared with 63.4 billion shares in 2024. The total value of shares traded rose 31% year-on-year to Dh316 billion, signalling improved liquidity and sustained investor participation. International Holding Company emerged as the most actively traded stock by value, with trades worth Dh42.7 billion, followed by ADNOC Gas at Dh39.2 billion and Aldar Properties at Dh24.8 billion. ADNOC Gas also led the market in terms of volumes traded, with 11.7 billion shares changing hands during the year.
Kamco Invest noted that Abu Dhabi’s broader economic backdrop remained supportive of market performance. The report highlighted strong momentum in the emirate’s real estate market, where transaction values jumped 36% year-on-year to Dh165.5 billion, while transaction volumes surged 50%. The firm also cited IMF projections pointing to 6% real GDP growth for Abu Dhabi in 2025, underlining the emirate’s resilience and diversification-driven growth.
DFM
The Dubai Financial Market (DFM) finished 2025 with a 17.2% gain, closing the year at 6,047.1 points. Kamco Invest ranked Dubai as the third-best performing market in the GCC, marking its fifth consecutive year of gains.
DFM’s performance was broad-based, with five of its eight sector indices posting gains during the year. The materials sector led the rally, climbing 29.9%, followed closely by communication services and industrials, which rose 29.5% and 28.1%, respectively. In contrast, the consumer discretionary sector was the worst performer, declining 24% over the year.
Market capitalisation on DFM increased 14.7% year-on-year to Dh1.029 trillion, supported by robust primary market activity. Kamco Invest highlighted the IPO of Alec Holding as a key driver, noting that the offering attracted $8.1 billion in orders, representing a 21-times oversubscription, and raised $381 million.
Among individual stocks, Ekttitab Holding Company topped the DFM gainers’ chart with a 167.2% increase in share price, followed by Union Properties and Amlak Finance, which gained 104.1% and 93.8%, respectively. On the decliners’ side, National International Holding recorded the steepest fall at 62.4%, while Gulf Navigation Holding and Agility declined 52.1% and 46.7%.
Trading activity on DFM strengthened significantly in 2025. Volumes traded rose 19.8% year-on-year to 60.4 billion shares, while the value of shares traded surged 55.3% to Dh161.8 billion, reflecting higher activity in large-cap stocks and the contribution of newly listed companies. Emaar Properties was the most actively traded stock by value, with Dh46.4 billion worth of shares traded during the year, followed by Emaar Development and Emirates NBD, each accounting for more than Dh13 billion in trades.
Kamco Invest also pointed to Dubai’s record-breaking real estate performance as a key factor underpinning market sentiment. Total real estate transactions rose 17.1% to 212,800 deals, while aggregate sales values jumped 27.3% to Dh667.6 billion, reinforcing investor confidence in the emirate’s economic outlook.
Beyond the UAE, Kamco Invest reported a mixed performance across GCC equity markets in 2025. Oman emerged as the best-performing market in the GCC, posting a 28.2% gain, followed by Boursa Kuwait, which rose 21%, and Dubai. Abu Dhabi, Qatar and Bahrain recorded low to mid-single-digit gains, while Saudi Arabia stood out as the only GCC market to end the year in negative territory, with its benchmark index declining 12.8%, largely reflecting concerns over oil prices and regional geopolitical developments.