SUKOON
+52.8%Sukoon Insurance PJSC. Bottom liquidity quartile; 37 official trades across the return panels.
UAE equity research · Study 01 of 04 · Official DFM evidence
“Best UAE stocks” is the wrong question until best has a measurable meaning.
We separated return, liquidity, drawdown and consistency across 33 UAE-domiciled DFM shares, then forced a popular answer—buy the recent winners—through a walk-forward test it could fail.
Official observations through · Unadjusted price returns · No investment recommendation
Measured answer
Raw winners were not automatically decision-grade winners.
SUKOON led raw 12-month price return at +52.8%, but its AED 525.8k median monthly traded value placed it below the liquidity gate. Among the 25 activity-qualified shares, AIRARABIA led at +32.1%. Only 11 of 33 finished the year positive; the median stock returned -4.8%.
01 · Answer before argument
Four definitions of “best” produce four different answers.
A search result that prints ten tickers without stating the objective hides the most important choice. Here, each winner has one measured job.
AIRARABIA
+32.1%Air Arabia PJSC. AED 466.4m median monthly value.
EMAAR
AED 4.15bnMedian monthly value—not market capitalization, quality or a valuation signal.
ALANSARI
-5.9%Measured only from month-end closes. Daily and intraday drawdown could be deeper.
What “best” still does not mean here: undervalued, highest dividend, strongest balance sheet, lowest bid-ask spread, or suitable for you. Those require evidence this dataset does not contain.
02 · Every supported UAE issuer
All 33 stocks, with the inconvenient columns left in.
Sort the same universe by performance, downside, consistency or activity. The default is 12-month price return from August 2025 to August 2026.
Showing 33 of 33 stocks
| Activity gate | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | SUKOONSukoon Insurance PJSC | Financials | +52.8% | — | -10.0% | 34.8% | AED 525.8k | 67% | thin |
| 2 | DRCDubai Refreshment Company PJSC | Consumer Staples | +47.3% | +55.5% | -21.0% | 44.9% | AED 254.2k | 55% | thin |
| 3 | AIRARABIAAir Arabia PJSC | Industrials | +32.1% | +6.9% | -24.8% | 35.6% | AED 466.4m | 70% | qualified |
| 4 | DICDubai Investments PJSC | Industrials | +30.1% | +3.9% | -11.3% | 20.8% | AED 237.0m | 70% | qualified |
| 5 | MASQMashreqbank PJSC | Financials | +27.6% | +25.1% | -21.1% | 29.3% | AED 5.9m | 65% | thin |
| 6 | AMANATAMANAT HOLDINGS PJSC | Financials | +27.4% | +11.6% | -8.7% | 18.1% | AED 49.9m | 55% | qualified |
| 7 | EMIRATESNBDEmirates NBD PJSC | Financials | +22.8% | +11.3% | -18.9% | 33.2% | AED 1.20bn | 65% | qualified |
| 8 | ALRAMZAl Ramz Corporation Investment and Development PJSC | Financials | +17.7% | +15.9% | -14.4% | 20.1% | AED 679.3k | 35% | thin |
| 9 | DUEmirates Integrated Telecommunications Company PJSC | Communication Services | +10.4% | +17.8% | -12.0% | 19.2% | AED 316.3m | 80% | qualified |
| 10 | TALABATTalabat Holding PLC | Consumer Discretionary | +5.1% | +31.9% | -55.1% | 42.0% | AED 711.6m | 45% | qualified |
| 11 | TECOMTECOM GROUP PJSC | Real Estate | +0.9% | -0.9% | -18.4% | 20.3% | AED 45.7m | 50% | qualified |
| 12 | ALFIRDOUSAl Firdous Holdings PJSC | Consumer Discretionary | -1.4% | -16.0% | -31.1% | 35.8% | AED 10.2m | 40% | qualified |
| 13 | AJMANBANKAJMAN BANK PJSC | Financials | -1.4% | +6.8% | -22.2% | 19.4% | AED 128.9m | 30% | qualified |
