Recent Research

• 

  EARNINGS CALL INSIGHT

  11 Aug 2026

  Emaar Properties

  BUY

  Last Closing Price

  11.20

  Target Price

  17.00

  Upside (%)

  +51.79%

  UAE Equity Research - Emaar properties 2Q26 - Earnings Call Insight

  Emaar Properties revenue increased 18.2% YOY to AED 11,510 Mn in 2Q26, primarily driven by higher sales of Residential Units and Commercial Units. Revenue from Residential Units increased 30.5% YOY to AED 8,940 Mn, while revenue from Commercial Units rose 3.3% YOY to AED 379 Mn in 2Q26.

  Download
• 

  FIRST LOOK NOTES

  04 Aug 2026

  Tecom Group

  BUY

  Last Closing Price

  3.38

  Target Price

  4.60

  Upside (%)

  +36.09%

  UAE Equity Research - Tecom Group 2Q26 - First Look Note

  Tecom’s occupancy rates for the commercial and industrial sectors remained strong at 96% and 98%, respectively, with tenant retention at 94% and 99% in 1H26. Land leasing revenue increased 22% YoY to AED 361 Mn in 1H26, with an EBITDA of AED 333 Mn and a 92% margin in the same period.

  Download
• 

  EARNINGS CALL INSIGHT

  31 Jul 2026

  Tecom Group

  BUY

  Last Closing Price

  3.39

  Target Price

  4.60

  Upside (%)

  +35.69%

  UAE Equity Research - Tecom Group 2Q26 - Earnings Call Insight

  Revenue increased 10.8% YOY to AED 786 Mn in 2Q26, driven by strong growth in operating lease income, which increased 14.8% YOY to AED 708 Mn in 2Q26, partially offset by a 16.5% YOY decline in service income to AED 77 Mn in 2Q26.

  Download
• 

  FIRST LOOK NOTES

  31 Jul 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.45

  Target Price

  11.00

  Upside (%)

  +47.65%

  UAE Equity Research - Aldar Properties 2Q26 - First Look Note

  Group development sales declined 42.5% YOY to AED 5.4 Bn in 2Q26. Backlog remained resilient at AED 71.6 Bn in 2Q26, including AED 59.9 Bn in the UAE. Maintained a robust liquidity position of AED 37.1 Bn as of 2Q26, comprising AED 16.8 Bn of free and unrestricted cash and AED 20.3 Bn of committed undrawn credit facilities.

  Download
• 

  EARNINGS CALL INSIGHT

  30 Jul 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.45

  Target Price

  11.00

  Upside (%)

  +47.65%

  UAE Equity Research - Aldar properties 2Q26 - Earnings Call Insight

  ALDAR's revenue increased 4.8% YOY to AED 8.1 Bn in 2Q26, supported by continued execution of the development backlog and higher recurring income from the Investment segment.

  Download
• 

  SECTOR NOTE

  13 Jul 2026

  Properties

  UAE Equity Research - Real Estate Sector 2Q26 - Preview Note

  The UAE real estate sector is expected to remain resilient over the medium term, supported by strong development pipelines, healthy balance sheets, and robust project backlogs.

  Download