Company Briefs

International Holding Company

Diversified holdings

International Holding Company — why group cash is not parent cash

Abu Dhabi-based diversified holding and operating group with controlled and non-controlling investments spanning real estate and construction, marine and dredging, food and agriculture, healthcare, financial services, utilities, technology and other sectors. It earns consolidated operating revenue from controlled subsidiaries and investment/valuation income from a large portfolio. Economics depend on subsidiary operating performance, acquisition accounting, fair-value movements, related parties, non-controlling interests, leverage and transparent look-through NAV/cash accessibility.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-10

Emaar Properties

Real estate

Integrated real-estate and lifestyle group. Sells UAE homes mainly through controlled separately listed Emaar Development and other group projects; develops internationally, especially Egypt and India; owns/operates malls and commercial leasing assets; and owns/manages hotels, leisure and entertainment. Economics depend on presales, buyer advances and escrow, construction progress, handovers, backlog margin and collections, land bank, mall rents/occupancy, hotel occupancy/rates, international execution and capital allocation.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed

Identity checked

2026-08-11

First Abu Dhabi Bank

Banks

First Abu Dhabi Bank — four units and a merger still visible in the numbers

Diversified UAE-headquartered conventional and Islamic banking group serving government/public-sector institutions, corporates, financial institutions, SMEs, retail, affluent, private-banking and wealth clients. It earns net interest/spread income from loans and securities; fees from payments, trade finance, cash management, cards, capital markets and advisory; and markets/investment income. Reported segments are Investment Banking & Markets, Wholesale Banking, Personal/Business/Wealth/Privileged Client Banking and Head Office/subsidiaries, with a broad international network.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-01

Emirates NBD

Banks

Emirates NBD — a Dubai bank with three foreign balance sheets

Dubai-government-controlled diversified banking group earning net interest and Islamic financing margin plus fees and markets income across UAE retail and wealth, corporate and institutional banking, treasury, Emirates Islamic, DenizBank Türkiye, Emirates NBD Egypt and RBL Bank India. Economics depend on NIM and deposit mix, credit losses, efficiency, liquidity, regulatory capital, FX/hyperinflation and acquisition integration.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Dubai Islamic Bank

Banks

Dubai Islamic Bank — the property line that changed sides

Full-service Sharia-compliant bank earning financing and sukuk yield less depositors/sukuk-holder profit share, plus fees and FX, across consumer, business/corporate, treasury and capital-markets activities. Economics depend on profit margin, CASA and wholesale funding, expected credit losses, liquidity and regulatory capital; property exposure also arises through financing, investment properties and a 44.9% Deyaar associate.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Abu Dhabi Commercial Bank

Banks

Abu Dhabi Commercial Bank — how the group is built

Consumer, corporate and investment banking, treasury, property management and subsidiaries

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025

Identity checked

2026-08-03

Dubai Electricity and Water Authority

Utilities

DEWA — a utility with four different capital cycles

Government-controlled integrated utility that generates, transmits, distributes and sells electricity and potable water exclusively across Dubai; consolidates 80% of separately listed district-cooling operator Empower; participates in IWPP assets and owns Mai Dubai, Digital DEWA and Etihad ESCO. Economics depend on Dubai demand growth, approved tariffs and fuel-surcharge recovery, plant/network availability, line losses, capex, project debt and dividend cover.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; Q1 2026 issuer release

Identity checked

2026-08-11

Abu Dhabi Islamic Bank

Banks

Abu Dhabi Islamic Bank — the group is wider than the regulated bank

Sharia-compliant retail; corporate; business; private banking; wealth management

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-01

Aldar Properties

Real estate

Aldar Properties — a development engine and a rental engine, read separately

Develops and sells residential/mixed-use projects while owning and managing recurring-income real estate and international development platforms.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 issuer KPI release; FY2025 audited statements

Identity checked

2026-08-01

Abu Dhabi National Energy Company

Utilities

TAQA — five businesses and a compulsory exit

Owns and operates contracted power and water generation; regulated electricity/water transmission and distribution; wastewater collection, treatment and reuse; international utility assets; and a mature Canada/Europe oil-and-gas portfolio with decommissioning obligations. Through Masdar exposure it participates in renewables. Economics depend on regulated asset values and allowed returns, long-term offtake contracts, plant/network availability, pass-through tariffs, capacity additions, capital expenditure, project debt/refinancing, commodity prices and decommissioning costs.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited/integrated; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

ADNOC Gas

Energy

ADNOC Gas — an infrastructure business inside a controlled group

Processes associated and non-associated gas; supplies domestic gas; markets LNG, LPG, naphtha, sulphur and related products; operates gas infrastructure and industrial-gas activities.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1/Q2 2026

Identity checked

2026-08-10

e&

Telecommunications

e& — a UAE anchor with an acquired international perimeter

Provides mobile, fixed broadband, voice, data and wholesale connectivity in the UAE and international markets; sells enterprise ICT, cloud, cybersecurity, managed services and digital-government solutions; and owns or invests in consumer-digital and financial platforms. Revenue is mainly subscription, usage, connectivity, device and enterprise-contract based. Economics depend on subscribers, ARPU/ARPL, network and spectrum CAPEX, competition, currency, regulation, acquisitions and the UAE royalty/tax burden.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-01

ADNOC Drilling

Energy

ADNOC Drilling — availability is published, paid utilisation is not

Integrated onshore/offshore drilling and oilfield services with ADNOC-linked domestic core and regional platforms.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-03

Salik Company

Transport and logistics

Salik — a concession, not a road, and one metric that matters

Salik Company is a listed equity on DFM under ticker SALIK. Public classification: Transport and logistics. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

ADNOC Distribution

Energy

ADNOC Distribution — a station count that outruns the open stations

Fuel distribution and mobility retail with convenience, vehicle services, property management, lubricants and EV charging.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-03

Emaar Development

Real estate

Majority-owned listed subsidiary of Emaar Properties focused on prime UAE build-to-sell residential and commercial communities. It launches projects, presells units, receives buyer advances into escrow, funds construction, recognises IFRS 15 revenue as obligations are performed, hands over units and provides development management services. Economics depend on sales price and mix, launches, collections and cancellations, construction cost and progress, handovers, backlog margin/timing, land/JV/JDA terms, escrow accessibility and related-party arrangements with the listed parent and common-control entities.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed

Identity checked

2026-08-11

ADNOC Logistics and Services

Transport and logistics

ADNOC L&S — a shipping peak inside a logistics platform

Integrated offshore logistics, shipping, marine services, vessel chartering and related port activities.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-10

Emirates Integrated Telecommunications Company

Telecommunications

UAE-focused integrated telecom operator earning recurring and usage revenue from consumer and enterprise mobile voice/data, postpaid and prepaid plans, fixed fibre and Home Wireless broadband, IPTV, telephony, wholesale traffic/roaming/site sharing, and ICT services. ICT includes cloud, cybersecurity, data-centre colocation, IoT, broadcasting and equipment; adjacent platforms include du Pay, du Tech, du Infra and du Ventures. Economics depend on subscribers, mix, ARPU, churn, 5G/fibre quality, spectrum/licence terms, competition with e&, CAPEX, leases, federal royalty/tax, data-centre utilisation and enterprise contract returns.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 unmodified audited

Identity checked

2026-08-11

Talabat Holding

Consumer

Talabat — a Dubai listing whose parent is the one being bought

Talabat Holding is a listed equity on DFM under ticker TALABAT. Public classification: Consumer. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026 reviewed; FY2025 audited 485-day period plus pro-forma 12-month APM

Identity checked

2026-08-11

Borouge

Materials

Borouge — one Ruwais complex, one 90% owner, ten percent left on the market

Produces ethylene, propylene, polyethylene and polypropylene at Ruwais and markets differentiated polyolefins globally.

