Gulf: The GCC is investing heavily abroad despite a falling current account surplus
|According to estimates from the Institute for International Finance, net resident capital outflows from the Gulf reached USD 271 billion in 2025, while net non-resident capital inflows amounted to USD 228 billion.
Since their 2022 peak, the oil prices and export revenues of the Gulf Cooperation Council (GCC) have been declining. However, the GCC has never before invested abroad as much, despite the drop in its current-account surplus. The surplus fell from 15.7% of GDP in 2022 to 8% in 2023, 5.9% in 2024 and 3.8% in 2025. At the same time, net resident capital outflows from the region rose by 10% (2023–2025).
GULF COUNTRIES: RISING NON-RESIDENT CAPITAL FLOWS OFFSET THE EROSION OF CURRENT ACCOUNT SURPLUSES
NON-RESIDENT FLOWS IN THE REGION: MOSTLY DEBT FOR SAUDI ARABIA AND FDI FOR THE EMIRATES
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