# Best UAE Stocks? 33 DFM Shares Tested on Official Data

Canonical: https://fxabsolute.com/research/best-uae-stocks-data-study

Published: 2026-08-30

Official observations through: 2026-08-27

Derived evidence SHA-256: 8405d2fba2e6fab65a86b53eaa00e4a2be4f725a60c79ae58d9594444ae5e50b
Official source snapshot SHA-256: 9a76e9133b61fcfb7a4800a229dbd610ec9b34886a041dc5aac273059bc4fb5c

## Direct answer

There is no single evidence-based “best UAE stock” until best has a definition. Sukoon Insurance PJSC (SUKOON) led the raw August 2025–August 2026 closing-price ranking at +52.8%, but it fell below the study’s liquidity threshold. Among 25 activity-qualified shares, Air Arabia PJSC (AIRARABIA) led at +32.1%. Only 11 of 33 shares had a positive 12-month price return, and the median was -4.8%.

These are unadjusted closing-price returns, not total shareholder returns or recommendations. Dividends, distributions, rights, corporate-action adjustments, taxes, valuation and business fundamentals are not included.

## What was measured

- 35 DFM equities supported by FXAbsolute were source-audited.
- 33 UAE-domiciled issuers were analyzed.
- ALSALAMSUDAN and ITHMR were retained as explicit foreign cross-listing exclusions.
- 21 official DFM calendar panels: December 2024 baseline plus January 2025–August 2026.
- 685 of 693 possible UAE stock-month observations (98.85% coverage).
- 5,353,132 official trades and AED 285.45bn traded value across return panels.
- 42 exact DFM API request bodies in two batches per month.
- 46 provider open=0 sentinels recorded and excluded from return calculations.
- Zero duplicate rows, invalid used prices, out-of-window dates, provider-total mismatches or close/change reconciliation errors.

## Complete 33-stock table

| Rank | Symbol | Company | Sector | 12m price | 2026 YTD | Month-end drawdown | Median monthly value | Liquidity qualified |
|---:|---|---|---|---:|---:|---:|---:|---|
| 1 | SUKOON | Sukoon Insurance PJSC | Financials | +52.8% | — | -10.0% | AED 525.8k | No |
| 2 | DRC | Dubai Refreshment Company PJSC | Consumer Staples | +47.3% | +55.5% | -21.0% | AED 254.2k | No |
| 3 | AIRARABIA | Air Arabia PJSC | Industrials | +32.1% | +6.9% | -24.8% | AED 466.4m | Yes |
| 4 | DIC | Dubai Investments PJSC | Industrials | +30.1% | +3.9% | -11.3% | AED 237.0m | Yes |
| 5 | MASQ | Mashreqbank PJSC | Financials | +27.6% | +25.1% | -21.1% | AED 5.9m | No |
| 6 | AMANAT | AMANAT HOLDINGS PJSC | Financials | +27.4% | +11.6% | -8.7% | AED 49.9m | Yes |
| 7 | EMIRATESNBD | Emirates NBD PJSC | Financials | +22.8% | +11.3% | -18.9% | AED 1.20bn | Yes |
| 8 | ALRAMZ | Al Ramz Corporation Investment and Development PJSC | Financials | +17.7% | +15.9% | -14.4% | AED 679.3k | No |
| 9 | DU | Emirates Integrated Telecommunications Company PJSC | Communication Services | +10.4% | +17.8% | -12.0% | AED 316.3m | Yes |
| 10 | TALABAT | Talabat Holding PLC | Consumer Discretionary | +5.1% | +31.9% | -55.1% | AED 711.6m | Yes |
| 11 | TECOM | TECOM GROUP PJSC | Real Estate | +0.9% | -0.9% | -18.4% | AED 45.7m | Yes |
| 12 | ALFIRDOUS | Al Firdous Holdings PJSC | Consumer Discretionary | -1.4% | -16.0% | -31.1% | AED 10.2m | Yes |
| 13 | AJMANBANK | AJMAN BANK PJSC | Financials | -1.4% | +6.8% | -22.2% | AED 128.9m | Yes |
| 14 | CBD | Commercial Bank of Dubai PJSC | Financials | -1.7% | +3.6% | -12.0% | AED 4.5m | No |
| 15 | DEWA | Dubai Electricity & Water Authority PJSC | Utilities | -1.8% | -2.5% | -13.6% | AED 528.9m | Yes |
| 16 | ALANSARI | Al Ansari Financial Services PJSC | Financials | -3.5% | -5.7% | -5.9% | AED 8.9m | Yes |
| 17 | EMPOWER | Emirates Central Cooling Systems Corporation PJSC | Utilities | -4.8% | +2.6% | -17.6% | AED 124.2m | Yes |
| 18 | PARKIN | Parkin Company PJSC | Industrials | -5.5% | +0.5% | -28.3% | AED 276.9m | Yes |
| 19 | NGI | National General Insurance Company PJSC | Financials | -7.3% | -7.2% | -20.0% | AED 871.3k | No |
| 20 | WATANIA | Watania International Holding PJSC | Financials | -9.3% | -0.7% | -18.7% | AED 1.9m | No |
| 21 | EMAARDEV | EMAAR DEVELOPMENT PJSC | Real Estate | -13.5% | -15.8% | -34.1% | AED 1.02bn | Yes |
| 22 | DTC | Dubai Taxi Company PJSC | Industrials | -15.1% | -12.5% | -28.5% | AED 107.3m | Yes |
| 23 | DFM | Dubai Financial Market PJSC | Financials | -16.7% | -15.2% | -20.0% | AED 102.0m | Yes |
| 24 | SALIK | Salik Company PJSC | Industrials | -18.6% | -15.4% | -22.9% | AED 645.1m | Yes |
| 25 | SPINNEYS | Spinneys 1961 Holding PLC | Consumer Staples | -23.2% | -16.6% | -30.3% | AED 43.2m | Yes |
| 26 | EMAAR | Emaar Properties PJSC | Real Estate | -23.6% | -21.7% | -32.1% | AED 4.15bn | Yes |
| 27 | DIB | Dubai Islamic Bank PJSC | Financials | -24.4% | -21.1% | -28.5% | AED 1.10bn | Yes |
| 28 | SHUAA | SHUAA Capital PJSC | Financials | -26.2% | -10.8% | -36.2% | AED 49.2m | Yes |
| 29 | DEYAAR | Deyaar Development PJSC | Real Estate | -28.3% | -27.6% | -30.3% | AED 205.4m | Yes |
| 30 | UPP | Union Properties PJSC | Real Estate | -35.4% | -32.1% | -37.1% | AED 214.2m | Yes |
| 31 | ERC | Emirates Reem Investments Company PJSC | Consumer Staples | -36.4% | -24.9% | -40.6% | AED 8.2m | Yes |
| 32 | AMLAK | Amlak Finance PJSC | Financials | -36.7% | -29.2% | -38.8% | AED 127.9m | Yes |
| 33 | ARMX | ARAMEX PJSC | Industrials | -39.0% | -25.6% | -41.3% | AED 6.0m | No |