All research depths

Detailed review in preparation

Latest confirmed context

H1/Q2 2026 reviewed IAS 34 and issuer KPI disclosures

Identity checked

2026-08-01

AD Ports Group

Transport and logistics

AD Ports — five clusters that do not earn alike

Integrated ports, industrial zones, maritime shipping, logistics and digital trade services across long-term concessions and owned platforms.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-01

Fertiglobe

Materials

Fertiglobe — gas in, urea out, and an unsettled bill in Algeria

ADNOC-controlled global nitrogen-fertilizer producer and trader. Fertiglobe manufactures urea and merchant ammonia at Fertil in the UAE, EFC and EBIC in Egypt, and Sorfert in Algeria; it sells own product and third-party traded volumes through a six-port distribution network. Economics depend on urea/ammonia netbacks, natural-gas terms, utilisation and turnarounds, freight/trade routes, minority profit sharing and working capital. Growth options include low-carbon and renewable ammonia, DEF and automotive-grade urea.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-01

Alpha Dhabi Holding

Diversified holdings

Controls operating subsidiaries and owns associates, joint ventures and fund interests; value depends on asset performance, upstream cash and capital allocation at the listed parent.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026

Identity checked

2026-08-10

Air Arabia

Transport and logistics

Air Arabia — the traffic figure and the income statement describe different companies

Multi-hub low-cost airline group selling point-to-point passenger tickets and paid ancillary services, with cargo, aircraft leasing, ground handling, travel, training and hospitality activities. Sharjah operations are consolidated; airline interests in Abu Dhabi, Egypt and Pakistan are joint ventures and Morocco is an associate, so all-hubs passengers exceed the consolidated passenger perimeter.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Presight AI Holding

Technology

Presight — sovereign contracts and an order book that outruns collection

Designs, installs and operates AI/big-data analytics solutions, mainly under multi-year government and quasi-sovereign projects; majority-owned AIQ supplies energy AI. Contract wins, renewals, cost-to-complete, contract-asset collection, concentration, data sovereignty, international execution and AIQ minority economics drive value and risk.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-10

Dubai Financial Market

Financial services and insurance

Dubai Financial Market — the venue listed on itself

Government-controlled market-infrastructure group operating DFM, Dubai Clear, Dubai CSD and 67% of Nasdaq Dubai. It earns trading commissions, clearing/settlement/depository, brokerage, listing, market-data and other fees plus investment/dividend income on deposits, sukuk and strategic assets. Economics depend on ADTV/trades, listings, investor participation, fee schedules, profit rates, technology/settlement resilience and the strict separation of MyAccount/iVESTOR/CCP obligations from shareholder liquidity.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; Q1 2026 reviewed

Identity checked

2026-08-11

Modon Holding

Real estate

Modon Holding — a developer whose second-largest business is exhibitions and catering

Abu Dhabi Government-controlled integrated city builder and operator. Develops and sells masterplanned communities, plots and infrastructure; owns and leases income assets; owns/operates hotels; runs exhibition venues, events, temporary infrastructure, catering, tourism and media services; and invests through international JVs. Economics depend on sales/backlog conversion, construction delivery and collections, recurring occupancy/NOI, hotel rates, venue/event volumes, catering margins, working capital, capital commitments and capital allocation.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 primary statutory evidence not located as of 2026-08-10

Identity checked

2026-08-10

2PointZero Group

Diversified holdings

Two Point Zero Group — the listing still filed under MULTIPLY

IHC-controlled holding and operating platform that acquires, owns, scales and recycles controlled businesses and minority investments. It earns operating profit from energy/mining, food, mobility, media, beauty, apparel and packaging; management/financial-services income; dividends, interest, disposal gains and fair-value changes. Economics depend on underlying vertical performance, acquisition integration, fair-value discipline, parent cash access, NCI, debt and capital recycling.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

PureHealth Holding

Healthcare

PureHealth: the brand wall is wider than the consolidation perimeter

Vertically integrated Care and Cover platform. Care includes UAE hospital/clinic networks, UK Circle Health, Greece/Cyprus HHG, laboratories, pharmacies, medical procurement/logistics and clinical IT. Cover includes Daman health insurance and emerging P&C. Economics depend on patient volumes, occupancy, acuity/case mix, tariffs and payer collection, insurance pricing/claims/reserves/solvency, procurement mandates, physician capacity, M&A integration and lease/put-option obligations.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

Space42

Technology

Space42: net cash of USD727m that a customer paid before delivery

Operates satellite infrastructure and sells secure government/mission-critical communications, mobility, broadband and IoT through Space Services; Smart Solutions combines Earth-observation and ground data with the GIQ AI platform to provide mapping, geospatial intelligence, autonomous-mobility and industry solutions. Contract concentration, satellite availability/capacity, backlog conversion, contract-asset collection and heavy constellation CAPEX drive value and risk.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Parkin Company

Transport and logistics

Parkin — 258,000 spaces, four lettered zones and a fee nobody has fixed yet

Parkin Company is a listed equity on DFM under ticker PARKIN. Public classification: Transport and logistics. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026 reviewed; FY2025 audited; Q2 not published by cut-off

Identity checked

2026-08-11

Emirates Central Cooling Systems Corporation

Utilities

Empower — a Dubai cooling grid reported twice

Dubai district-cooling utility that builds and operates central chilled-water plants, underground distribution networks and building transfer stations. It earns fixed demand/capacity and consumption charges under long-term concession/service agreements, with a small pre-insulated-pipe manufacturing segment. Economics depend on contracted-to-connected RT conversion, consumption/EFLH, reliability, tariffs and input-cost pass-through, capex, EIBOR-linked debt and refinancing.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

TECOM Group

Real estate

TECOM Group — the landlord of ten Dubai districts that never sells a home

TECOM Group is a listed equity on DFM under ticker TECOM. Public classification: Real estate. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

NMDC Energy

Industrials and construction

NMDC Energy — the same yards, two gross profits, two tickers

Long-duration energy EPC contractor providing engineering, procurement, fabrication, project management, offshore/onshore construction, pipelaying, installation and commissioning. It operates four fabrication yards in the UAE and Saudi Arabia and a specialised offshore fleet. Revenue is recognised mainly over time, so economics depend on bidding and cost-to-complete discipline, procurement/subcontracting, yard and vessel utilisation, change orders/claims, backlog conversion, contract-asset and receivable collection, customer concentration, HSE and capital discipline. It does not primarily produce hydrocarbons.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

