Corporate earnings across the Gulf reached their strongest level in three years during the third quarter of 2025, with UAE-listed companies emerging as the region’s top performers. New data from Kamco Invest shows that aggregate net profits of listed firms in the GCC climbed 7.9 per cent year-on-year to $65.6 billion, up from $60.7 billion a year earlier. Earnings also posted a sharp 15.7 per cent jump from the previous quarter, supported mainly by banks and real estate companies, alongside a modest rebound in the energy and materials sectors.
The UAE recorded the largest rise in absolute profit growth among GCC markets, reflecting continued strength in its banking, real estate and utilities sectors. Strong domestic demand, rising investment and sustained population growth contributed to the momentum. Both Dubai and Abu Dhabi posted some of their highest quarterly profit figures to date, underscoring the country’s position as the region’s most reliable earnings engine.
Dubai-listed companies reported a striking 29.7 per cent increase in Q3 profits to $8.1 billion. Banks, utilities and real estate firms accounted for more than 87 per cent of total earnings, with 12 of the exchange’s 13 sectors recording year-on-year growth. Banks were the standout contributors, posting a 28.7 per cent rise in sector profits to $3.7 billion. Emirates NBD led the gains with net profit rising to $1.7 billion, an increase of 23.3 per cent driven by improved loan growth and higher fee income. Dubai Islamic Bank posted an 18 per cent increase, while Mashreq Bank saw profits fall 21.3 per cent due to higher impairments and lower non-interest income.
The real estate sector continued to benefit from robust buyer demand. Aggregate profits rose 43.7 per cent to $2.3 billion. Emaar Properties reported $1.2 billion in quarterly profit, up 37.4 per cent, after achieving Dh52.9 billion ($14.4 billion) in sales in the first nine months of the year. Emaar Development recorded an even stronger surge, with profits up 57.1 per cent to $884.8 million. The utilities sector also supported Dubai’s earnings expansion, with Dewa posting a 26.3 per cent rise in quarterly profit to $983.1 million.
Abu Dhabi-listed companies recorded a 17 per cent year-on-year increase in Q3 profits to $11.1 billion. Banks in the capital posted sector-wide earnings of $3.3 billion, up 21.2 per cent. First Abu Dhabi Bank reported $1.5 billion in profit, a 20.8 per cent rise, while Abu Dhabi Commercial Bank reached $841.4 million, up from $651 million a year earlier. The energy sector delivered strong contributions, with Adnoc Gas posting $1.34 billion in profit amid rising domestic demand. Taqa’s quarterly income rose 26.6 per cent, while Adnoc Drilling also reported gains.
The consumer sector in Abu Dhabi saw a boost as well. International Holding Company posted a 27.7 per cent increase in net profit to $1.3 billion, making it one of the key contributors to overall earnings.
Across the Gulf, all GCC markets reported higher profits in the third quarter. Banking sector earnings rose to a record $17.4 billion, led by UAE banks with 25.1 per cent growth, followed by Saudi banks at 15.2 per cent. Saudi-listed companies posted their highest quarterly earnings in five quarters at $38.2 billion, although profits for the first nine months dipped 5.3 per cent due to weaker results in the energy, materials and insurance sectors. The GCC materials sector returned to growth with profits rising 9.3 per cent to $1.8 billion after a sharp decline in the previous quarter.
Analysts say the UAE’s broad-based performance in banking, real estate and energy positions the country for one of its strongest corporate earnings years on record, with companies in both Dubai and Abu Dhabi maintaining steady growth through the first nine months of 2025.
