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Al Ramz Coverage

UAE: COVERAGE · Morning note 29 Aug 2026

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S. Rahman

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# Al Ramz Investment Research

## Coverage morning note

**29 August 2026 | UAE and GCC coverage and watchlist | Prepared ahead of the Tadawul reopen on Sunday 30 August and the UAE reopen on Monday 31 August**

*Dreams AI Associate draft for analyst review; not approved for distribution. See the disclaimer and disclosures at the back of this note.*

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## Markets this morning

The UAE bourses were closed on Friday 28 August for Mawlid Al Nabawi, with ADX confirming that operations resume on Monday 31 August, so DFM and ADX both carry Thursday 27 August closes into the new week (adx.ae). Tadawul also last traded on Thursday and reopens tomorrow. Brent and US Treasuries traded through Friday, so the region reopens with two sessions of global news to absorb rather than one.

| Market | Close | Change | YTD |
|---|---:|---:|---:|
| DFM General Index | 5,882.63 (27 Aug 2026) | +15.84 (+0.27%) | (4.00%) |
| FTSE ADX General Index | 10,044.52 (27 Aug 2026) | +8.66 (+0.09%) | (1.35%) |
| Tadawul All Share Index | 11,237.93 (27 Aug 2026) | (0.20%) | +4.71% (12m)\* |
| Brent crude, front month | USD 87.92/bbl (28 Aug 2026) | (0.68%) | +30.29% (12m)\* |
| US 10-year Treasury yield | 4.68% (28 Aug 2026) | +0.7bp | n/a |

Sources: DFM and FTSE ADX levels, changes and year-to-date figures from Investing.com, 27 August 2026 closes. Tadawul, Brent and the US 10-year from Trading Economics, dated as shown. \*Trading Economics publishes a trailing twelve-month change rather than a calendar year-to-date figure for these two lines; we have labelled them as such rather than convert them.

The two forces framing Monday pull against each other. Brent at USD 87.92 is 30.3% higher than a year ago (Trading Economics, 28 August 2026), which is comfortable for Gulf fiscal positions, but the strength is a risk premium rather than a demand signal: reporting through the week attributed the move to renewed attacks on shipping and tension around the Strait of Hormuz, set against a softening consumption outlook from OPEC and the IEA (Finimize, August 2026). Equity markets have not paid for that premium. Foreign investors pulled a net USD 415m out of Gulf equities in July, including USD 174m of net outflows from Dubai against USD 148m of net inflows into Abu Dhabi (AGBI, 17 August 2026). With the dirham pegged and the US 10-year at 4.68%, we would read any gap in DFM banks on Monday as rates and risk premium repricing, not as a change in fundamentals.

## News on our coverage

**Dubai Islamic Bank (DFM: DIB).** No company disclosure since the H1 2026 results published on 14 July 2026 (dib.ae). Those results showed gross revenue up 10% to AED 12.439bn and operating profit up 6% to AED 4.823bn, but net profit after tax of AED 3.736bn, effectively flat against AED 3.73bn a year earlier. Net financing assets grew 7% year to date to AED 281bn, customer deposits rose 2% to AED 327bn, total assets reached AED 423bn, and the non-performing financing ratio improved to 2.4% from 2.7% at end-2025 with cost of risk at 28 basis points. The shares closed at AED 7.31 on 27 August, down 0.81% on the day (stockanalysis.com). Our read is unchanged: revenue is compounding but it is not reaching the bottom line, and the reason is funding cost. UAE banks lifted retail deposit rates between June and August, with Emirates NBD raising dirham deposit rates by 50 to 85 basis points since late May (Khaleej Times, August 2026). That, and not credit quality, is the variable that decides whether this name re-rates. We make no change to our rating, fair value or estimates.

**Emaar Properties (DFM: EMAAR).** No new disclosure since the H1 2026 results on 7 August. Group net profit rose 26% to AED 11bn on revenue up 21% to AED 24bn, but new property sales at Emaar Development fell 45% to AED 22.4bn, operating cash flow fell 39% to AED 11.6bn, and hotel occupancy dropped to 60% from 80% (AGBI, 7 August 2026). The AED 127.7bn backlog, up 8%, is doing the work. The shares closed unchanged at AED 11.00 on 27 August (stockanalysis.com). We would treat the sales line, not the profit line, as the leading indicator here.