Al Ansari Financial Services

Financial services and insurance

Al Ansari — 444 counters, and a listing that raised nothing

Non-bank transactional financial-services group earning foreign-exchange spreads and commissions from cross-border/domestic remittances, retail/wholesale currency exchange, UAE WPS salary processing, bill collection, prepaid travel cards, corporate payments and digital wallet services; CashTrans transports/processes cash and valuables. BFC adds Bahrain, Kuwait and India operations.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Dubai Taxi Company

Transport and logistics

Dubai Taxi — a licence business that bought its rival

Regulated UAE mobility operator earning predominantly from completed taxi trips at RTA-set tariffs. Also runs VIP limousines, school and commercial buses under contracts, last-mile delivery-bike fleets, and the Bolt/Connectech e-hailing platform. Economics depend on licensed plates, fleet utilisation, trips per vehicle, average fare, airport/tourism demand, drivers, fuel, insurance, maintenance, RTA fees, vehicle replacement CAPEX and digital mix. National Taxi was acquired after H1 2026 and creates a new multi-emirate, debt-funded perimeter.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed pre-National-Taxi; FY2025 unmodified audited

Identity checked

2026-08-11

Lulu Retail Holdings

Consumer

Lulu Retail — a 1974 business with a 2024 legal history

Pan-GCC full-line retailer operating hypermarkets, supermarkets, express formats and ecommerce, supported by wholesale, sourcing, distribution and logistics. It earns thin retail margins on high-volume food and non-food sales. Economics depend on LFL growth, footfall and basket, store/square-metre productivity, fresh and private-label mix, ecommerce contribution, purchasing terms, inventory turns, shrink, labour/logistics productivity, rent and lease obligations, and disciplined pricing.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-10

Spinneys 1961 Holding

Consumer

Spinneys — more shoppers, a smaller basket, a bigger landlord

Fresh-led premium grocery retail, online grocery and selected rental income across owned and operated store formats.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025

Identity checked

2026-08-10

National Central Cooling Company

Utilities

Tabreed — headline tons that sit on other balance sheets

National Central Cooling Company is a listed equity on DFM under ticker TABREED. Public classification: Utilities. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

Burjeel Holdings

Healthcare

Burjeel — beds that fill and claims that wait

Hospitals, medical centres, pharmacies and specialized complex-care services across the GCC.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1/Q2 2026 reviewed IAS 34 and issuer KPI disclosures

Identity checked

2026-08-10

NMDC Group

Industrials and construction

NMDC Group — two margin profiles trading under one ticker

Integrated long-duration contracting group. NMDC Dredging & Marine executes dredging, reclamation, ports and marine works; 77%-owned separately listed NMDC Energy performs offshore/onshore energy EPC; NMDC Infra develops infrastructure, water and onshore EPC; NMDC LTS supplies marine logistics and industrial services; NMDC Engineering provides consultancy. Revenue is recognized over time and economics depend on backlog quality, bid/cost-to-complete discipline, variations and claims, segment margins, contract-asset and receivable conversion, customer concentration, fleet/yard utilisation and capex.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

Aramex

Transport and logistics

Aramex — the rented network outweighs the borrowed money

Global logistics group earning service revenue from international express parcels, domestic express/last-mile delivery, air-sea-land freight forwarding and customs services, and contract logistics/warehousing/fulfilment. Network density, shipment mix, freight rates, route utilisation, labour/line-haul costs, working capital and leased infrastructure drive returns.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Commercial Bank of Dubai

Banks

Commercial Bank of Dubai — the Islamic bank that is not a subsidiary

Universal UAE bank earning net interest and Islamic financing margin plus fees through Institutional Banking, Corporate Banking, Personal Banking and Trading & Other. Products include corporate and government-related lending, trade and transaction banking, deposits, cards, personal/auto/mortgage loans, treasury and CBD Al Islami. Economics depend on NIM, CASA funding, credit losses, efficiency, liquidity and regulatory capital.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Dana Gas

Energy

Dana Gas — most of the barrels come from a company it does not consolidate

Produces and processes natural gas, condensate and LPG in KRI and Egypt and owns UAE midstream/arbitration-linked interests.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34 and issuer KPI disclosures

Identity checked

2026-08-10

Taaleem Holdings

Education

Taaleem owns 95% of a nursery chain that never reaches its revenue line

Taaleem Holdings is a listed equity on DFM under ticker TAALEEM. Public classification: Education. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

9M FY2025/26 reviewed; FY2025 audited

Identity checked

2026-08-11

Dubai Investments

Diversified holdings

Dubai Investments — the holding company that kept almost all of its subsidiaries

UAE diversified holding group earning rental income and property-sale proceeds, industrial/manufacturing and contracting revenue, healthcare and education income, associate/JV profit, asset-management income, dividends and realised/unrealised investment returns. Dubai Investments Park and other property assets are material; Al Mal Capital and Al Mal Capital REIT sit within the investment perimeter.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Agthia Group

Consumer

Agthia Group — four food businesses and a pile of goodwill

Owns and operates branded and staple food, water, flour/feed, protein/frozen and snacking businesses across the MENA region.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026

Identity checked

2026-08-01

Waha Capital

Financial services and insurance

Waha Capital — the year the balance sheet shrank by AED 8.6bn with nothing sold

Abu Dhabi investment manager combining proprietary private investments, industrial real estate through Waha Land, and public-markets funds/asset management. It earns fair-value and realised investment returns, dividends and interest, plus recurring management fees and performance fees from third-party and proprietary capital.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Deyaar Development

Real estate

Deyaar Development — a developer funded by its buyers

Dubai-focused developer that launches, constructs and sells residential/mixed-use projects and recognises most sales revenue over construction progress; also earns smaller recurring revenue from property, facilities and community management, leasing and hospitality. Economics depend on presales, backlog, customer collections, escrow release, construction progress, handovers, cost control, land monetisation, recurring-income KPIs and accessible liquidity.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed

Identity checked

2026-08-11

Dubai Residential REIT

Real estate

Dubai Residential REIT — 35,976 homes, a 99.7% collection rate and a 78% provision

Sharia-compliant closed-ended DFM-listed REIT managed by DHAM REIT Management LLC. It owns and operates apartments, villas and residential communities across premium, community, affordable and corporate-housing segments in Dubai. Revenue comes primarily from operating leases; growth depends on occupancy, rental reversion, refurbishments, acquisitions and new units. Key risks are the Dubai rental cycle, RERA regulation, valuation yields, EIBOR-linked debt and related-party manager/acquisition governance.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Agility Global

Transport and logistics

Owns controlled operating businesses and long-term investments; corporate center allocates capital and oversees decentralized platforms.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026

