United Arab Emirates
Middle East · Abu Dhabi · AED (UAE Dirham)
Economy & industry overview
The United Arab Emirates is a high-income federation of seven emirates whose economy combines substantial hydrocarbon revenues with one of the most diversified service sectors in the Gulf region. Oil and gas underpin government finances and export earnings, while Dubai has established itself as a global hub for trade, logistics, tourism, and financial services. The non-oil economy has expanded rapidly, supported by strong inflows of foreign direct investment and a surge in IPO activity on the Abu Dhabi Securities Exchange and the Dubai Financial Market. Nominal GDP reached approximately $552 billion in 2024 according to World Bank data, with real growth of around 4 percent for the year. The UAE dirham is pegged to the US dollar at a fixed rate of 3.6725 AED per USD, providing monetary stability.
Key sectors
Learn everything about United Arab Emirates →Macro
| GDP nominal, USD | $552.32B |
| GDP growth real, annual | 4.0% |
| Inflation annual | 2.3% |
| Population people | 10.0M |
| GDP per capita USD | $42,512 |
| Market cap total listed, USD | $1.06T |
| Market cap / GDP | 192.5% |
| Unemployment | 3.4% |
| Listed companies | 308 |
| Exchange | Abu Dhabi Securities Exchange (ADX) is the larger of the two main UAE exchanges by market capitalisation, located in Abu Dhabi and listing domestic equities, ETFs, and derivatives. The Dubai Financial Market (DFM) is the second main exchange, located in Dubai and listing equities across banking, real estate, utilities, and other sectors. Nasdaq Dubai, a separate international exchange in the Dubai International Financial Centre, lists international issuers and sukuk. (ADX) |
Primary data year: 2024. Sources: World Bank World Development Indicators 2024, IMF World Economic Outlook 2024, Abu Dhabi Securities Exchange (ADX) official data, Dubai Financial Market (DFM) official data, MSCI Market Classification 2025, Forbes Middle East Top Listed Companies 2025, Arabian Business / AGBI market cap reports 2024-2025, Trading Economics, Worldometer GDP data. Individual figures may cover different reference periods — for example a fiscal year, or an estimate for the current year — and the overview above states these where known.
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Other Middle East markets
Saudi Arabia
Qatar
Kuwait
Oman
Jordan
BahrainLargest listed companies
The biggest companies on the main local exchange, by market capitalisation. Where a foreign company holds a secondary listing here, it is shown after the domestic companies.
| # | Company | Sector | Market capUSD | US listing |
|---|---|---|---|---|
| 1 | International Holding CompanyIHC · ADX | Diversified · Conglomerate | $233.40B | — |
| 2 | Abu Dhabi National Energy Company (TAQA)TAQA · ADX | Utilities · Energy | $100.00B | — |
| 3 | ADNOC GasADNOCGAS · ADX | Energy · Gas Processing and Distribution | $66.90B | — |
| 4 | First Abu Dhabi BankFAB · ADX | Financials · Banking | $55.50B | — |
| 5 | Emirates NBD BankENBD · DFM | Financials · Banking | $51.90B | — |
| 6 | Emirates Telecommunications Group (e&)ETISALAT · ADX | Communication Services · Telecommunications | $45.30B | — |
| 7 | Dubai Electricity and Water Authority (DEWA)DEWA · DFM | Utilities · Water and Electricity | $37.00B | — |
| 8 | Alpha Dhabi HoldingALPHADHABI · ADX | Diversified · Conglomerate | $33.00B | — |
| 9 | Emaar PropertiesEMAAR · DFM | Real Estate · Development | $30.50B | — |
| 10 | Abu Dhabi Commercial Bank (ADCB)ADCB · ADX | Financials · Banking | $28.40B | — |
| 11 | Abu Dhabi Islamic Bank (ADIB)ADIB · ADX | Financials · Islamic Banking | $22.80B | — |
| 12 | BorougeBOROUGE · ADX | Materials · Petrochemicals | $20.00B | — |
| 13 | Aldar PropertiesALDAR · ADX | Real Estate · Development | $19.00B | — |
| 14 | Mashreqbank PSCMASQ · DFM | Financials · Banking | $16.40B | — |
| 15 | PureHealth HoldingPUREHEALTH · ADX | Healthcare · Integrated Healthcare | $16.00B | — |
| 16 | Emirates Integrated Telecommunications Company PJSC (du)DU · DFM | Telecoms · Integrated | $15.20B | — |
| 17 | Dubai Islamic BankDIB · DFM | Financials · Islamic Banking | $15.00B | — |
| 18 | ADNOC DrillingADNOCDRILL · ADX | Energy · Oilfield Services | $14.00B | — |
| 19 | ADNOC DistributionADNOCDIST · ADX | Energy · Fuel Retail | $12.00B | — |
| 20 | Emaar DevelopmentEMAARDEV · DFM | Real Estate · Residential Development | $11.00B | — |
| 21 | Abu Dhabi Ports Group PJSCADPORTS · ADX | Industrials · Ports and Logistics | $9.90B | — |
| 22 | SalikSALIK · DFM | Industrials · Road Toll Infrastructure | $8.50B | — |
| 23 | Multiply GroupMULTIPLY · ADX | Diversified · Digital and Media Investments | $5.50B | — |
| 24 | Space42 PJSCSPACE42 · ADX | Technology · AI-Powered SpaceTech | $3.60B | — |
| 25 | Abu Dhabi National Hotels PJSC (ADNH)ADNH · ADX | Consumer Discretionary · Hotels and Hospitality | $3.10B | — |
| 26 | Dubai Financial Market PJSCDFM · DFM | Financials · Exchange and Capital Markets | $3.05B | — |
| 27 | National Bank of Fujairah PJSC (NBF)NBF · ADX | Financials · Banking | $2.80B | — |
US-traded ETFs
Funds listed in the US that give exposure to this market, the simplest route for many US investors.
