Private Sector Momentum And Real Estate Strength Drive Growth Outlook – Says Dominic Bokor-Ingram, Senior Portfolio Manager, Fiera Capital

The UAE real estate sector was the key performance contributor in July, reflecting record operational and financial results across leading developers. Sales and earnings were supported by continued momentum in Dubai’s property market, with transaction volumes and values both increasing in H1 2025. The sector continues to benefit from Dubai’s appeal as a global investment hub, supported by residency reforms, infrastructure development, and a favourable tax environment.

Morocco: Retail expansion and market positioning
Modern retail continues to gain ground in Morocco, with strong revenue growth across large-format discount and branded retail chains. Ongoing store rollouts, coupled with operational efficiency and disciplined pricing, are helping expand market share in a region still in the early stages of organised retail penetration. Competition from regional players is intensifying, but incumbents are maintaining their lead through scale and margin resilience.

Egypt: Banking sector leadership
Egypt’s banking sector remains a key contributor to performance. Strong loan growth, especially in corporate lending, and healthy deposit growth continue to support profitability. A diversified revenue base and accelerating digital adoption are strengthening the sector’s competitive position, with rising mobile banking usage highlighting the structural evolution of the market.

Saudi Arabia: Strong fundamentals despite volatility
Saudi Arabia’s recent equity market softness belies the country’s solid macroeconomic momentum. In Q2 2025, GDP expanded by 3.9%, driven by a 4.7% increase in the non-oil sector, which now contributes approximately 49% of total GDP – a clear reflection of the structural shift under Vision 2030. The private sector PMI stood at 55.8 in May 2025, marking sustained expansion, while employment growth reached its highest rate in more than a decade. Capital expenditure accounted for over 40% of corporate lending, with tourism, manufacturing, and technology among the key beneficiaries of continued investment and diversification efforts.