The credit rating agency Fitch has maintained a neutral outlook for Gulf companies in 2026, highlighting positive expectations specifically for Emirati firms that benefit from robust government investments in infrastructure and tourism.
The report indicated that the UAE is expected to lead investments in non-oil sectors throughout 2026, as government programs continue to inject substantial capital into infrastructure and tourism initiatives. Fitch anticipates a 3.7% growth in the non-oil GDP of the Gulf Cooperation Council (GCC) states.
The agency noted that Emirati companies sustained a strong momentum in debt issuance during 2025, being at the forefront of Gulf firms that turned to international capital markets to refinance upcoming obligations ahead of schedule.
Approximately 80% of the capital market issuances from Emirati firms were sukuk, marking the highest proportion in five years, driven by sustained demand from regional Islamic banks and institutional investors.
This trend contributed to a 10% year-on-year increase in equity issuances for Emirati companies in 2025, providing additional liquidity and diversification for these entities.
Fitch forecasts that real estate developers in the UAE will continue to exert influence along the value chain, with pre-interest, tax, depreciation, and amortization profit margins reaching around 26.8% in 2026, reflecting resilient demand and disciplined cost management.