UAE Listed Companies’ Q2 2026 Net Profit Rises 28.6% to USD 21.6 Billion (AED 79.2 Billion): Abu Dhabi Up 41.8%, Dubai Up 4.9%, First-Half Total USD 38.9 Billion, Banks and Real Estate Lead as GCC Earnings Hit a Record USD 74.8 Billion (Kamco Invest)

2026-09-06

Listed companies in Abu Dhabi and Dubai earned a combined net profit of USD 21.6 billion (AED 79.2 billion) in the second quarter of 2026, up 28.6% from USD 16.8 billion in the same quarter of 2025, according to the GCC Corporate Earnings Report for Q2-2026 published by Kuwait’s Kamco Invest in September 2026 and reported by Khaleej Times on Sunday 6 September 2026. Abu Dhabi delivered most of the increase: the profits of companies listed on the Abu Dhabi Securities Exchange (ADX) rose 41.8% to USD 14.7 billion, while companies on the Dubai Financial Market (DFM) added 4.9% to USD 6.9 billion. For the first half of 2026 the UAE total reached USD 38.9 billion, 21.6% more than the USD 32.0 billion of the first half of 2025. Banks grew in both emirates, Dubai’s real estate developers added 20.1%, and two Abu Dhabi holding companies booked large one-off investment gains. Across all seven exchanges of the Gulf Cooperation Council (GCC), listed companies posted a record USD 74.8 billion for the quarter, up 31.3% year on year, so the UAE accounted for roughly 29% of the region’s corporate profit. This article sets out the figures by emirate and by sector, matches them with the companies’ own results in AED, explains why Kamco’s half-year figure for Abu Dhabi differs from the 38% reported by the exchange itself, and lists what the numbers mean for a business that operates in the UAE or plans to open a company here.

Q2 2026 in numbers: USD 21.6 billion for the UAE, USD 74.8 billion for the GCC

Kamco Invest is a Kuwait-based asset manager and investment bank whose research team, led by head of investment strategy and research Junaid Ansari, publishes a quarterly aggregate of the net profits reported by companies listed on the GCC exchanges, compiled from company financial statements and from Reuters and Bloomberg data. The Q2-2026 edition counts the two UAE exchanges separately. Abu Dhabi’s listed companies reported USD 14.7 billion of net profit against USD 10.3 billion a year earlier, and Dubai’s USD 6.9 billion against USD 6.5 billion. The sum of USD 21.6 billion converts to AED 79.2 billion at the dirham’s fixed rate of 3.6725 to the US dollar. Revenue grew at almost the same pace in both markets: by 14.0% year on year to USD 67.8 billion in Abu Dhabi and by 14.1% to USD 28.7 billion in Dubai. For the first half, Abu Dhabi’s profits rose 29.8% to USD 25.2 billion from USD 19.4 billion, and Dubai’s 8.5% to USD 13.7 billion from USD 12.6 billion.

Source: Kamco Invest, GCC Corporate Earnings Report Q2-2026; the AED conversion is the one published by Khaleej Times.

Abu Dhabi: banks up 12.1%, holding companies triple their earnings

Three sectors explain the 41.8% jump on ADX. Banks, the largest sector by profit, earned USD 3.5 billion in the quarter against USD 3.2 billion a year earlier, an increase of USD 380.8 million or 12.1%, with growth at every listed bank. The food, beverage and tobacco sector, which in Kamco’s classification includes International Holding Company (IHC), reported USD 3.5 billion against USD 1.1 billion, a rise of 226.1%; for the half year the sector earned USD 4.9 billion against USD 1.5 billion. IHC alone posted first-half net earnings of USD 4.87 billion against USD 1.48 billion, which Kamco attributes to non-operating income, including a one-off gain from investment disposals and the acquisition of subsidiaries on favourable terms. The capital goods sector earned USD 2.5 billion against USD 0.9 billion, up 170%, driven by 2PointZero Group, whose first-half net earnings reached USD 1.93 billion against USD 173.2 million and whose second-quarter net profit was USD 1.4 billion. In its own results release of 31 July 2026 the company reported first-half revenue of AED 21.9 billion and net profit of AED 7.7 billion, of which AED 2.2 billion came from operating businesses and the rest from one-off gains on its investment portfolio, including stakes in SpaceX and Anthropic. Kamco also names the energy sector among the significant contributors to the exchange’s growth.