| 14 | CBDCommercial Bank of Dubai PJSC | Financials | -1.7% | +3.6% | -12.0% | 28.6% | AED 4.5m | 50% | thin |
| 15 | DEWADubai Electricity & Water Authority PJSC | Utilities | -1.8% | -2.5% | -13.6% | 17.2% | AED 528.9m | 40% | qualified |
| 16 | ALANSARIAl Ansari Financial Services PJSC | Financials | -3.5% | -5.7% | -5.9% | 4.3% | AED 8.9m | 40% | qualified |
| 17 | EMPOWEREmirates Central Cooling Systems Corporation PJSC | Utilities | -4.8% | +2.6% | -17.6% | 20.6% | AED 124.2m | 35% | qualified |
| 18 | PARKINParkin Company PJSC | Industrials | -5.5% | +0.5% | -28.3% | 29.4% | AED 276.9m | 65% | qualified |
| 19 | NGINational General Insurance Company PJSC | Financials | -7.3% | -7.2% | -20.0% | 31.6% | AED 871.3k | 45% | thin |
| 20 | WATANIAWatania International Holding PJSC | Financials | -9.3% | -0.7% | -18.7% | 15.2% | AED 1.9m | 45% | thin |
| 21 | EMAARDEVEMAAR DEVELOPMENT PJSC | Real Estate | -13.5% | -15.8% | -34.1% | 34.1% | AED 1.02bn | 45% | qualified |
| 22 | DTCDubai Taxi Company PJSC | Industrials | -15.1% | -12.5% | -28.5% | 25.5% | AED 107.3m | 40% | qualified |
| 23 | DFMDubai Financial Market PJSC | Financials | -16.7% | -15.2% | -20.0% | 19.6% | AED 102.0m | 50% | qualified |
| 24 | SALIKSalik Company PJSC | Industrials | -18.6% | -15.4% | -22.9% | 28.7% | AED 645.1m | 60% | qualified |
| 25 | SPINNEYSSpinneys 1961 Holding PLC | Consumer Staples | -23.2% | -16.6% | -30.3% | 23.6% | AED 43.2m | 40% | qualified |
| 26 | EMAAREmaar Properties PJSC | Real Estate | -23.6% | -21.7% | -32.1% | 29.7% | AED 4.15bn | 55% | qualified |
| 27 | DIBDubai Islamic Bank PJSC | Financials | -24.4% | -21.1% | -28.5% | 23.1% | AED 1.10bn | 55% | qualified |
| 28 | SHUAASHUAA Capital PJSC | Financials | -26.2% | -10.8% | -36.2% | 34.1% | AED 49.2m | 45% | qualified |
| 29 | DEYAARDeyaar Development PJSC | Real Estate | -28.3% | -27.6% | -30.3% | 21.5% | AED 205.4m | 45% | qualified |
| 30 | UPPUnion Properties PJSC | Real Estate | -35.4% | -32.1% | -37.1% | 42.1% | AED 214.2m | 55% | qualified |
| 31 | ERCEmirates Reem Investments Company PJSC | Consumer Staples | -36.4% | -24.9% | -40.6% | 20.8% | AED 8.2m | 30% | qualified |
| 32 | AMLAKAmlak Finance PJSC | Financials | -36.7% | -29.2% | -38.8% | 54.4% | AED 127.9m | 55% | qualified |
| 33 | ARMXARAMEX PJSC | Industrials | -39.0% | -25.6% | -41.3% | 31.9% | AED 6.0m | 35% | thin |
“Qualified” means median monthly traded value at or above AED 8.2m, the observed cross-sectional 25th percentile. It is a research filter, not a guarantee that an order can be executed at the displayed close.
03 · Distribution, not cherry-picked names
The median stock fell even while a few thin names surged.
Eleven shares had positive 12-month closing-price returns and 22 were negative. That -4.8% median is the context a “top stocks” list removes. SUKOON and DRC occupied the first two slots, yet both failed the relative activity gate. Once activity is visible, AIRARABIA, DIC, AMANAT and EMIRATESNBD become the leading liquid cohort—not because the others are fake returns, but because execution evidence matters.
The bars use official unadjusted closes. They do not add cash dividends. A high-dividend share can therefore look weaker here than in a total-return series, while a corporate action can change a price series without representing an ordinary market gain or loss. That limitation is why this page never converts the ranking into a buy list.