**Salik (DFM: SALIK).** H1 2026 results released 4 August: revenue of AED 1,412.0m, down 7.5% year on year, EBITDA of AED 975.6m at a 69.1% margin, and net profit of AED 704.0m at a 49.9% margin (UAE Government Media Office, 4 August 2026). Q2 revenue fell 11.9% to AED 683.1m, which the company attributed to lower toll usage after the regional events that began in late February 2026, with full-year guidance reaffirmed (Investing.com, August 2026). The margin held while the top line did not, which is what a fixed-cost toll network should do. The shares closed at AED 5.37 on 27 August, up 1.32% (stockanalysis.com).

**Parkin Company (DFM: PARKIN).** The freshest item on the list. Parkin signed a memorandum of understanding with Bahrain Car Parks Company (Amakin) on 24 August 2026 covering parking technology, digital mobility services and regional business development, including a feasibility assessment of cross-network access and payment through both mobile applications (Gulf Business and Zawya, August 2026). No financial terms were disclosed and we would not put this in a model. It is option value on an asset-light licensing channel, and the Q2 print remains the substance: revenue up 14% to AED 364.1m, net profit up 12% to AED 166.2m, EBITDA up 15% to AED 217.2m at a 60% margin. The shares closed at AED 5.72 on 27 August, up 0.70% (stockanalysis.com).

**ADNOC Gas (ADX: ADNOCGAS).** Q2 2026 results on 10 August delivered net income of USD 665m against guidance of USD 400m to USD 600m. The board approved a USD 940m quarterly dividend payable in September, consistent with the commitment to 5% annual dividend growth through 2030, and took final investment decisions with USD 8.2bn of EPC awards on the next phases of the Rich Gas Development project, lifting targeted EBITDA growth to 60% by 2030 against 2023. Recovery at the Habshan complex is running ahead of schedule with gas supply restored to 85% (adnocgas.ae, 10 August 2026). The shares closed at AED 3.200 on 27 August, down 1.23% (stockanalysis.com). A guidance beat, a maintained distribution and a large capital commitment is a strong combination, and the Habshan recovery is the detail we weight most.

**Aluminium Bahrain (Bahrain Bourse: ALBH).** Q2 2026 profit attributable to shareholders was BD 64.9m (USD 172.5m), up 164% year on year at 46 fils per share, taking H1 to BD 140.2m (USD 372.8m), up 228%, at 99 fils (albasmelter.com, August 2026). The shares closed at BHD 0.878 on 26 August, down 0.23% (Investing.com). This is a price and premium move driven by regional supply disruption rather than volume: high quality in cash terms, low quality in durability terms.

## Today and this week

The window runs Sunday 30 August to Friday 4 September, the next five trading days across Tadawul and the UAE bourses.

The house catalyst calendar carries **none scheduled**, and we reproduce that record without amendment. We found no company-confirmed results dates or corporate actions for any covered or watchlist name inside the window. Three items from public sources sit alongside the calendar rather than in it:

- **Monday 31 August, UAE market reopen.** DFM and ADX resume trading after the Mawlid closure (adx.ae). Tadawul reopens Sunday 30 August on its normal Sunday to Thursday week.
- **Friday 4 September, US Employment Situation for August, 08:30 ET** (bls.gov release schedule). Not on the house calendar. Relevant to us mainly through the peg and UAE bank funding costs.
- **ADNOC Gas USD 940m quarterly dividend, payable September 2026** (adnocgas.ae, 10 August 2026). The company has confirmed the amount and the month but not a payment date, so treat the timing as unconfirmed.

Parkin's February 2026 tariff and seasonal card adjustment request remains with the RTA pending review and Dubai Executive Council approval, with no decision date in public sources (Khaleej Times, 2026). Unconfirmed, and flagged for the desk rather than diarised.

## Coverage dashboard

| Company | Rating | Fair value | Price | Upside |
|---|---|---:|---:|---:|
| Dubai Islamic Bank (DFM: DIB) | Equal-Weight | AED 7.95 | AED 7.31 | +8.8% |

Rating and fair value are the house coverage records, reproduced without change. Price is the 27 August 2026 close of AED 7.31, the last DFM session before the Mawlid holiday (stockanalysis.com, 15:00 GST). Upside is fair value divided by price, less one. Emaar Properties, Salik, ADNOC Gas, Parkin and Alba are watchlist names and carry no Al Ramz rating or fair value.

**Number binding.** Every index level and price in this note carries a source and a date. No rating, fair value or estimate has been created, changed or restated.

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## Disclaimer and disclosures

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