How to Invest in Alphabet / Google (GOOGL) From the UAE (2026)

Google Search is accelerating, not declining, despite AI disruption fears

Google Search grew 17% in Q4 2025 with queries at all-time highs. AI Overviews - Google's AI-generated search summaries - are driving more query volume, not less. Users are searching more, not switching to ChatGPT. The feared search substitution has not materialised at scale.

Google Cloud at 48% growth is the second-fastest major cloud in the world

Google Cloud crossed a $70 billion annualised run rate in Q4 2025, growing 48% year on year. Its backlog grew 55% quarter on quarter to $240 billion - the fastest backlog accumulation of any major cloud provider. Enterprise AI demand is accelerating Google Cloud adoption at pace.

Waymo is becoming a real business, not just a project

Alphabet's autonomous vehicle subsidiary completed 15 million rides in 2025 - tripling year on year. Waymo now provides over 400,000 rides per week across five US cities and raised $16 billion at a tripled valuation. If autonomous driving reaches mass deployment, Waymo alone could be worth more than most S&P 500 companies.

$403 billion in annual revenue with a 32% operating margin

Alphabet crossed $400 billion in full-year revenue for the first time in 2025, with a 32% operating margin. Net income was $132 billion for the year, growing 32%. This is a company generating exceptional cash flow while simultaneously funding one of the largest AI capex programmes in history.

$175 to $185 billion 2026 capex roughly doubles spending in one year

Alphabet committed to $175 to $185 billion in capital expenditures for 2026. The annual report cited $180 billion as the planned figure. This represents a near-doubling from 2025's $90 billion and a sixfold increase in four years. If AI cloud demand disappoints, the return on this investment is unclear.

Antitrust rulings create structural risk to Search monopoly

A US federal court ruled in 2024 that Google illegally monopolised the search market. Remedies being considered include mandatory distribution changes or even structural separation. Any forced change to Google's default search placement agreements would reduce Search revenue - the company's largest income stream.

US estate tax on direct GOOGL shares

Holding Alphabet shares above USD 60,000 through a US custodian exposes non-US investors to US estate tax of up to 40% at death. There is no UAE-US estate tax treaty. Use a CMA-regulated platform with FAB custody or hold Alphabet exposure via a UCITS technology ETF to eliminate this risk.