Search answer: “best UAE stocks to buy today” cannot be answered responsibly by last return alone. At minimum, decide whether you mean return, liquidity, downside, income, valuation or business quality—and use data built for that question.
positivenegative
SUKOON
+52.8%
DRC
+47.3%
AIRARABIA
+32.1%
DIC
+30.1%
MASQ
+27.6%
AMANAT
+27.4%
EMIRATESNBD
+22.8%
ALRAMZ
+17.7%
DU
+10.4%
TALABAT
+5.1%
TECOM
+0.9%
ALFIRDOUS
-1.4%
AJMANBANK
-1.4%
CBD
-1.7%
DEWA
-1.8%
ALANSARI
-3.5%
EMPOWER
-4.8%
PARKIN
-5.5%
NGI
-7.3%
WATANIA
-9.3%
EMAARDEV
-13.5%
DTC
-15.1%
DFM
-16.7%
SALIK
-18.6%
SPINNEYS
-23.2%
EMAAR
-23.6%
DIB
-24.4%
SHUAA
-26.2%
DEYAAR
-28.3%
UPP
-35.4%
ERC
-36.4%
AMLAK
-36.7%
ARMX
-39.0%
04 · A rule allowed to fail
Does buying recent UAE stock winners work next month?
We fixed the headline rule before reading its result: rank the past six-month closing-price return, remove the trailing-value bottom quartile using information available at formation, buy the top 20% equally, and measure the next month. January–July 2026 formations are the untouched holdout.
Full 14-month test+0.147%top minus eligible universe per month
Random-selection p0.41220,000 seeded portfolios
Block-bootstrap 95%-1.21% to +1.54%three-month circular blocks
The measured spread is positive, but the uncertainty range crosses zero and 41.2% of random portfolio paths did at least as well. That is not proof of momentum skill.
2025-07-0.03%
2025-08+2.04%
2025-09-3.97%
2025-10-1.03%
2025-11-3.02%
2025-12+1.45%
2026-01-0.97%
2026-02+5.82%
2026-03-2.23%
2026-04+3.66%
2026-05-7.36%
2026-06+4.89%
2026-07+1.68%
2026-08+1.12%
The rule lagged before the holdout.
June–December 2025 formations produced +2.9% for the top portfolio versus +9.2% for the eligible universe. The mean monthly deficit was -0.789%.
It defended relatively, but still lost money.
January–July 2026 formations produced -2.4% for the top portfolio versus -8.3% for the universe. Beating a falling benchmark is not the same as a positive trading return.
The sign changed across the split.
Development underperformance became holdout outperformance. A stable edge should not need the favorable half of a 14-month sample to tell its story. The honest conclusion is “interesting, unresolved.”
Turnover can consume the small full-sample advantage.
| Assumed one-way cost | Top mean / month | Universe mean / month | Top − universe | Top cumulative |
|---|---|---|---|---|
| 0 bp | +0.314% | +0.166% | +0.147% | +0.5% |
| 25 bp | +0.231% | +0.140% | +0.091% | -0.7% |
| 50 bp | +0.149% | +0.114% | +0.035% | -1.8% |
| 100 bp | -0.015% | +0.063% | -0.078% | -4.0% |
These are sensitivity rates applied to measured portfolio turnover, not DFM’s official fee schedule. At 100 bp, the full-sample spread reverses to -0.078% per month. Bid-ask spread and market impact remain outside the model.
Changing the lookback does not produce corrected significance.
| Lookback | Tests | Full top − all | Holdout top − all | Random p | BH-adjusted p | Block-bootstrap 95% |
|---|---|---|---|---|---|---|
| 3 months | 17 | +0.872% | -0.700% | 0.095 | 0.285 | -1.18% to +2.90% |
| 6 months | 14 | +0.147% | +1.084% | 0.412 | 0.464 | -1.21% to +1.54% |
| 12 months | 8 | +0.073% | -0.133% | 0.464 | 0.464 | -2.05% to +1.57% |
The 3-, 6- and 12-month variants are all published. The smallest raw p-value is corrected across the three looks with Benjamini–Hochberg rather than advertised in isolation.
05 · Proof chain
The research records what the source did wrong as well as what it supplied.
High-quality evidence is not just a large JSON file. It is a chain of constraints that makes silent data substitution difficult.
Twenty-one calendar panels split into two symbol batches because DFM silently caps one request at 30 symbols.
All eight missing cells belong to SUKOON months with no returned period record. No candle or price was invented.
DFM returned open=0 for thin period summaries. The analysis uses closes and activity fields; zero is recorded, never treated as a traded price.
Duplicate symbols, invalid used prices, date leaks, provider-total mismatches and close/change mismatches all remain zero.
Download the normalized official snapshot and hash the exact bytes.
Download every derived metric, stock series and walk-forward portfolio month.