Identity checked

2026-08-10

Americana Restaurants International

Consumer

Americana Restaurants: 2,746 outlets built on other people's brands

Operates franchised and proprietary restaurant brands across 12 markets; growth from LFL sales, new stores, digital channels, procurement scale and category expansion.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed

Identity checked

2026-08-10

ALEC Holdings

Industrials and construction

ALEC Holdings: a contractor funded, controlled and partly banked by Dubai's holding company

Integrated UAE/KSA contractor earning revenue from large, complex building and infrastructure construction, onshore/offshore energy EPC and nine specialist services covering MEP, fit-out, data centres, façades, modular systems, technology, energy solutions and equipment rental. Revenue is recognised mainly over time; economics depend on bid discipline, cost-to-complete estimates, project mix, variations/claims, certifications, backlog conversion and collection of contract assets and retentions.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Amanat Holdings

Financial services and insurance

Amanat — hospital beds, lecture halls and a parent that owns neither directly

GCC healthcare and education operating holding. Healthcare platform Cambridge Health Group provides post-acute rehabilitation, long-term care and home healthcare in the UAE and Saudi Arabia. Education platform Almasar includes Middlesex University Dubai, Saudi special-education operator Human Development Company and an equity-accounted interest in NEMA.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Alef Education Holding

Education

Alef Education: one customer, two contract end-dates and a profit line that peaked on investments

AI-enabled learning platform, digital content, assessment, analytics and IT/support services for government systems and private schools.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed

Identity checked

2026-08-10

GFH Financial Group

Financial services and insurance

Hybrid financial group earning management, placement, performance and exit fees; credit and financing income through private credit and 82.95%-owned Khaleeji Bank; and treasury/proprietary returns from securities, real estate, operating assets and direct investments.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 presentation

Identity checked

2026-08-10

Phoenix Group

Technology

Phoenix Group — bitcoin machines, pledged coins and a French building site

Power-backed high-density compute infrastructure group. Current revenue comes primarily from Bitcoin self-mining, third-party mining-machine hosting and a reduced ASIC/digital-wallet equipment-trading activity. The group also owns and actively manages digital assets and financial investments, with some tokens pledged against exchange margin loans. It is developing AI/HPC data-centre projects, beginning with an 18MW Lyon site, but the AI pipeline was not operating or evidenced as contracted customer capacity at H1 2026. Economics depend on Bitcoin/hashprice, network difficulty, uptime, fleet efficiency and obsolescence, power cost, hosting utilisation and customer retention, treasury prices and liquidity, collateral LTV, maintenance/growth CAPEX and execution/funding of AI projects.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

Mashreq

Banks

Mashreqbank — a bank, an insurer and three shareholders

Universal bank earning net interest/Islamic financing margin, fees, FX/trading and investment income through Wholesale, Retail, Treasury & Global Markets and International Banking; consolidated Insurance & Others includes listed Sukoon Insurance.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Union Properties

Real estate

Union Properties: the capital cut that cancelled no shares

Union Properties is a listed equity on DFM under ticker UPP. Public classification: Real estate. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34; FY2025 audited consolidated

Identity checked

2026-08-11

Abu Dhabi National Hotels

Consumer

Owned and managed hotels; catering and support services; passenger transport

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-10

Emirates REIT

Real estate

Closed-ended public Islamic property fund managed by Equitativa (Dubai) Limited. It owns Dubai offices, schools and other commercial property, collects rent and distributes income; investors bear occupancy, tenant-credit, financing, property-valuation and external-manager-fee risk rather than the operating risk of its tenants.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 unaudited; FY2025 audited corrected

Identity checked

2026-08-11

Mair Group

Consumer

MAIR Group: like-for-like rose 7.7 per cent and shop revenue did not move

Hybrid operating group. ADCOOP and SPAR sell food, household goods and general merchandise through supermarkets, hypermarkets and convenience formats; Makani owns, develops and manages malls, community centres, retail properties and logistics assets. Retail economics depend on LFL sales, store productivity, private label, supplier rebates, inventory, shrink, labour, logistics and leases. Property economics depend on occupancy, GLA, rents, tenants, development CAPEX, valuations and cap rates.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-10

Ajman Bank

Banks

Ajman Bank: eleven branches and three answers on who owns it

UAE Islamic bank funded mainly by customer deposits and bank/FI funding. It earns Sharia-compliant financing and investment income from wholesale/corporate and consumer customers, fees and treasury/Sukuk activities; products include Murabaha, Ijarah, Mudaraba, Musharaka and Wakala. The group also owns property subsidiaries Skyrise Properties and Makaseb 2.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Drake and Scull International

Industrials and construction

Engineering and construction group delivering mechanical, electrical and plumbing systems, infrastructure and water/wastewater treatment EPC projects; Passavant is the principal water/environment platform. Revenue is earned over time as contract work progresses, so economics depend on project budgets, cost-to-complete estimates, variations/claims, collections, guarantees, working capital and execution discipline. The group is also developing the Majan real-estate project.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 qualified reviewed; FY2025 qualified audited

Identity checked

2026-08-11

ENBD REIT

Real estate

Sharia-compliant closed-ended DIFC REIT managed by Emirates NBD Asset Management. It owns ten Dubai office, residential, student-accommodation, education and retail properties and earns rent; it bears occupancy, tenant-credit, refinancing, profit-rate and property-valuation risk rather than operating tenant businesses.

All research depths

Detailed review in preparation

Latest confirmed context

FY2026 audited IFRS

Identity checked

2026-08-11

Gulf Pharmaceutical Industries

Healthcare

Julphar: the 2025 profit came from what was sold, not what was made

Regional pharmaceutical group developing, manufacturing and commercialising generic medicines and selected biologics across MENA and Africa. Economics depend on product registrations and launches, volume and facility utilisation, price/mix, gross margin, R&D productivity, quality compliance, working capital and financing.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 summary reviewed

Identity checked

2026-08-10

Eshraq Investments

Real estate

Hybrid investment holding and real-estate asset-monetisation company. It owns a concentrated proprietary investment portfolio dominated by the Goldilocks open-ended fund managed by SHUAA GMC; earns rental income from investment property; disposes of or selectively develops real-estate assets; and has smaller hospitality/holding activities. Economic outcomes depend on independently realisable look-through investment NAV, legal title and pledges, asset-sale proceeds, rent and collections, realised versus unrealised gains, parent liquidity and capital allocation—not conventional developer presales alone.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 amended/reissued reviewed interim; FY2025 qualified audited IFRS

Identity checked

2026-08-10

SHUAA Capital

Financial services and insurance

Financial-services group focused on asset management and investment banking, with exposure to public and private markets, credit and real estate. Earnings can include management, advisory, performance and investment returns; fund valuation, leverage, covenants and related-party/look-through exposures are central risks.

