Recent Research

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  SECTOR NOTE

  21 Apr 2026

  Properties

  UAE Equity Research - Real Estate Sector 1Q26 - Preview Note

  The UAE economy has demonstrated strong resilience despite global uncertainty, regional tensions, and fluctuating oil prices, consistently achieving growth above global and regional averages.

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  FIRST LOOK NOTES

  19 Feb 2026

  Emaar Development

  BUY

  Last Closing Price

  19.05

  Target Price

  21.00

  Upside (%)

  +10.24%

  UAE Equity Research - Emaar Development (EMAARDEV) 4Q25 - First Look Note

  Property sales rose 8.7% YOY to AED 71.1 Bn in 2025, supported by over 48 new residential launches, driving sales backlog up 38% YOY to AED 125.2 Bn as of December 2025. EMAARDEV revenue grew substantially from AED 6,668 Mn in 4Q24 to AED 9,842 Mn in 4Q25.

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  FIRST LOOK NOTES

  19 Feb 2026

  Emaar Properties

  BUY

  Last Closing Price

  16.45

  Target Price

  21.75

  Upside (%)

  +32.22%

  UAE Equity Research - Emaar Properties 4Q25 - First Look Note

  Revenue backlog grew 39% YOY to AED 155 Bn in 2025, with the Emaar development backlog rising 30.8% YOY to AED 134 Bn in 2025. Emaar has over 50,800 units currently under construction (including Emaar Properties and 100% of JVs/JDAs related projects), scheduled for delivery over the next 5-6 years.

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  EARNINGS CALL INSIGHT

  16 Feb 2026

  Emaar Properties

  BUY

  Last Closing Price

  16.50

  Target Price

  19.25

  Upside (%)

  +16.67%

  UAE Equity Research - Emaar properties 4Q25 - Earnings Call Insight

  Emaar Properties reported a 40.5% YOY increase in revenue, reaching AED 16,450 Mn in 4Q25, driven by growth in sales from Residential Units, Commercial Units, increased revenue from the Hospitality segment and revenue from Leased Properties, Retail & Related Income.

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  FIRST LOOK NOTES

  11 Feb 2026

  Tecom Group

  BUY

  Last Closing Price

  4.05

  Target Price

  4.90

  Upside (%)

  +20.99%

  UAE Equity Research - Tecom Group 4Q25 - First Look Note

  Funds from Operations (FFO) rose by 19% YOY to AED 2 Bn in 2025, supported by stronger performance from income-generating assets and improved collection efficiency.

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  FIRST LOOK NOTES

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.90

  Target Price

  12.00

  Upside (%)

  +10.09%

  UAE Equity Research - Aldar Properties 4Q25 - First Look Note

  Record UAE quarterly sales of around AED 9.0 Bn in 4Q25, supported by continued strong demand across new launches and existing inventory sales. The Group revenue backlog stood at around AED 71.7 Bn in 4Q25, with AED 61.0 Bn from the UAE.

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