Why the study starts in December 2024
DFM’s public page describes a two-year self-service window. During capture, however, requests earlier than January 2025 were clamped to a December 2024 result. The first fetch made that visible because four supposedly different panels returned the same last-trade date and totals. Those duplicates were rejected. December 2024 is retained only as the verified baseline; the 20 measured return intervals run from January 2025 through August 2026.
That choice reduces sample size. It also prevents a polished but false “two full years” claim. The raw snapshot, request bodies, capture time and two hashes make the cutoff independently inspectable.
06 · Reproducible method
From official response to published answer, step by step.
The ranking and test use the same frozen source. Nothing is fetched in a reader’s browser and no metric depends on the current quote.
- 01
Define the market without overclaiming it
Start from the 35 DFM equity instruments available in FXAbsolute on 30 August 2026. Match Yahoo/product symbols to official DFM symbols. Exclude ALSALAMSUDAN and ITHMR from the domicile study because the official names identify foreign cross-listings. The remaining 33 are the stated universe—not every DFM security and not ADX.
- 02
Capture official monthly panels
POST the exact symbol sets to DFM’s public
SearchCompanyPricesendpoint. Save closing price, period high and low, last-trade date, trade count, volume and traded value. Use two batches to stay below the observed 30-symbol response cap. - 03
Reject invalid time labels
Demand that every last-trade date falls inside its requested calendar panel. Earlier panels that DFM clamped to December 2024 are excluded. A missing row remains missing; SUKOON has eight such months.
- 04
Reconcile the arithmetic
For every panel, sum security-level trades, volume and traded value back to DFM’s response totals. Verify close equals last trade price and that reported absolute and percentage change reconcile to previous close. Treat open=0 as an explicit provider sentinel and never use it in return calculations.
- 05
Compute separate definitions of best
Measure endpoint price return over 3, 6 and 12 months and 2026 YTD; annualize sample volatility from monthly closing-price returns; compute peak-to-trough month-end drawdown; count positive months; and summarize activity with median monthly trades and traded value.
- 06
Apply a causal liquidity gate
The descriptive table flags shares below the 25th percentile of full-period median monthly traded value. In the strategy test, the threshold is recalculated at each formation using only the trailing three completed months, so future liquidity cannot decide a past portfolio.
- 07
Walk forward one month at a time
At each formation, rank eligible shares by the fixed six-month price signal, equal-weight the top 20%, and compare the next month with both the eligible universe and bottom quintile. Membership turnover is calculated from weight changes, including initial establishment.
- 08
Reserve a holdout and quantify uncertainty
Use formations from January 2026 onward as holdout. Compare the observed top-portfolio mean with 20,000 seeded, same-size random portfolios selected within each month. Bootstrap top-minus-universe spreads in circular three-month blocks. Correct the three lookback p-values with Benjamini–Hochberg.
- 09
Test costs without pretending to quote them
Publish gross results and 25, 50 and 100 bp one-way turnover sensitivities. Do not label those assumptions “DFM fees.” Broker commission, bid-ask spread, custody, market impact, taxes and investor-specific schedules are not observed here.
Return
Last official close divided by the comparison month’s last official close, minus one. Unadjusted and not total return.
Drawdown
Largest peak-to-trough loss across month-end closes. It cannot reveal a deeper path inside a month.
Liquidity
Observed official monthly traded value and trades. It is activity—not a promise of fill quality at any size.
Significance
A small p-value would measure incompatibility with the random-selection test, not the probability that a strategy is “true.” Here, corrected significance is absent.
07 · Primary sources
Official market pages, linked at the claim.
The numerical source is DFM’s public endpoint used by its historical company-prices interface. Search-demand language informed the questions; it did not supply the answers.
Official DFMHistorical company pricesSource interface and stated self-service scope
Official DFMListed equitiesNames, sectors, listing dates and ownership flags
Official DFMHow to trade and market hours09:30 pre-open; 10:00–15:00 UAE session phases
Official DFMForeign ownershipLive limits, actual ownership and available capacity
08 · Search questions, evidence answers
Questions people ask about UAE and Dubai stocks.
Each answer is written to stand alone, but none should be detached from the stated period, universe and return definition.
What are the best UAE stocks to buy in 2026?
