Written by Gérard Al-Fil, Dubai

The Gulf metropolis of Abu Dhabi is the capital and largest emirate of the United Arab Emirates. It holds about seven percent of the world's known oil reserves. Nevertheless, the emirate continues to expand its non-oil sector. The Abu Dhabi Chamber of Commerce and Industry (ADCCI) recently announced that the non-oil sector in the emirate grew by 34.7 percent in the first half of 2025. According to a press release from ADCCI, exports accounted for two-thirds of that growth. The region's largest OPEC exporter, Saudi Arabia, is also making significant progress: in 2024, the kingdom doubled its exports of non-energy industrial goods, reaching $137 billion.

Saudi Arabia’s Hidden Treasure

While the industries of foreign trade, construction, and tourism continue to grow, mining and quarrying remain the backbone of the Gulf Cooperation Council’s (GCC) non-oil sector. According to the Times of Oman, the gross domestic product (GDP) of the GCC reached $2.14 trillion in 2023, with 70 percent coming from non-oil industries — for the first time.

Little is known outside the Middle East about the vast metal reserves in Saudi Arabia’s western region of Al-Gharbiya, which is dominated by a mountain range. The area is rich in raw materials such as gold, copper, bauxite, and rare earths. With the price of Brent crude having fallen by 14 percent over the past year due to Trump-era tariffs, the six GCC countries are stepping up efforts to expand their mining industries.

In the Sultanate of Oman, iron ore and manganese are also extracted. A significant aluminum processing industry has existed for decades in the UAE, Bahrain, and Qatar. However, the plants — Emirates Global Aluminum (EGA), the publicly listed Alba (in Bahrain), and Qatalum (in Qatar) — all import their highly sought-after, lightweight, and infinitely recyclable industrial raw material from Australia. EGA also has a partnership with the U.S. aluminum giant Alcoa in place.

McKinsey Detects a Shift

Despite these traditional sectors, consulting firm McKinsey & Company expects a shift in industrial financing. According to a study published in April this year, McKinsey has observed a trend toward investments in technology, consumer goods, and education — sectors that are growing the fastest in the GCC, at around 20 percent annually. Banks would therefore be wise to provide appropriate resources, not only for traditional project financing but also for funding startups and family businesses.