New Cycle Ahead - Top Pick Aldar. Initiating on UAE Real Estate

Research evidence excerpt

New Cycle Ahead - Top Pick Aldar. Initiating on UAE Real Estate

Property & Real Estate

Equity Research

June 17, 2026

Executive summary: Transitioning Times. Abu Dhabi Set to Outperform

We initiate coverage of three main UAE real estate stocks.

Emaar Development (BBG: EMAARDEV UH), the largest residential developer in Dubai with c.20%•

value share in the off-plan market (as of 2025, incl. projects at the parent level). Since 2002,

it delivered 83k units (by 1Q26) incl. The Burj Khalifa, the tallest completed building the world.

Following the IPO in Nov 2017, Emaar Properties remains a controlling shareholder (80%).

Emaar Properties (BBG: EMAAR UH), the largest publicly listed real estate company in EM•

ex-China (by revenue and net profit) operating across development (mainly through Emaar

Development), malls (incl. Dubai Mall, the 2nd biggest in the world), hospitality, entertainment and

other businesses. Its key overseas markets are India and Egypt. Following the recent transaction

with The ICD, Dubai Holding has become the sole largest shareholder with a 30% stake.

Aldar Properties (BBG: ALDAR UH), the largest real estate player in Abu Dhabi operating across•

development (with c.40% value share in the off-plan market as of 2025), investment properties

(across commercial, retail, residential and logistics segments), hospitality & leisure and other

businesses. Aldar's essential role in Abu Dhabi is also highlighted by its project management

business and involvement in operating public schools. Its international footprint includes Egypt

and the UK. The largest shareholders are Alpha Dhabi Holding (30%) and Mubadala (27%).

Exhibit 11 - Stock summary

Mcap Upside / P/E DY

Company Rating PT

(US$ bn) downside 2027E 2026E

Aldar Properties 17.4 BUY AED 10.3 +27% 4.6x 3.1%