| ETF | Scope | Expense ratioannual % | Exposure% of fund |
|---|---|---|---|
| UAEiShares MSCI UAE ETF · BlackRock / iShares | Single-country | 0.60% | 100% |
| VWOVanguard FTSE Emerging Markets ETF · Vanguard | Broad EM | 0.08% | 1% |
| EMXCiShares MSCI Emerging Markets ex China ETF · BlackRock / iShares | Broad EM | 0.25% | 2% |
| EEMiShares MSCI Emerging Markets ETF · BlackRock / iShares | Broad EM | 0.70% | 1% |
| GULFWisdomTree Middle East Dividend Fund · WisdomTree | Regional | 0.88% | 15% |
Local exchange & access
| Exchange | Abu Dhabi Securities Exchange (ADX) is the larger of the two main UAE exchanges by market capitalisation, located in Abu Dhabi and listing domestic equities, ETFs, and derivatives. The Dubai Financial Market (DFM) is the second main exchange, located in Dubai and listing equities across banking, real estate, utilities, and other sectors. Nasdaq Dubai, a separate international exchange in the Dubai International Financial Centre, lists international issuers and sukuk. |
| Code | ADX |
| Website | www.adx.ae |
| Currency | AED |
Local broker access
Foreign investors can access UAE-listed equities through international online brokers that provide access to the ADX and DFM, including interactive brokers and several regional platforms. Foreign ownership limits generally apply at 49 percent of a listed company's shares, though some companies have set lower limits and certain strategic sectors may have additional restrictions. Omnibus account structures were introduced on the DFM in 2023, improving settlement efficiency. ADX and DFM are both regulated by the Securities and Commodities Authority (SCA). Accounts for direct trading on the local exchanges require registration with the exchange and obtaining an investor number (NIN).
Global brokers with foreign-market access
- Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
- Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
- Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
- Fidelity International Trading — International stock trading on a number of developed and emerging markets.
Listed for convenience only. Not a recommendation. Available markets, fees and onboarding rules differ by broker and by your country of residence.
Relocation & residency
Investment visa / residency programme
Grants Long-term residency, 10-year renewable (not citizenship)
The UAE Golden Visa is a long-term residency programme that allows foreign nationals to live, work, and study in the UAE without a national sponsor. Investment routes include a minimum real estate purchase of AED 2 million (approximately USD 545,000), a public investment of at least AED 2 million in an approved fund, or establishment of a commercial company with a minimum capital of AED 2 million. Qualifying professionals, outstanding students, scientists, and entrepreneurs may also be eligible. The visa is valid for 10 years and is renewable, and it extends to the holder's family members.
Minimum investment: $545.00K
Need help applying? Specialist investment-migration advisers such as Henley & Partners.
Foreign-investor access
The UAE has no personal income tax for individuals, making it a popular destination for high-net-worth individuals and skilled professionals. Expatriates make up approximately 85 percent of the workforce. Free zones such as the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) offer their own legal and regulatory frameworks under common law. Cost of living in Dubai and Abu Dhabi is relatively high by regional standards. New company formation and registration processes have been streamlined significantly in recent years for both mainland and free-zone entities.
US-listed ADRs & cross-listings
Companies from this country whose shares also trade in the US, investable in a normal US brokerage account.
| Company | US ticker | Local ticker | Note |
|---|---|---|---|
| Emaar Properties | EMAAR | Emaar Properties is listed exclusively on the Dubai Financial Market and does not maintain a US ADR or NYSE/NASDAQ cross-listing. International investors access Emaar shares through DFM-connected brokers. | |
| Emirates Telecommunications Group (e&) | ETISALAT | e& (formerly Etisalat) trades on the ADX and does not have a US ADR program. The company is accessible to foreign investors subject to UAE foreign ownership limits on the ADX. | |
| First Abu Dhabi Bank | FAB | First Abu Dhabi Bank does not have a formal US-listed ADR program. Its shares trade on the ADX under the ticker FAB and are accessible to international investors through brokers with ADX market access. FAB issues ordinary shares only on the Abu Dhabi Securities Exchange. |