Showing 9 of 61
  • UAE Flag
    FIRST LOOK NOTES
    21 May 2025
    Emaar Development
    BUY
    AED 13.25
    AED 16.00
    +20.75%

    UAE Equity Research - Emaar Development 1Q25 - First Look Note

    EMAARDEV recorded the highest-ever property sales of AED 16.5 Bn in 1Q25 compared to AED 12.9 Bn in 1Q24. The Company’s sales backlog reached at AED 100.1 Bn in 1Q25, indicating strong revenue visibility in the upcoming period. Emaar Development reported revenue of AED 5.0 Bn (USD 1.4 Bn) and an EBITDA of AED 2.5 Bn during 1Q25.
  • UAE Flag
    FIRST LOOK NOTES
    20 May 2025
    Emaar Properties
    BUY
    AED 13.55
    AED 16.00
    +18.08%

    UAE Equity Research - Emaar Properties 1Q25 - First Look Note

    Emaar’s revenue backlog from property sales in the UAE rose to AED 112 Bn in 1Q25 with a total backlog of AED 127 Bn. Emaar’s UAE hotels’ average occupancy rate stood at 82%, while the mall assets average occupancy rate stood at 98% in 1Q25.
  • UAE Flag
    EARNINGS CALL INSIGHT
    19 May 2025
    Emaar Properties
    BUY
    AED 13.35
    AED 16.00
    +19.85%

    UAE Equity Research - Emaar Properties 1Q25 - Earnings Call Insight

    Emaar Properties’ revenue boosted from AED 6.7 Bn in 1Q24 to AED 10.1 Bn in 1Q25, mainly driven by robust growth in revenue from Real Estate, followed by Hospitability and Leasing, Retail segments.
  • UAE Flag
    FIRST LOOK NOTES
    09 May 2025
    RAK PROPERTIES PJSC
    BUY
    AED 1.27
    AED 1.65
    +29.92%

    UAE Equity Research - RAK Properties 1Q25 - First Look Note

    RAKPROP boast a strong revenue backlog of AED 2.3 Bn as of 1Q25. Recurring revenue accounted for 20% of the total revenue from hospitality, retail, and leasing assets, reflecting strong demand across its income-generating portfolio.
  • UAE Flag
    FIRST LOOK NOTES
    07 May 2025
    Tecom Group
    BUY
    AED 3.08
    AED 3.55
    +15.26%

    UAE Equity Research - TECOM Group 1Q25 - First Look Note

    Dubai Internet City contributed 65% of Dubai’s tech sector GDP, according to an Impact Assessment study with Accenture, launched during Step Dubai in February, where the district served as Strategic Partner.
  • UAE Flag
    FIRST LOOK NOTES
    01 May 2025
    Aldar Properties
    BUY
    AED 8.16
    AED 10.00
    +22.55%

    UAE Equity Research - Aldar Properties 1Q25 - First Look Note

    Aldar Development launched two new projects, Manarat Living III in Saadiyat Island and The Wilds in Dubai, marking its third development with Dubai Holdings. The Group revenue backlog stood at AED 55.7 Bn in 1Q25 with AED 46.7 Bn from UAE.
  • UAE Flag
    EARNINGS CALL INSIGHT
    30 Apr 2025
    Aldar Properties
    BUY
    AED 8.40
    AED 10.00
    +19.05%

    UAE Equity Research - Aldar Properties 1Q25 - Earnings Call

    Aldar revenue rose significantly, 38.7% YOY to AED 7.8 Bn in 1Q25, due to high-double digit growth recorded in Development and Investments. Direct cost grew almost in line with revenue from AED 3.6 Bn in 1Q24 to AED 5.0 Bn in 1Q25.
  • UAE Flag
    FIRST LOOK NOTES
    29 Apr 2025
    Aldar Properties
    BUY
    AED 8.54
    AED 10.00
    +17.10%

    UAE Equity Research - Aldar Properties 1Q25 - Earnings Flash

    Aldar reported a 33% year-on-year (YoY) increase in net profit before tax to AED 2.2 Bn in 1Q25, with net profit after tax grew by 22% YoY to AED 1.9 Bn in 1Q25. This growth underscores the company’s ability to enhance profitability across its diversified portfolio, driven by strong development sales and investment income. The 22% YoY increase in Earnings per share (EPS) to AED 0.20 further supports a positive outlook for shareholders, indicating improved earnings distribution potential.
  • UAE Flag
    SECTOR NOTE
    15 Apr 2025
    Properties

    UAE Equity Research - Real Estate Sector 1Q25 - Preview Note

    The UAE’s economy recorded 3.8% growth in the first nine months of 2024 compared to the same period in 2023. This economic growth is driven by a strong growth in the non-oil sector, which grew 4.5% in 9M2024. The contribution of non-oil stood at 74.6% in 9M24, and the balance was contributed by oil sector.

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