We initiate coverage on LuLu Retail Holding PLC (“LuLu Retail” or “the Company”) with an equity valuation of AED 2.55 per share. LuLu Retail Holdings PLC is the largest full-line retailer in the GCC region, operating 241 stores across all GCC countries. The Company runs a diverse range of retail formats, including hypermarkets, supermarkets (express stores), minimarkets, and online platforms, offering consumer packaged goods, electrical goods, fresh foods, and lifestyle products.

We initiate coverage on A D N H Catering PLC (“ADNHC”, “A D N H Catering”, or “the Company”) with an equity valuation of AED 1.30 per share. A D N H Catering is the UAE’s largest food and support services company. The Company is a subsidiary of ADNH (Abu Dhabi National Hotels) known for its expertise in hospitality and food services.

We initiate coverage on E7 Group PJSC (“E7” or “The Company”) with a Valuation of AED 1.50 per share. E7 Group is a national industrial leader, offering extensive solutions in the Printing and Distribution segment to domestic and international clients.

We initiate coverage on Pure Health Holding PJSC (“Pure Health” or “The Company”) with a valuation of AED 6.05 per share. Pure Health is the UAE’s leading Healthcare group in Abu Dhabi since 2006 with the majority ownership held by the Abu Dhabi Sovereign Wealth Fund (ADQ). The Company is the largest provider of healthcare services and further extends its vertically integrated operation across various operational and digital domains, both locally and internationally.

We initiate coverage on Alef Education Holding PLC (“Alef Education” or “the Company”) with a valuation of AED 1.70 per share. Alef Education is listed on the ADX and is a leading global EdTech company that utilizes artificial intelligence and machine learning technologies to create personalized learning experiences for both public and private schools in the UAE.

We initiate coverage on Presight AI Holding PLC (“Presight” or “The Company”) with a Valuation of AED 3.05 per share. Presight AI is the UAE’s leading big data analytics company, formed in 2020 with a focus on the region’s digital transformation through artificial intelligence (AI). It extends its operations to over 15 countries across four continents. The Company’s revenue stood at AED 1.8 Bn in FY2023.

We initiate coverage on Rak Properties (“RAKPROP” or “The Company”) with a Valuation of AED 1.31 per share. Rak Properties is a real estate development company based in Ras AL Khaimah with operations across Property Sales, Property Leasing, Hotel Operations, and Facility Management Services & Others. Moreover, RAK Properties recently expanded its portfolio to include significant investments in hotel properties.

We initiate coverage on Parkin Company PJSC (“Parkin” or “the Company”) with a Valuation of AED 2.60 per share. Parkin, Dubai’s leading parking operator to be listed on the DFM, is owned by the Dubai Investment Fund, a wholly-owned subsidiary of the Government of Dubai. The company signed a 49-year exclusive Concession Agreement with RTA that provides an exclusive right to Parkin to operate RTA’s parking facilities.

We initiate coverage on Agility Global PLC (“Agility Global” or “The Company”) with a Valuation of AED 2.10 price per share. Agility Global PLC is a multi-business operator and a long-term investor in global and regional businesses. The Company’s multiple businesses operate in Aviation Services, Fuel Logistics, Agility Logistics Parks, and Others.