Saudi Arabia Leads GCC Markets in January: Kamco Invest
RIYADH — Saudi Arabia led equity market gains across the Gulf in January, as regional bourses outperformed most global benchmarks on the back of earnings optimism and strong non-oil growth expectations, according to a new analysis by Kamco Invest.
In its latest report, Kamco Invest said Saudi Arabia’s stock exchange recorded a robust monthly gain of 8.5 percent in January — its strongest performance in five years. The rally positioned the Kingdom at the forefront of Gulf Cooperation Council market gains, as regional equities continued to attract global capital amid sustained economic reforms and solid corporate earnings.
“The benchmark Tadawul All Share Index closed at 11,382.08 points, up 8.5 percent, marking its strongest monthly performance since February 2022,” Kamco Invest said.
The firm attributed the surge to optimism surrounding fourth-quarter 2025 corporate earnings, expectations that Saudi Arabia’s stock market would open more broadly to foreign investors, and continued strength in non-oil economic growth.
In January, the Capital Market Authority announced that the Kingdom’s stock market would be fully opened to all categories of foreign investors from Feb. 1. The move allows direct participation in the main market and removes long-standing barriers to entry.
To facilitate increased foreign investment, the CMA scrapped the Qualified Foreign Investor framework — which previously required a minimum of $500 million in assets under management — and abolished swap agreements, significantly widening access to Saudi equities.
On a sectoral and stock level, the Saudi market’s January performance was led by Almasane Alkobra Mining Co., which surged 32.7 percent. Saudi Arabian Mining Co. and Tourism Enterprise Co. followed with gains of 26.8 percent and 23.4 percent, respectively.
Trading activity also accelerated sharply. Total traded volume on the Saudi exchange reached 4.9 billion shares in January, representing a 43.3 percent increase from December. The total value of trades climbed 36.2 percent month on month to SR99.9 billion ($26.63 billion).
Across the GCC, Oman’s stock exchange rose 7.9 percent during the month, while Dubai gained 6.4 percent. In contrast, Boursa Kuwait posted the steepest decline at 3.8 percent, and Bahrain edged down 1.1 percent.
At the regional level, the MSCI GCC Index recorded one of its strongest monthly performances globally, rising 7.8 percent in January 2026 — its biggest gain since April 2020 — to close at 791.8 points, the highest monthly close in nearly three and a half years.
Kamco Invest noted that the rally aligned with broader gains in emerging markets worldwide. The MSCI Emerging Market Index rose 8.8 percent, driven by strong buying in technology stocks, particularly in Korea, Taiwan, and Brazil.
Meanwhile, markets in the US and Europe remained volatile amid geopolitical tensions and tariff concerns, but staged a late-month recovery to close January with modest gains.
