Charting the Gulf’s course: 2025 in numbers

From multi-billion sovereign wealth fund investments and record-breaking gold and silver prices, to volatile oil markets and subdued IPOs, these charts capture some of the key events and shifting global conditions that shaped the region in 2025.

Macroeconomics

Although non-oil activity has expanded across the region in recent years, a World Bank report showed that progress remains uneven. Leading the way are Bahrain and the UAE, where non-oil generated more than 80 and 70 percent respectively of GDP in the past decade.

Oman and Qatar are experiencing “moderate” if “volatile” diversification, while Saudi Arabia and Kuwait lag, with non-oil sectors comprising around half of GDP.

Middle East and North African sovereign bond prices rallied over the year, part of a wider relief resurgence in so-called risk assets as US President Donald Trump’s tariff policy, which was widely anticipated to hurt global economic growth, proved less onerous than feared.

Markets

The 44 initial public offerings on Gulf markets in 2025 raised $6 billion – the lowest annual total since 2020 – according to Kamco Invest.

Analysts expect fewer companies to list on Gulf exchanges in 2026, but those that do are tipped to perform better than the 2025 crop, some of which are trading below their flotation price. 

Metals

Commodities broke many price records in 2025. It was gold’s best annual performance since 1979, starting the year at around $2,624 an ounce and ending at $4,466. 

Silver started 2025 at around $30 a troy ounce and reached an all-time high of $78.97 on December 26. Copper prices jumped 30 percent, due in part to mining disputes and more demand for wiring in grid upgrades. 

Oil & Gas

Brent and WTI prices tumbled when Trump set out his tariff strategy in April. The Iran-Israel conflict that broke out in June also caused volatility.

In an autumn update, the International Energy Agency said global oil demand is likely to peak later than previously projected, causing oil prices to firm.

Then in December the US boarding of a Venezuelan vessel and confiscation of its oil sent a shock through crude markets, with prices reacting immediately.

Real estate

The cost of buying an apartment in central Istanbul has risen 103 percent over the past five years, from $1,492 per square metre in 2020 to $3,036 in 2025, Deutsche Bank’s Mapping the World’s Prices report said.

Dubai and Riyadh were two of the only cities to post faster rates of increase, at 122 percent ($7,602 per sq m) and 132 percent ($2,664 per sq m) respectively.

Saudi Arabia

Saudi Arabia’s Public Investment Fund slashed its investments in listed US companies during the third quarter of 2025. It divested stocks and call options in 51 companies including Google parent Alphabet, Meta, Amazon and Citigroup.

PIF’s assets under management rose by nearly a fifth in 2024, the sovereign wealth fund said in its annual report released in August, and total revenue jumped 25 percent. But cutbacks to its high-profile giga-projects, which form the backbone of the country’s economic transformation, signalled a marked shift in strategy.

Sovereign wealth funds

Gulf sovereign wealth funds invested a record $119 billion in 2025, buying into tech, infrastructure and businesses that may develop local economies. But further oil price declines could mean some funds will need to exit earlier investments to make new purchases in 2026.

Trade

Ships are gradually venturing back through the Red Sea and the Suez Canal after Yemen’s Houthi rebels intensified attacks on shipping in January 2025.

However, the vital trade conduit is unlikely to return to full operations in 2026 because its reopening remains fragile, according to experts.

Transport

The average price of an Emirates ticket to London’s Heathrow Airport jumped 17 percent year on year to $515, its highest level in seven years and the largest increase across all airlines, according to an analysis of fares from 2019 to 2025 by aviation consultants Cirium.

With an expected contribution of over AED180 billion ($50 billion) to GDP and double-digit growth in land values around station hubs, the UAE’s 1,200km national network Etihad Rail is forecast to be a major economic catalyst.

It could drive up property prices as much as 25 percent near the planned stations, as investors capitalise on improved connectivity and new development opportunities.

Venture capital

More than $7.5 billion was raised in Mena venture capital funding, with fintechs accounting for about $4.2 billion. Investors say AI and education, health and “clean” tech will be sectors to watch in 2026.