The relative liquidity threshold is AED 8.2m, the 25th percentile of median monthly traded value in this 33-stock study. It is not an execution guarantee.

## Momentum walk-forward test

Headline rule: at each month-end, rank the prior six-month closing-price return, remove the bottom quartile by trailing three-month median traded value using only information available then, equal-weight the top 20%, and measure the next calendar month. Formation months from January 2026 through July 2026 are holdout.

- Full 14-month top portfolio mean: +0.314% per month.
- Eligible-universe mean: +0.166% per month.
- Top minus universe: +0.147% per month.
- Top cumulative gross price return: +0.5%.
- Holdout top cumulative: -2.4%.
- Holdout universe cumulative: -8.3%.
- Within-month random-selection p-value: 0.412129 over 20,000 seeded portfolios.
- Three-month block-bootstrap 95% interval for top minus universe: -1.21% to +1.54%.
- Benjamini–Hochberg adjusted p-value across 3-, 6- and 12-month looks: 0.463977.

Conclusion: the six-month signal showed relative defense in the 2026 falling holdout but did not establish a statistically reliable or cost-robust edge. At a 100 bp one-way turnover assumption, top minus universe was -0.078% per month.

## Method

1. Freeze the 35-product DFM source universe and map product symbols to official DFM symbols.
2. Exclude only the two named foreign cross-listings from the UAE-domiciled analysis.
3. Request monthly DFM company-price panels in two batches because the endpoint silently caps one response at 30 symbols.
4. Reject any panel whose last-trade date falls outside its request window. Pre-2025 requests were discarded after the endpoint clamped them to December 2024.
5. Reconcile stock-level trades, volume and value to each provider response total.
6. Calculate price returns from last official close to last official close; do not use the provider's zero-open sentinel.
7. Calculate volatility from monthly returns and drawdown from month-end closes.
8. Calculate the strategy liquidity gate causally from the trailing three completed months.
9. Walk forward one month, reserve 2026 formations as holdout, and publish all monthly portfolios.
10. Run 20,000 same-size random portfolio paths, a 20,000-draw circular block bootstrap, three lookbacks and cost sensitivities.

## Primary sources

- Official DFM historical company prices: https://www.dfm.ae/the-exchange/statistics-reports/historical-data/company-prices
- Official DFM listed equities: https://www.dfm.ae/the-exchange/market-information/listed-securities/equities
- Official DFM trading hours: https://www.dfm.ae/investing/services/how-to-trade
- Official DFM foreign ownership: https://www.dfm.ae/the-exchange/statistics-reports/foreign-ownership
- Normalized source snapshot: https://fxabsolute.com/research-data/uae-stocks-monthly-source.json
- Derived evidence: https://fxabsolute.com/research-data/uae-stocks-evidence.json

## Questions and answers

### 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.

## Limitations

- The official self-service endpoint supplied a verified December 2024 baseline and January 2025–August 2026 panels; older requests were not used because the endpoint clamped them to December 2024.
- The universe is the 35 DFM equities supported by FXAbsolute, not every DFM or ADX listing. Two foreign cross-listings are excluded from the 33-stock UAE-domiciled study.
- Prices are not adjusted for dividends or corporate actions. Rankings answer a price-performance question only.
- Monthly observations hide intramonth paths. Month-end drawdown is smaller than or equal to an unknown daily/intraday drawdown.
- The momentum sample is short. Randomization and block-bootstrap checks quantify uncertainty but cannot manufacture more market regimes.
- Assumed costs omit bid-ask spread, market impact, custody, taxes and each investor’s broker schedule.
- Foreign ownership permission is metadata from the captured DFM list; live limits and available capacity can change and must be checked with DFM before trading.
- Nothing in the study is personalized investment advice or a forecast.

This study is educational research, not personalized investment advice.