GCC Investment in Central Asia Reaches $31.1 Billion, EDB Reports
Investment stock from Gulf Cooperation Council (GCC) countries in Central Asia increased 3.4-fold to $31.1 billion by mid-2026, while bilateral trade between the two regions nearly quadrupled over five years to $3.9 billion in 2025, according to a report by the Eurasian Development Bank (EDB).
The report, Trade and Investment Cooperation Between Central Asia and the GCC Countries, identifies the United Arab Emirates (UAE) as the region’s principal trade and investment partner, accounting for approximately 94% of bilateral trade and 66% of total investment stock.
Uzbekistan and Turkmenistan accounted for approximately 85% of Central Asia’s trade with GCC countries in 2025. Uzbekistan emerged as the largest trading partner, with trade reaching $1.75 billion, or approximately 45% of the regional total. Turkmenistan ranked second at $1.6 billion, while Kazakhstan’s trade with GCC countries exceeded $300 million.
Kazakhstan’s export structure has become increasingly diversified, encompassing agricultural products, meat and other food products, chemicals and certain types of equipment, alongside traditional metallurgical products. Imports are primarily represented by pharmaceutical and chemical products, as well as machinery and equipment for the oil and gas industry.
The EDB estimates that additional trade potential between Central Asia and GCC countries could reach $4.9 billion by 2030. High transportation and logistics costs, limited access to trade financing and insufficient mutual recognition of standards remain among the principal barriers to further trade expansion.
The Economic Partnership Agreement between the Eurasian Economic Union (EAEU) and the UAE, which entered into force on Oct. 6, is expected to provide additional opportunities for trade development through the elimination or reduction of tariffs on more than 85% of the product range.
According to the EDB’s Monitoring of Mutual Investment, GCC investment stock in Central Asia increased from $9.1 billion in 2020 to $31.1 billion by mid-2026. Turkmenistan remains the largest recipient, with investment stock reaching $14.4 billion. Uzbekistan recorded the fastest growth, with investments increasing more than 25-fold to $11.3 billion. Kazakhstan’s investment stock amounted to $5.3 billion.
The UAE remains the largest Gulf investor, with a portfolio of $20.6 billion, accounting for 66% of total GCC investment in Central Asia. Saudi Arabia and Qatar have also expanded their investment presence, with respective investment stocks of $6.5 billion and $3.1 billion.
The sectoral composition of investment has undergone significant changes. The share of the electric power sector increased from 2% in 2020 to 34%, with investment stock reaching $10.5 billion. Meanwhile, the commodities sector, although remaining the largest segment at 49%, declined from 82% in 2020.
The expansion of renewable energy projects, particularly solar and wind power facilities in Uzbekistan, has been a major contributor to this shift. Emirati company Masdar is among the key investors in the region’s renewable energy sector, with projects including a 500-megawatt wind power plant in Zarafshan and a solar power plant in the Surkhandarya Region.
In Kazakhstan, construction began in June on a 1-gigawatt wind power plant in the Zhambyl Region. Masdar is participating in the $1.4 billion project.
