Commodities have replaced cryptocurrency as the most held asset class among retail investors in the UAE, according to a survey of 1,000 investors published by eToro.
The fifth edition of the eToro UAE Retail Investor Beat found that 56 per cent of investors in the country now hold commodities such as gold and oil, up from 47 per cent in August 2025. Crypto, which had held the top position in the previous survey, saw no change in its share of holders at 54 per cent.
The shift comes against a backdrop of tensions in the Middle East. Among the 80 per cent of investors who have already adjusted or plan to adjust their portfolios in response to the geopolitical situation, 56 per cent said they are buying more precious metals, while 43 per cent said they are buying more energy commodities.
Gold leads commodity holdings as investors cite store of value and price expectations
Gold is the most held commodity, with 88 per cent of commodity investors reporting exposure to the metal. Oil followed at 47 per cent, silver at 41 per cent and natural gas at 29 per cent. Coffee was the most held agro-commodity at 11 per cent, with wheat, cocoa and sugar each at 7 per cent.
Among those invested in commodities, nearly half – 47 per cent – allocate more than 20 per cent of their portfolio to the asset class.
The survey found investors were split between two reasons for holding gold: its role as a store of value over the long term, and the expectation that prices may continue to rise. Each reason was cited by 53 per cent of respondents.
92% of UAE investors expect oil prices to rise in the next six months
Investors reported expectations that prices for the two most held commodities will increase. Some 92 per cent of those surveyed said they expect oil prices to rise in the next six months, while 84 per cent said the same about gold.
Nearly half of investors – 46 per cent – said they expect oil prices to surge more than 15 per cent, while over half – 57 per cent – said they expect gold prices to jump more than 10 per cent.
“Gold and oil have experienced notable volatility in recent months, largely influenced by ongoing developments in the Middle East. Both assets carry particular cultural and economic importance in the UAE. Despite recent price fluctuations, sentiment among local investors remains constructive over the coming six months, with attention on underlying factors such as continued central bank activity in gold and supply dynamics in the oil market,” George Naddaf, Managing Director at eToro (MENA) said in a statement.
Energy, materials and renewables sectors gain ground in investor portfolios
Sector allocations linked to commodities have also increased. Some 40 per cent of investors now hold positions in the energy sector, up from 31 per cent in August 2025. Materials rose from 22 per cent to 27 per cent, while renewables increased from 21 per cent to 25 per cent over the same period.
Renewables were named the sector that the most investors plan to invest in within three months, at 41 per cent. The survey attributed this to volatility in oil and gas prices, which it said had highlighted the importance of energy diversification.
“UAE retail investors are showing they can read the room and quickly adjust their portfolios in response to evolving macro conditions. With ongoing geopolitical tensions, investors are actively looking for opportunities amidst the volatility in commodities and related sectors. This also aligns with the broader long-term shift towards real assets and exposure to the ‘old economy’ that we are seeing globally.
“Moreover, growing interest in renewables shows that retail investors are not only focused on the immediate picture. In the UAE, where non-oil sectors already contribute more than 70% of GDP, clean energy is part of a much bigger diversification story. Recent disruptions have shown us how exposed global markets can be to energy supply shocks, which is why energy diversification is increasingly being seen as both a strategic priority,” Naddaf said.
