GCC-based non-resident Indians (NRIs) are sharply increasing exposure to Indian equities while exiting real estate, according to a survey-based report released on Wednesday by Mumbai wealth management firm Equirus Wealth.
The report, titled “Indian Equity at the Core, Eyes Everywhere”, draws on sentiment data from 8,300 NRI clients across the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain, conducted in April 2026 amid ongoing regional conflict.
Indian equities emerged as the dominant choice across every measure: 73 per cent of respondents said they are increasing exposure to Indian stocks and mutual funds, while 42 per cent identified Indian equities as their first choice for deploying fresh capital — ahead of fixed income at 23 per cent and a wait-and-watch stance at 15 per cent. Meanwhile, up to 40 per cent are actively reducing real estate holdings, which the report describes as a structural exit rather than routine rebalancing.
Financial confidence
Despite the conflict backdrop, investor sentiment held firm. The survey recorded a mean financial confidence score of 3.50 out of 5, with 86 per cent reporting stable or improved confidence compared to a year ago. The most common behavioural response was increased savings, cited by 35 per cent of respondents, followed by reduced discretionary spending and selective portfolio shifts — not panic selling.
Remittance patterns are also changing. Investment in India and retirement planning together now account for nearly half of all stated remittance intent, surpassing traditional family support transfers for the first time.
Confidence varied by country. Kuwait led at 3.93, followed by the UAE and Qatar near the overall average, while Bahrain trailed at 2.75. Saudi Arabia and Oman showed more cautious, rebalancing-oriented behaviour.
The report’s respondent base skews long-tenure: 84 per cent have lived in the GCC for over a decade, and 38 per cent for more than 20 years, suggesting the findings reflect considered, long-horizon decisions rather than short-term reaction.
Published on May 6, 2026