The two largest banks confirm the picture in their own reporting currency. First Abu Dhabi Bank (FAB), the country’s largest lender, earned USD 1.6 billion in the quarter, up 3.8%, and USD 2.92 billion in the first half, up 0.9%, on operating income of USD 5.31 billion. In AED terms FAB’s results release of 23 July 2026 shows a first-half net profit of AED 10.73 billion, profit before tax of AED 13.20 billion and operating income of AED 19.50 billion, with second-quarter profit before tax of AED 7.08 billion, 16% above the first quarter and 6% above the second quarter of 2025. Its balance sheet stood at AED 1.41 trillion at the end of June, with net loans of AED 661 billion and customer deposits of AED 853 billion. Abu Dhabi Commercial Bank (ADCB) reported the second-largest bank profit on the exchange, USD 919.1 million against USD 699.2 million, on operating income that rose 12% to USD 3.26 billion (AED 12.0 billion), with customer lending up 18% and non-interest income up 22%. In dirhams the bank’s second-quarter net profit was AED 3.4 billion, 31% higher than a year earlier, helped by impairment charges that fell 55% to AED 638 million.

Dubai: banks and real estate carry 75.9% of the exchange’s profit

Dubai’s 4.9% growth is a story of two sectors. Banks and real estate together produced 75.9% of the total profit of DFM-listed companies in the quarter; nine of the thirteen sectors on the exchange improved on a year earlier and four declined. Banks earned USD 3.3 billion, up 5.1% from USD 3.2 billion, and USD 6.5 billion for the half year, up 3.0%. Kamco singles out Mashreq, whose first-half net profit rose 16.2% to USD 1.1 billion on higher non-interest income from its upgraded global markets platform (AED 4.048 billion after tax, up 17%, in the bank’s own release of 30 July 2026), and Emirates NBD, whose first-half net earnings rose 2.8% to USD 3.5 billion on total income of USD 7.6 billion. Emirates NBD’s own results, published on 23 July 2026, show a record pre-tax profit of AED 16.2 billion, up 5%, total income of AED 27.9 billion, up 16%, gross loans of AED 771 billion, up 17%, and deposits of AED 892 billion, up 13%, with the consolidation of India’s RBL Bank adding AED 74 billion of assets and taking the group past AED 1.3 trillion (USD 354 billion).

Real estate profits rose 20.1% to USD 1.9 billion in the quarter and 29.5% to USD 4.2 billion in the half year. Emaar Properties earned USD 1.0 billion in the quarter against USD 0.92 billion, with property sales of USD 7.20 billion and a revenue backlog of USD 44.90 billion. In its release of 7 August 2026 the developer reported first-half revenue of AED 23.9 billion, up 21%, net profit before tax of AED 12.8 billion, up 23%, property sales of AED 26.6 billion and a backlog of AED 164.9 billion, up 13%; the backlog is revenue from units already sold that will be recognised on handover. Emaar Development, the listed subsidiary, earned USD 1.5 billion in the first half against USD 1.0 billion, and TECOM Group grew net earnings by 9.1% to USD 219.1 million. Among utilities, DEWA’s first-half profit rose 12.3% to USD 838.4 million and Empower’s 15.3% to USD 126.2 million, while Tabreed’s fell 30.4% to USD 30.9 million on higher financing costs; the sector as a whole earned USD 1.0 billion in the half, up 9.3%. Telecom profits rose 9.8% to USD 217.2 million in the quarter.