All research depths

Detailed review in preparation

Latest confirmed context

Status unavailable

Identity checked

2026-08-11

Apex Investment

Diversified holdings

Controls operating subsidiaries while incubating new ventures and managing proprietary capital; value depends on both operating cash flows and investment/NAV outcomes.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 management disclosure; FY2025 audited

Identity checked

2026-08-10

Amlak Finance

Financial services and insurance

Amlak Finance — a licensed mortgage company whose book is 98% bank placements

CBUAE-licensed non-bank Islamic real-estate finance company. Historically originated Ijara/Murabaha/Mudaraba/Wakala/Musharaka property finance; currently monetises legacy development/investment properties and impaired mortgage contracts, places surplus liquidity in short-term bank Wakala, and reviews its future model after shareholders rejected the proposed transformation and licence surrender.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; H1 board consideration pending on cut-off date

Identity checked

2026-08-11

Depa Group

Industrials and construction

Premium interior-solutions and fit-out contractor operating through Depa Interiors, Vedder, Deco and Carrara. It designs, procures, manufactures and installs interiors, joinery, furniture, fixtures and equipment for hotels, residences, offices, retail, transport and specialist projects; project execution, backlog, margins, contract assets and collections drive the economics.

All research depths

Detailed review in preparation

Latest confirmed context

Status unavailable

Identity checked

2026-08-11

Emirates Stallions Group

Industrials and construction

IHC-controlled diversified operating group combining real-estate development, contracting, consultancy and design; landscaping, agriculture and maintenance; manpower, outsourcing, training and labour accommodation; and furniture manufacturing, retail and interior fit-out. Revenue comes from long-term service and construction contracts, property development, workforce deployment, accommodation, retail goods and fit-out projects. Economics depend on project recognition and collections, contract margins, workforce utilisation and bill rates, accommodation occupancy, acquisitions, related-party activity, inventory and capital allocation.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 management release; FY2025 audited IFRS

Identity checked

2026-08-10

Dubai National Insurance

Financial services and insurance

Dubai National Insurance: the owner of the company is also the owner of the claim

Multi-line UAE insurer. Sells personal motor, medical, travel and home cover and commercial fleet, group medical/life, engineering, accident, liability, marine and property policies. Premiums become insurance revenue over coverage periods; claims, acquisition/operating expenses and reinsurance determine underwriting margin. A large portfolio of quoted securities, debt instruments, deposits and investment property supplies investment and rental income, making profit and equity sensitive to markets and property valuations.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited; H1 2026 missing at cut-off

Identity checked

2026-08-11

Islamic Arab Insurance Company

Financial services and insurance

Islamic Arab Insurance Company is a listed equity on DFM under ticker SALAMA. Public classification: Financial services and insurance. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited IFRS; Q1 2026 reviewed interim

Identity checked

2026-08-11

Easy Lease Motorcycle Rental

Transport and logistics

Easy Lease: AED276m of 2025 revenue was bought rather than grown

Rents motorcycles, cars and limousines; supplies delivery fleets and riders; provides freight forwarding, warehousing, finished-vehicle logistics, roadside recovery and maintenance; and operates smaller event, marine, EV-charging and transport-technology activities. Customers pay recurring rental/storage fees, per-delivery or freight charges and service/event fees. Economics depend on fleet and warehouse utilisation, contract pricing, maintenance, drivers, insurance, residual values, receivable collection, financing and acquisition discipline.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-10

Palms Sports

Consumer

Diversified labour-intensive outsourced-services group. It provides Jiu-Jitsu, martial-arts, fitness and institutional sports coaching; security guards, cleaning and onshore/offshore oil-cleaning services; education-services management; sports events; physiotherapy and sports-injury rehabilitation; limited sports-goods and technology activities. Most revenue is recognised over time. Economics depend on contract wins, renewal and duration, customer concentration, billable headcount and utilisation, wage/recruitment/transport costs, pricing escalation, service-line mix, receivable collection, related-party cash accessibility and acquisition discipline.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

National Cement Company

Materials

Dubai-based cement and clinker producer with an Al Quoz plant, approximately 1.2m tonnes annual clinker capacity and 1.5m tonnes cement grinding capacity. It sells multiple cement grades mainly in the UAE. Economics depend on tonnes, utilisation, realised price, fuel and power, reliability, maintenance capex and working capital. The company is also a very large investment holder: quoted equity investments and their dividends dominate assets and consolidated profit, so look-through portfolio quality, concentration and cash accessibility are essential.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

National General Insurance

Financial services and insurance

National General Insurance: the year profit did not come from policies

Dubai-headquartered multiline insurer selling general/property, engineering, liability, marine, energy, aviation, motor, medical and life cover, including unit-linked, credit/group life and specialty products. Customers pay premiums to transfer risk; NGI recognises insurance revenue as service is provided, pays claims and acquisition/operating costs, cedes selected risk to reinsurers and invests assets supporting obligations. Economics depend on pricing, claims frequency/severity, reserve adequacy, medical inflation, retention and reinsurance quality, investment returns, solvency and distribution efficiency.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

Sukoon Takaful

Financial services and insurance

Sukoon Takaful: a listed company that is already inside two other sets of accounts

Sukoon Takaful is a listed equity on DFM under ticker SUKOONTAKAFL. Public classification: Financial services and insurance. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed; FY2025 audited; solvency latest 31 March 2026 unaudited

Identity checked

2026-08-11

Watania International Holding

Financial services and insurance

Watania: a takaful holding whose 2024 accounts were rewritten a year after publication

Watania International Holding is a listed equity on DFM under ticker WATANIA. Public classification: Financial services and insurance. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited; H1 2026 board-approved not yet published

Identity checked

2026-08-11

Transport and logistics

Abu Dhabi Aviation: the rotor fleet stopped being the business

MRO, technical support, rotary/fixed-wing operations, charter and cargo

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025

Identity checked

2026-08-10

A D N H Catering plc

Consumer

ADNH Catering: every dirham of growth arrived from Al Khobar

Contract catering, food services, cleaning, manpower and support services

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-10

Abu Dhabi National Insurance Company PJSC

Financial services and insurance

ADNIC: the composite insurer whose largest customer is its own shareholder circle

Corporate and retail multi-line insurance plus investment income; UAE base with Saudi subsidiary and India branch.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-10

Industrials and construction

Abu Dhabi Ship Building: one yard, one order, five years of work

Designs, builds, integrates, repairs and supports naval and commercial vessels, with project-based revenues and milestone billing.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

Q1 2026

Identity checked

2026-08-10

Alpha Data PJSC

Technology

Alpha Data: the reseller margin and the service margin that share one income statement

Provides Solutions, managed/professional Services and outsourced technology Talent across infrastructure, cloud, AI, cybersecurity and digital transformation.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed

Identity checked

2026-08-03

ARAM Group Company P.J.S.C.

Real estate

Owns and leases Sharjah investment properties and holds listed/unlisted financial instruments; reported profit is materially affected by fair-value movements.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 unaudited

Identity checked

2026-08-10

Al Seer Marine Supplies & Equipment Company P.J.S.C.