There is no defensible single “best” stock without defining the objective. In this official-price study, Sukoon Insurance PJSC (SUKOON) led raw 12-month price return at +52.8%, but it sat below the study’s liquidity threshold. After requiring at least the 25th percentile of median monthly traded value, Air Arabia PJSC (AIRARABIA) led at +32.1%. Neither result includes dividends, valuation, earnings quality or personal risk, so it is evidence—not a buy recommendation.
Which UAE stock had the highest 12-month price return?
Sukoon Insurance PJSC (SUKOON) had the highest measured August 2025–August 2026 closing-price return at +52.8%, followed by Dubai Refreshment Company PJSC (DRC) at +47.3%. Both were in the bottom liquidity quartile, which is why the page publishes an activity-qualified ranking beside the raw list.
Which liquid DFM stock performed best in the study?
Air Arabia PJSC (AIRARABIA) led the 25 liquidity-qualified shares with a +32.1% 12-month closing-price return. Dubai Investments PJSC (DIC) followed at +30.1%. The threshold was AED 8.2m in median monthly traded value.
Which Dubai stocks were the most liquid?
By median official monthly traded value across January 2025–August 2026, the top four in this 33-stock universe were EMAAR (AED 4.15bn), EMIRATESNBD (AED 1.20bn), DIB (AED 1.10bn), EMAARDEV (AED 1.02bn). Traded value describes activity; it does not make a stock safer or more valuable.
Does momentum work in UAE stocks?
Not conclusively in this sample. The preregistered six-month top-quintile rule beat the eligible universe by +0.147% per month across 14 walk-forward tests, but the random-selection p-value was 0.412 and the block-bootstrap 95% interval ran from -1.21% to +1.54%. The interval includes zero.
How did the UAE momentum strategy perform out of sample?
In the seven 2026 holdout months, the top-momentum portfolio returned -2.4% cumulatively while the eligible equal-weight universe returned -8.3%. That is relative protection in a falling sample, not a profitable or statistically proven edge.
Are dividends included in these UAE stock returns?
No. Every return is an unadjusted official closing-price return. Cash dividends, distributions, subscription rights, corporate-action adjustments, taxes and reinvestment are excluded. The figures are not total shareholder returns and should not be compared with adjusted-return products as if they were the same measure.
How many UAE stocks are covered?
The source audit begins with all 35 DFM equities available in FXAbsolute on 30 August 2026. It analyzes 33 UAE-domiciled issuers and explicitly excludes two foreign DFM cross-listings: ALSALAMSUDAN and ITHMR. This is not every security listed on DFM and does not include ADX shares.
Does this UAE stocks study include Abu Dhabi Securities Exchange shares?
No. Page one is deliberately limited to the UAE-domiciled DFM shares supported by FXAbsolute and uses the official Dubai Financial Market company-prices endpoint. Calling it an all-UAE-exchange study would be false because ADX constituent data is not in this evidence file.
What time does the Dubai stock market open?
DFM states that its pre-opening session runs from 09:30 to 10:00 UAE time, continuous trading from 10:00 to 14:45, pre-closing from 14:45 to 14:55, and trading-at-last from 14:55 to 15:00, Monday through Friday. Always check the official calendar for holidays or exceptional closures.
Can foreign investors buy DFM stocks?
DFM’s captured securities metadata marked 19 of the 33 analyzed shares as allowing foreign ownership. That flag is not the same as available foreign capacity; limits and remaining capacity can change. Check DFM’s live foreign-ownership table and your broker before acting.
Can the UAE stock research be independently verified?
Yes. The normalized official source snapshot is published with SHA-256 9a76e9133b61fcfb7a4800a229dbd610ec9b34886a041dc5aac273059bc4fb5c. The derived evidence file has SHA-256 8405d2fba2e6fab65a86b53eaa00e4a2be4f725a60c79ae58d9594444ae5e50b, records all 42 request bodies, reconciles provider totals, contains every stock-month used, and publishes every walk-forward portfolio month.
Research is the map. Practice is the terrain.
Replay the supported UAE shares in FXAbsolute—free.
Use the study to form a question, then test your own entry and risk rules bar by bar. FXAbsolute is a practice simulator, not a broker, signal service or personalized adviser.
This page is educational market research. It does not recommend buying, selling or holding any security. Price performance can be changed by dividends and corporate actions that this unadjusted dataset does not model. Past returns and a short walk-forward test do not predict future returns. Verify live prices, ownership restrictions, fees, disclosures and suitability with official sources and a regulated professional.