Trade between Central Asia and the Gulf states has surged by almost four times, while investment has skyrocketed by 3.4 times
Almaty, 10 November 2026 — The Eurasian Development Bank (EDB) has published a new analytical brief examining the trade and investment links between Central Asia and the Gulf Cooperation Council (GCC) countries[. The GCC countries are showing increasing interest in Central Asia, which is emerging as one of the region’s most promising economic partners, and are steadily strengthening their positions there. This positive trend is underpinned by Central Asian countries' sustained economic growth, expanding consumer and investment demand, and favourable prospects for major infrastructure and industrial projects.
Key takeaways from the brief:
Trade:
-
Trade between the five Central Asian countries and the six Gulf states has increased almost fourfold. Between 2020 and 2025, trade turnover increased from US$1 billion to US$3.9 billion. The UAE accounts for around 94 per cent of Gulf trade, while Uzbekistan and Turkmenistan account for around 85 per cent of Central Asian trade. Around 70 per cent of the total trade consists of goods supplied from the Gulf countries.
-
Additional trade potential is estimated at US$4.9 billion by 2030, which is 25 per cent higher than the 2025 trade turnover. This is due to the development of transport routes, a reduction in logistics costs, and trade liberalisation, including the EAEU–UAE Agreement which came into force in October 2026.
Investment
-
According to the EDB’s Monitoring of Mutual Investment (MMI) report, the stock of direct investment by Gulf countries in Central Asia has increased threefold from US$9.1 billion in 2020 to US$31.1 billion by mid-2026. Turkmenistan remains the largest recipient of foreign direct investment (FDI) with US$14.4 billion, while investment in Uzbekistan has grown most rapidly, increasing by over 25 times to reach US$11.3 billion. In Kazakhstan, the volume of FDI stock from Gulf countries reached US$5.3 billion by mid-2026.
-
The UAE retains its leading position among investor countries, with the electrical power sector becoming a key driver of new investment inflows. The UAE accounts for $20.6 billion (66 per cent of the FDI stock portfolio), Saudi Arabia for $6.5 billion and Qatar for $3.1 billion. The electrical power sector's share of investments from Gulf countries rose from 2 per cent to 34 per cent, while the FDI stock in this sector reached $10.5 billion. This growth is mainly driven by large-scale solar and wind energy projects, primarily in Uzbekistan.
The full text of the brief is available via the link.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of June 2026, the EDB’s cumulative portfolio comprised 348 projects with a total investment of US $22.1 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
The EDB is implementing three mega-projects as part of its 2022–2026 Strategy: the Eurasian Transport Network, the Eurasian Commodity Distribution Network and the Central Asian Water and Energy Complex.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 4774, 2160