The GCC picture: a record quarter driven by oil and banks

The UAE’s growth came in a strong quarter for the whole region. Net profits of companies listed on the seven GCC exchanges reached USD 74.8 billion, 31.3% above the second quarter of 2025 and 10.0% above the first quarter of 2026, a second consecutive quarter of year-on-year growth and a new record. Kamco links the jump mainly to crude prices: average Brent spot prices rose 27% for a second straight quarter, which the report attributes to the regional geopolitical situation and the closure of the Strait of Hormuz, and which more than offset lower crude export volumes from the region. The energy sector earned USD 36.2 billion against USD 25.5 billion, up 41.6%, with 20 of the 31 listed energy companies growing their profit and Saudi Aramco alone reporting USD 32.3 billion, up 42%. GCC banks set a record of their own at USD 17.8 billion against USD 16.6 billion, with profits up in six of the seven country aggregates and only Bahrain’s banks marginally lower. Aggregate revenue across the region reached USD 381.6 billion, up 17.0%, or 11.4% excluding Aramco. For the first half of 2026 the GCC total was USD 142.81 billion, up 23.1% or USD 26.8 billion.

Kamco’s 29.8% and ADX’s 38%: two counts of the same half-year

Readers who follow our coverage will remember that on 21 August 2026 ADX itself reported a 38% increase in the aggregate profits of its listed companies for the first half of 2026, while Kamco’s figure for Abu Dhabi over the same six months is 29.8%. The two figures come from different sources. ADX’s tally was based on the reviewed half-year statements filed within the 45-day disclosure window by 100 of its 101 actively traded companies and was published without an absolute amount; Kamco builds its aggregate from company financials and Reuters and Bloomberg data and publishes dollar amounts for every sector, but does not state how many UAE companies its sample covers. Both point the same way: Abu Dhabi issuers earned far more in the first half of 2026 than a year earlier, and the second quarter was stronger than the first, for which ADX had reported 17% growth in May.

What the results mean for a business in the UAE

• Bank capacity for new clients. The lenders that open most corporate accounts in the country are growing their books: FAB’s net loans rose 7% since the start of the year to AED 661 billion, Emirates NBD’s gross loans 17% to AED 771 billion and ADCB’s customer lending 18%. A profitable, growing banking sector does not shorten compliance checks, so the practical step for a new company is the same as before: a complete file of licence, ownership structure, contracts and proof of activity for corporate account opening.
• Real estate pipeline. Emaar’s backlog of AED 164.9 billion is revenue from homes and offices already sold and awaiting handover, and the ten largest developers sold AED 113.7 billion of property in the first half of 2026. For a company that needs office space, or an owner buying a home to qualify for a residence visa, these figures describe a market with high sales volumes.
• The same corporate tax for listed and private companies. The profits in the report are net of UAE corporate tax, which for financial years starting on or after 1 June 2023 applies at 9% to taxable income above AED 375,000, to listed giants and new companies alike; dividends a UAE company receives from another UAE resident juridical person are exempt income under Article 22 of Federal Decree-Law No. 47 of 2022. Companies with a financial year ending 31 December 2025 must file their return and pay by 30 September 2026.
• Investor access. Both exchanges are open to residents and to foreign investors through an Investor Number (NIN) issued by the exchange and a licensed broker; DFM alone opened 59,108 new investor accounts in the first eight months of 2026, and the 99% on-time disclosure rate on ADX means results such as these are published within 45 days of the quarter end.
• Sovereign backdrop. On 5 September 2026 S&P affirmed the UAE at AA with a stable outlook, with net government assets at 147% of GDP.
• Hiring. Growing companies hire, and every new employee of a mainland or free zone company needs a work permit and a residence visa; see work visas and residency.

