Tashkent, Uzbekistan (UzDaily.uz) — Accumulated investment from Persian Gulf countries in Uzbekistan increased more than 25-fold, from US$400 million in 2020 to US$11.3 billion by mid-2026, the Eurasian Development Bank (EDB) said.
Uzbekistan has also become Central Asia's leading trading partner of Gulf countries. Between 2020 and 2025, bilateral trade increased almost sevenfold to US$1.75 billion, accounting for around 45% of total trade between the two regions.
The figures were published in EDB Analytical Brief No. 5, dated 10 November 2026 and prepared by Aidos Omarov. The investment data are based on the bank's Mutual Investment Monitoring database.
In 2025, Uzbekistan and Turkmenistan together accounted for around 85% of Central Asia's trade turnover with Gulf countries.
The regional trade leader has changed. Turkmenistan held the top position in 2024, with trade of around US$1.7 billion. In 2025, Uzbekistan moved ahead with US$1.75 billion.
Unlike most countries in the region, Uzbekistan's trade flows with Gulf countries are relatively balanced. In 2025, exports reached US$860 million, while imports totalled US$890 million.
Uzbekistan mainly exports precious metals, mineral products and agricultural goods to Gulf countries. Its imports include electronics, machinery and equipment, aviation equipment, pharmaceuticals and chemical products.
In October 2026, UAE-based DP World began construction of a major dry port near Tashkent. The project includes Class A warehouses covering 63,000 square metres and container yards with an annual capacity of 150,000 containers in twenty-foot equivalent units.
Uzbekistan currently ranks second in the region after Turkmenistan in accumulated investment from Gulf countries. Investment in Turkmenistan has reached US$14.4 billion. However, investment is growing fastest in Uzbekistan.
Gulf investment is flowing actively into electricity generation. Across Central Asia, the sector's share of the investment portfolio increased from 2% to 34%, with investment reaching US$10.5 billion.
According to the EDB, the main driver is large-scale solar and wind projects, particularly in Uzbekistan.
Uzbekistan also accounts for most of the growth in UAE investment in electricity generation. Large-scale renewable energy projects are being implemented by Masdar and other investors.
The largest projects include a 500 MW wind power plant in Zarafshan and the Sherabad solar power plant in Surkhandarya region, which involves Masdar.
Tepelen Group is participating in a solar power plant project in Namangan region. Other solar and wind projects are also being developed, including facilities equipped with energy storage systems.
Saudi Arabia is the second-largest Gulf investor in Central Asia. By mid-2026, its accumulated investment in the region had reached US$6.46 billion, approximately 20 times the 2021 level.
Almost the entire Saudi investment portfolio is concentrated in Uzbekistan, with ACWA Power accounting for more than 95%.
The EDB's Mutual Investment Monitoring database lists 12 Saudi projects, mainly in the energy sector. The largest include the Karakalpakstan Wind and Kungrad 1, 2 and 3 Wind projects in Karakalpakstan.
The portfolio also includes solar power plants in Tashkent, Samarkand and Syrdarya regions.
Projects involving data centres and cable manufacturing are also being implemented in Tashkent. Among the newer areas of investment is Vision Invest's participation in the construction of a new Tashkent airport.
Around 90% of Qatar's investment portfolio, which reached US$3.1 billion by mid-2026, is concentrated in Kazakhstan. The remainder is mainly directed towards Uzbekistan.
In Uzbekistan, Qatar invests primarily in electricity generation, including a thermal power plant project in Surkhandarya region involving Nebras Power.
Oman invests in Uzbekistan mainly through the joint UzOman platform. Its activities cover commercial real estate, logistics infrastructure and the financial sector.
