Foreign Investors‘ Picks & Pans: Middle East Equity Strategy | EEMEA

Research evidence excerpt

Foreign Investors‘ Picks & Pans: Middle East Equity Strategy | EEMEA

Idea

August 4, 2026 02:00 AM GMT

Morgan Stanley & Co. International plc+MMiddle East Equity Strategy | EEMEA Matthew Nguyen

Equity Strategist

Foreign Investors' Picks & Pans Matthew.Nguyen@morganstanley.comMorgan Stanley India Company Private Limited+ +44 20 7677-0773

Jitiksha Shah

July saw a flare-up in geopolitical tensions and increased EquityJitiksha.Shah@morganstanley.comStrategist +91 22 6995-9374

volatility on global markets. Against this backdrop, we review

Morgan Stanley & Co. International plc+

foreign investor flows across the Middle East. Inside we provide Emily A Woods

screens of GCC stocks seeing the most foreign in/outflows over EquityEmily.Woods@morganstanley.comStrategist +44 20 7425-1597

the past month.

Recent investor feedback suggests that preferences within the Middle East have

Exhibit 2 : Largest 1M foreign inflows were inshifted towards Abu Dhabi, although sentiment towards the region remains muted

Rasan, ADNOC Distribution & L&S, Jarir andoverall. We also changed our GCC recommendations in early July, favouring Abu

AlmaraiDhabi over the rest.

M. East stocks: top 25 biggest foreign inflows over the last 1M (USDmn)

What have foreign investors been buying and selling over the past month? 180

Exhibit 1: Abu Dhabi was the only GCC market to record net foreign inflows in 120

July 80

Middle East Equities: Net Foreign Flows in July 2026 4020

89 0

100 AB DH DH AB AB AB AB AB AB DH AB DH AB AB AB AB AB AB AB DH AB AB AB AB AB

RASAN ADNOCDIS ADNOCLS JARIR ALMARAI RIBL SULAIMAN SABB ALDREES AMR ACWA BOROUGE SAVOLA SOLUTION ARNB EASTPIPE ALBI BSF LUBEREF FAB ALMAWARI SMASCO BJAZ JOMAR SIBC

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Note: We only include stocks with ADTV ≥ USD 1.5mn; Source: Bloomberg,