How Atlant Capital can help

Atlant Capital registers companies on the mainland and in the UAE free zones, selects the jurisdiction and the activity list for trading, services, consulting, technology and investment businesses and prepares the licence documents (company setup). We open corporate accounts with UAE banks, including the banks named in this report, and prepare the file a bank expects from a new company (bank account opening), and we handle work visas and residency for owners, managers and staff (work visa and residency). Accounting, VAT and corporate tax filing are provided by licensed accounting firms from our partner network.

Conclusion

The second quarter of 2026 gave the UAE’s listed companies a combined net profit of USD 21.6 billion (AED 79.2 billion), 28.6% more than a year earlier, and the first half USD 38.9 billion, up 21.6%. Abu Dhabi’s 41.8% jump rests on bank profits up 12.1% and on one-off investment gains at International Holding Company and 2PointZero Group; Dubai’s 4.9% rests on banks and real estate, which together produce three quarters of the exchange’s earnings. In the companies’ own reporting the same period shows FAB with AED 10.73 billion of first-half net profit, Emirates NBD with a record AED 16.2 billion before tax, ADCB with AED 3.4 billion for the quarter and Emaar with a backlog of AED 164.9 billion. The GCC as a whole set a record of USD 74.8 billion, with the UAE providing about 29% of it. For a business in the UAE the report describes banks that are lending more, developers that are selling more and a corporate tax regime that applies the same 9% above AED 375,000 to listed giants and new companies alike, with the filing deadline of 30 September 2026 the nearest date on the calendar.

FAQ

How much profit did UAE listed companies make in the second quarter of 2026?

According to Kamco Invest’s GCC Corporate Earnings Report for Q2-2026, companies listed in Abu Dhabi and Dubai earned a combined net profit of USD 21.6 billion, about AED 79.2 billion, in the second quarter of 2026, 28.6% more than the USD 16.8 billion of the second quarter of 2025. Abu Dhabi’s listed companies earned USD 14.7 billion, up 41.8%, and Dubai’s USD 6.9 billion, up 4.9%. For the first half of 2026 the UAE total was USD 38.9 billion, up 21.6%.

Why did Abu Dhabi’s profits grow so much faster than Dubai’s?

Abu Dhabi’s 41.8% growth combined a 12.1% rise in bank profits to USD 3.5 billion with two large one-off effects: the food, beverage and tobacco sector, which includes International Holding Company, tripled its profit to USD 3.5 billion on gains from investment disposals and acquisitions, and the capital goods sector, led by 2PointZero Group, rose 170% to USD 2.5 billion, largely on investment gains. Dubai’s 4.9% growth came from banks (USD 3.3 billion, up 5.1%) and real estate (USD 1.9 billion, up 20.1%), which together made up 75.9% of the exchange’s profit, while four of its thirteen sectors declined.

Which UAE companies reported the largest profits in the report?

First Abu Dhabi Bank reported the largest bank profit, USD 1.6 billion for the quarter and AED 10.73 billion of net profit for the first half in its own accounts, followed by Abu Dhabi Commercial Bank at USD 919.1 million (AED 3.4 billion). In Dubai, Emirates NBD earned USD 3.5 billion in the first half (a record AED 16.2 billion before tax), Mashreq USD 1.1 billion (AED 4.048 billion) and Emaar Properties USD 1.0 billion in the quarter. International Holding Company reported first-half net earnings of USD 4.87 billion and 2PointZero Group USD 1.93 billion, in both cases largely from one-off investment gains.

Does the Kamco figure match the 38% growth that ADX reported for the first half?

Not exactly, because the two are measured differently. ADX reported on 21 August 2026 that the aggregate profit of its listed companies rose 38% in the first half of 2026, based on the reviewed statements filed by 100 of its 101 actively traded companies, without publishing an absolute amount. Kamco Invest, using company financials and Reuters and Bloomberg data, puts Abu Dhabi’s first-half net profit at USD 25.2 billion, 29.8% higher than a year earlier. Both figures show double-digit growth, and both show that the second quarter, up 41.8% in Kamco’s count, was stronger than the first.