Industrials and construction

Commercial shipping, yacht management and industrial/defence technology operations alongside a material proprietary FVTPL investment portfolio and joint ventures.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; 2026 interim statements not located as of verification date

Identity checked

2026-08-10

Al Wathba National Insurance Company PJSC

Financial services and insurance

Al Wathba National Insurance: the profit line follows the portfolio, not the policies

Underwrites UAE general insurance and earns investment/property income; subsidiaries hold investment, property, service and Lloyds participation structures.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; FY2025 audited

Identity checked

2026-08-10

Abu Dhabi National Company for Building Materials PJSC

Industrials and construction

Manufactures and trades building materials; undergoing land-backed recapitalisation and operating restructuring.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 special-purpose; FY2025 official results

Identity checked

2026-08-10

Bank of Sharjah

Financial services and insurance

Bank of Sharjah: six branches, a Beirut subsidiary and a related-party securities book

UAE commercial and investment banking with lending, deposits, investments and real-estate activities.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-10

E7 Group PJSC

Industrials and construction

E7 Group — secure identity, print and the cash behind them

Designs and manufactures secure national IDs, passports, banking cards and digital tax stamps and integrates related physical-to-digital identity systems for governments and regulated institutions. It also sells commercial/education printing and digital-learning services, specification-driven packaging, and fulfilment/distribution through Tawzea. Revenue is contract- and delivery-based; economics depend on secure-capacity utilisation, contract mix, customer acceptance, receivable collection, raw materials and disciplined growth CAPEX.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-10

Emirates Insurance Company

Financial services and insurance

Writes general insurance and reinsurance across motor, property/fire, engineering, energy, marine, aviation, liability, financial lines and other specialty risks. Premiums are earned over coverage periods; claims, operating expenses and reinsurance determine underwriting profit. A large portfolio of bonds, deposits, quoted/unquoted equities, funds and investment property supplies investment income and makes earnings and book value market-sensitive.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-03

Consumer

Emirates Mobility: nine business lines, one of which is 95% of revenue

Trains and tests drivers for course/testing fees; operates limousine, courier and vehicle-repair services; develops EV-charging and AI/testing capabilities; allocates capital to mobility associates. Mwasalat public bus, taxi, rental/leasing and school-transport operations are equity-accounted at 22.5%, so their revenue, fleet and passengers are not consolidated.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34 and issuer operating disclosures

Identity checked

2026-08-03

EMSTEEL BUILDING MATERIALS PJSC

Materials

EMSTEEL: a kiln above nameplate, a cement mill at half, one ticker

Integrated producer of direct-reduced iron, crude and finished long steel, rebar, wire rod, heavy sections, sheet piles, clinker, cement, concrete blocks and dry mortar. Revenue comes from physical product sales to UAE construction/infrastructure customers and export markets. Economics depend on steel/cement prices, iron ore, freight, gas and power, product mix, plant utilisation, maintenance, CAPEX and construction demand.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed IAS 34; FY2025 audited IFRS

Identity checked

2026-08-10

Fujairah Cement Industries Company

Industrials and construction

Integrated cement producer based in Dibba, Fujairah. The parent manufactures clinker and hydraulic cement, operates sand/pebble mines and crushers, and exports product. Its ready-mix/dry-mix subsidiary was discontinued from February 2024. Production was suspended from May 2024 for liquidity reasons and restarted in June 2025. Earnings depend on sales tonnes, realised cement/clinker prices, utilisation, fuel and power costs, freight, plant reliability, working capital and debt service.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed with adverse conclusion; FY2025 audited with adverse opinion

Identity checked

2026-08-10

Foodco National Foodstuff

Consumer

Foodco National imports, packs, wholesales and distributes food and household products through Abu Dhabi National Foodstuff and operates freight forwarding, clearance, warehousing and storage through 5PL Logistics Solutions. The group also lists catering, facility management and restaurant management in its legal activity set. It owns/distributes consumer brands and serves modern trade, general trade/wholesale, HoReCa, tenders and online channels. Economics depend on product gross margin and trade spend, inventory turns and obsolescence, receivable collection, logistics capacity utilisation, warehouse operating leverage and related-party funding/settlement.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 MISSING

Identity checked

2026-08-10

Gulf Cement Company

Industrials and construction

Integrated cement producer operating a Ras Al Khaimah plant and selling cement into the UAE and export markets. Economics depend on cement and clinker tonnes, achieved kiln and grinding utilisation, realised price per tonne, product and geographic mix, fuel and power costs, freight, plant reliability, maintenance capex, receivable collection and working-capital funding. TC Mena, controlled by Buzzi, became the controlling shareholder in May 2025.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited

Identity checked

2026-08-10

GFH Bank B.S.C.

Financial services and insurance

Hybrid financial group earning management, placement, performance and exit fees; credit and financing income through private credit and 82.95%-owned Khaleeji Bank; and treasury/proprietary returns from securities, real estate, operating assets and direct investments.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 presentation

Identity checked

2026-08-10

Ghitha Holding PJSC

Consumer

UAE-centered farm-to-market food platform spanning fruits and vegetables, dairy, poultry and protein, food trading/distribution and edible oils. Economics depend on physical volumes, capacity utilisation, feed and commodity costs, biological assets, gross margin, spoilage, working capital, logistics, acquisitions and the share of earnings retained after non-controlling interests.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 parent vertical summary

Identity checked

2026-08-10

Hayah Insurance Company P.J.S.C

Financial services and insurance

UAE insurer underwriting medical cover and term-life protection for individuals and groups, while investing in equity and debt securities. Economics depend on policy volumes and retention, pricing, claims frequency and severity, acquisition and servicing costs, reinsurance premiums and recoveries, reserve adequacy, investment returns, operating leverage and regulatory capital. Medical, life and investments are separately managed operating segments.

All research depths

Detailed review in preparation

Latest confirmed context

Q1 2026 reviewed; FY2025 audited

Identity checked

2026-08-10

Investcorp Capital PLC

Financial services and insurance

ADX-listed private-markets holding company with underwriting and co-investment activities across private equity, credit, real assets and strategic capital. It earns underwriting and commitment fees, interest, rent, dividends, disposal gains and fair-value movements. Economics depend on origination, syndication, realizations, portfolio valuations, leverage costs, liquidity and extensive Investcorp-related-party arrangements.

