UAE Equity Research - Banking Sector 3Q26 - Preview Note

UAE banks enter 3Q26 with sustained credit momentum, following broad-based balance-sheet expansion and healthy origination activity in 2Q26. Gross credit across the UAE banking sector rose 8.9% YTD to AED 2.8 Tn in July 2026, supported by growth in both domestic and credit outside the UAE.

Modon Holding: The support at AED 2.80 has held firmly, with the stock now broke over the near-term resistance level at AED 2.94. A sustained breakout above the resistance level of AED 3.06 could pave the way for further upside toward the previous high resistance at AED 3.20 (coinciding with the 100-week moving average), followed by AED 3.35 and AE...

Adnoc Gas PLC: The stock continues to hold firmly above its key support at AED 3.20, preserving a constructive technical structure. So long as this support base remains intact, the stock is well positioned to stage a recovery from current levels.

Modon Holding: The support at AED 2.84 has held firmly, with the stock now approaching near-term resistance level at AED 2.96. A sustained breakout above this level could pave the way for further upside toward the previous high resistance at AED 3.20 (coinciding with the 100-week moving average), followed by AED 3.35 and AED 3.50 over the short-to-...

UAE debt capital market (DCM) activity strengthened in 1H26 despite heightened regional geopolitical volatility, with total US dollar debt issuance increased 40% to USD 24 Bn in 1H26, compared to 2H25, keeping the UAE among the largest US dollar bond and sukuk issuers in emerging markets.

EMSTEEL Building Materials: The stock is holding firm above its key support at AED 1.19 (coinciding with the 100-week moving average), maintaining a constructive technical setup. As long as this support remains intact, the stock is expected to stage a recovery from current levels. A decisive breakout, confirmed by a sustained close above the AED 1....