All research depths

Detailed review in preparation

Latest confirmed context

9M FY2026 reviewed; FY2025 audited

Identity checked

2026-08-10

Invictus Investment Company PLC

Consumer

Integrated Middle East–Africa agro-food platform trading agricultural commodities and food products, distributing locally, manufacturing in Morocco and operating logistics, vessels and warehouses. Earnings depend on traded tonnes, thin commodity margins, sourcing and hedging, receivable collection, inventory turns, freight, working-capital financing and country risk.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1/H1 2026 missing

Identity checked

2026-08-10

Al Khaleej Investment

Financial services and insurance

Ras Al Khaimah-based investment holding group allocating capital across property, securities, private investments and a real-estate joint venture. Current operating revenue is mainly residential and commercial rent; returns also depend on joint-venture results, investment gains, asset sales and interest income. Economics depend on occupancy and rent, overhead control, fair-value discipline, JV cash distributions, capital commitments, liquidity and capital allocation.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-10

Manazel PJSC

Real estate

Sharia-compliant real-estate group that develops and sells property, owns income-producing commercial assets, manages buildings and communities, and supplies district cooling and facility services. FY2025 revenue was entirely rental and service income with no property sales. Economics depend on occupancy/rents, cap rates and property values, project collections, cooling/service utilisation, receivable recovery, financing terms and asset-level cash accessibility.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1/H1 2026 evidence missing as of 2026-08-10

Identity checked

2026-08-10

National Corporation for Tourism and Hotels PJSC

Consumer

Diversified hospitality-services group. Hotels provide accommodation, food and beverage and related services; catering serves institutional/corporate clients; retail operates consumer and airport food/beverage outlets; facilities management provides outsourced services; investment properties earn rental income; the holding segment manages investments and central activities. Economics depend on occupancy, ADR, RevPAR, room inventory, contract retention and pricing, food/labour costs, working capital, property occupancy and capex.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited balance comparative; Q1 2026 reviewed IAS 34

Identity checked

2026-08-10

Ooredoo Q.P.S.C.

Telecommunications

Ooredoo — a Qatari operator reached through a second order book

Diversified telecommunications and digital-infrastructure group selling mobile prepaid/postpaid, fixed broadband, voice, data, enterprise ICT/cloud/cybersecurity, wholesale and device services across eight consolidated markets. It is scaling AI-ready data centres, tower infrastructure, international fibre/subsea connectivity and fintech. Economics depend on service-revenue growth, customers, country-level ARPU/churn, spectrum/licence costs, network quality, EBITDA margin, CAPEX intensity, cash conversion, currency/repatriation and regulatory discipline. IOH is equity accounted and must remain outside consolidated revenue/customer claims.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 issuer/QSE results release

Identity checked

2026-08-10

The National Bank of Ras Al-Khaimah P.S.C.

Financial services and insurance

RAKBANK — the half-year that sold a business

Universal UAE bank earning net interest/Islamic financing margin and fees through Personal Banking, SME/Business Banking, Wholesale/Corporate Banking, RAKislamic, treasury/markets and insurance distribution. Economics depend on loan and deposit growth, CASA funding, NIM, fee mix, credit losses, operating efficiency, liquidity and regulatory capital.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

R.A.K Ceramics P.J.S.C.

Industrials and construction

RAK Ceramics — four product economics fired in one group

Integrated ceramic lifestyle-solutions manufacturer and distributor. Designs, manufactures and sells ceramic/gres porcelain wall and floor tiles, large-format slabs, sanitaryware, KLUDI faucets/taps and porcelain tableware through project, dealer, showroom, hospitality, airline, retail and export channels. Economics depend on product/project mix, realised price, factory utilisation, gas/energy and raw materials, freight, construction demand, working capital, CAPEX and leverage; minor activities include power, paints/plastics/minerals and real-estate leasing.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 reviewed IAS 34

Identity checked

2026-08-10

RAK Properties P.J.S.C.

Real estate

RAK Properties — two kinds of government land that must never be added together

Government-backed Ras Al Khaimah master developer. Plans and builds waterfront destination communities, sells residential units and recognises qualifying development revenue as construction progresses, then hands homes over. Retains selected hotels, retail/leasing and asset/facility-management activities for recurring income. Economics depend on launches, net sales, backlog, collections, construction progress, handovers, land-bank monetisation, hotel occupancy/ADR, working capital and funding cost.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; H1 2026 reviewed

Identity checked

2026-08-10

RAPCO Investment P.J.S.C.

Financial services and insurance

RAPCO Investment: the poultry licence that now holds RAKBANK shares

Standalone proprietary investment company, formerly a poultry operator. Allocates shareholder capital across listed and unlisted equities, bonds and bond funds, investment property, venture and stated agritech themes. Earns dividends, interest, rent, realised disposal gains and fair-value movements. Economics depend on portfolio composition, recurring yield, public/private valuation, liquidity, parent costs, leverage, pledged collateral and capital allocation.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; H1 2026 reviewed

Identity checked

2026-08-10

Response Plus Holding PJSC

Healthcare

Response Plus: the ambulance count moved and the profit fell while revenue rose

B2B/B2G medical contract-services platform that deploys clinicians, paramedics, ambulances and onsite clinics for industrial sites, infrastructure, airports and events; provides occupational health, medical manpower, emergency/event cover, training/consulting and emerging evacuation services. Economics depend on contract pricing/renewal, billable staff and fleet utilisation, staff-cost inflation, mobilisation, clinical quality, receivable/unbilled collection, capex and acquired Prometheus integration.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 signed audited summary; H1 2025 reviewed IAS 34; H1 2026 missing as of 2026-08-11

Identity checked

2026-08-11

Sharjah Cement and Industrial Development Co. PJSC

Industrials and construction

Sharjah Cement — a kiln, a sack plant and a securities book

Industrial group selling cement/clinker, dry-mortar products, ready-mix concrete and delivery/pumping, multiwall paper sacks, and synthetic ropes/twine. It also earns dividends, fair-value income and rent from securities and investment property. Economics depend on construction demand, realised prices, production/utilisation, coal/alternative-fuel and power costs, raw materials/freight, working-capital collection, capex, financing and investment-asset values.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Financial services and insurance

Sharjah Islamic Bank: the lender that also runs hotels

UAE-focused Sharia-compliant group: retail, business, corporate and government financing; customer deposits; sukuk and treasury; transaction/fee income; plus wholly owned real-estate/property-management, brokerage and hospitality subsidiaries.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

United Arab Bank P.J.S.C.

Financial services and insurance

United Arab Bank: a 40% foreign limit with 0.08% used

UAE-focused commercial bank earning primarily from lending and deposits. It serves medium/large corporates and institutions, individuals through personal and Islamic banking, and runs a treasury/investment portfolio plus FX, derivatives, trade finance and cash-management services.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Al Firdous Holdings PJSC

Financial services and insurance

Historically operated Saudi hotels/restaurants and Hajj/Umrah services, then sold that portfolio in 2009; a later Dubai restaurant subsidiary stopped operations in 2019. The listed group now has virtually no operating revenue or cash. Its economics depend almost entirely on recovering an old investment-portfolio sale receivable and a related-party Dubai land advance, obtaining enforceable/current collateral, maintaining major-shareholder funding and establishing a funded new operating business.

All research depths

Detailed review in preparation

Latest confirmed context

FY2026 audited with disclaimer of opinion

Identity checked

2026-08-11

Alliance Insurance PJSC

Financial services and insurance

Alliance Insurance: one million shares, twenty-one investors, profit from two buildings

Alliance accepts property, motor, aviation, marine, engineering, liability, medical, personal-accident and life risks in exchange for premiums, pays eligible claims and transfers part of large/volatile exposures to reinsurers. It also invests policyholder/shareholder funds in fixed-income securities, deposits, equities and two Dubai commercial buildings. Economics depend on pricing, claims and reserve adequacy, reinsurance cost/recoverability, medical inflation, catastrophe losses, investment yields and regulatory capital.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited IFRS; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

Al Ramz Corporation Investment and Development PJSC

Financial services and insurance

Al Ramz — the broker that became a lender against shares

Al Ramz earns brokerage commissions, interest on securities-backed client margin loans, market-making/liquidity-provision income, asset-management fees, corporate-finance/advisory fees and proprietary investment gains. Client deposits and fiduciary AUM are not shareholder cash/assets. Economics depend on client trading, margin balances and collateral, funding spreads, AUM and fee rates, mandates, capital-market activity, market volatility, regulatory capital and risk controls.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited consolidated; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

AL SALAM Sudan

Financial services and insurance

Al Salam Bank Sudan accepts current accounts and unrestricted investment accounts, provides Sharia-compliant Murabaha/deferred-sale, Mudaraba and Musharaka financing, processes letters of credit, guarantees and transfers, and owns minority stakes in Al Salam Bank Bahrain and Al Salam Bank Algeria. Its economics depend on financing quality and collections, depositor funding, fee income, foreign-exchange movements, dividends from those bank stakes, regulatory capital and operating continuity during Sudan war conditions. It is a different legal issuer from DFM-SALAM_BAH.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed

Identity checked

2026-08-11

Dubai Islamic Insurance and Reinsurance Co. PJSC

Financial services and insurance

Dubai-based Sharia-compliant takaful operator still administering general, medical, family/life, unit-linked and retakaful contracts because approved portfolio sales have not completed. Customers pay contributions; AMAN earns IFRS 17 insurance-service economics plus Wakala administration fees and a Mudarib share of investment income, while claims, acquisition/service costs, retakaful and reserve adequacy drive results. Takaful/policyholder assets and unit-linked investments back policyholder obligations and are not freely available shareholder cash. Shareholders approved exit from takaful and transformation toward an investment firm, but buyer terminations are disputed and the post-transition asset mandate is not yet established.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 filed but immutable attachment missing

Identity checked

2026-08-11

Al Mal Capital REIT

Real estate

Closed-ended DFM-listed REIT managed by Al Mal Capital PSC. It owns and leases five UAE school campuses, NMC Royal Hospital and Falcon House offices. Revenue comes from contractual operating leases; the REIT bears tenant-credit, refinancing, interest-rate, property-valuation and related-party governance risks rather than operating schools or the hospital.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited IFRS

Identity checked

2026-08-11

Al Sagr National Insurance Company PJSC

Financial services and insurance

Conventional insurance company underwriting general and other insurance risks and investing shareholder and policyholder funds. Premium adequacy, claims, expenses, reinsurance recoverability, reserves and regulatory solvency determine its economics; FY2025 statement approval remains unresolved.

All research depths

Detailed review in preparation

Latest confirmed context

Status unavailable

Identity checked

2026-08-11

BHM Capital Financial Services PSC

Financial services and insurance

BHM Capital — where half the income now comes off the balance sheet

BHM Capital earns brokerage commissions, interest on securities-backed client margin loans, market-making/liquidity-provider and stock-lending fees, asset-management and advisory fees, and gains on a proprietary securities portfolio. Client deposits and asset-management balances are not shareholder cash. Economics depend on trading activity, margin-book scale and collateral, funding spread, market volatility, mandates, regulatory capital and risk controls.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited consolidated; Q1 2026 issuer release only

Identity checked

2026-08-11

Dubai Insurance Company PJSC

Financial services and insurance

UAE multiline insurer underwriting Worker Protection, motor, marine, fire/property, engineering, general accident, group life and medical risks through Life & Medical and Motor & General segments. It earns insurance service result after claims, expenses and reinsurance, plus investment income on deposits, debt, equities and property. Economics depend on pricing, claims, retention, reinsurer recoverability/concentration, solvency and investment risk.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

FY2025 audited; Q1 2026 EY-reviewed via secondary mirror

Identity checked

2026-08-11

Dubai Refreshment Company PJSC

Consumer

Exclusive Pepsi-products bottler and distributor for Dubai and the Northern Emirates. Manufactures, cans/bottles, warehouses, sells and delivers carbonated soft drinks, water, sports/energy drinks, juices and selected snacks under Pepsi, 7Up, Mirinda, Mountain Dew, Aquafina, Gatorade, Shani, Rockstar, Ceres, Evervess, Britvic and related brands. Economics depend on beverage volume, price and package/channel mix, Pepsi bottling rights, concentrate/sugar/aluminium/PET costs, plant and fleet efficiency, excise tax, working capital and distribution reach.

All research depths

Review ready · verified figures appear when approved

Latest confirmed context

H1 2026 reviewed IAS 34 with IFRS18 re-presentation; FY2025 audited

Identity checked

2026-08-11

Emirates Investment Bank P.J.S.C.

Financial services and insurance

Specialised UAE private bank for high-net-worth clients and families. Banking Services manages client portfolios, provides custody/advisory services, accepts deposits and extends mostly collateralised credit; Investments manages the bank own securities portfolio and treasury. Fiduciary client assets are off balance sheet. Revenue comes from net interest/investment income, advisory/custody fees and foreign exchange; economics depend on client assets, investment performance, funding, credit quality and transformation costs.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed IAS 34

Identity checked

2026-08-11

Financial services and insurance

Kuwaiti investment holding group that owns and manages corporate stakes, may finance or guarantee investees and seeks returns from portfolio valuation, disposal and distributions. Current economics are dominated by a predominantly unquoted FVOCI portfolio, holding subsidiaries and a 44.48% takaful associate carried at nominal KWD1 after licence cancellation. It has almost no recurring operating revenue, very low cash, related-party exposures and depends on asset values, investee cash accessibility, overhead control and capital restructuring.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited qualified; H1 2026 reviewed qualified

Identity checked

2026-08-11

Emirates Reem Investments Company PJSC

Consumer

Emirates Reem Investments Company PJSC is a listed equity on DFM under ticker ERC. Public classification: Consumer. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.

All research depths

Detailed review in preparation

Latest confirmed context

FY2025 audited; Q1 2026 reviewed IAS 34

Identity checked

2026-08-11

International Financial Advisors Holding Company K.P.S.C

Financial services and insurance

Kuwaiti dual-listed holding company owning stakes in insurance, luxury real estate and hotels, a wastewater PPP, listed/unlisted securities, managed funds and investment property. Income mainly comes from associates and joint ventures, fair-value changes, dividends and asset transactions rather than ordinary product sales.

All research depths

Detailed review in preparation

Latest confirmed context

H1 2026 reviewed; FY2025 audited

Identity checked

2026-08-11

Financial services and insurance

Bahrain-listed holding company and CBB Category 1 investment firm controlling Ithmaar Bank in Bahrain and Faysal Bank in Pakistan, plus asset/wealth management and real-estate development. It earns Islamic financing income, investment income and fees. Customer investment accounts reported as quasi-equity are client funding, not shareholder capital.