- DFM General Index –
The DFM General Index recorded a marginal gain this week, reaching a 2-decade high of $6786. The DFM General Index’s 1-year forward P/E for 2026 stands at 13.82, making it attractive to both domestic and foreign investors.
Looking at sector-wise performance, most sectors ended the week in positive territory. Consumer Staples was the biggest winner, posting a 4.58% gain. This was followed by Real Estate (+2.59%), Communication services (+1.85%), and Industrials (+1.6%).
Top gainers for the week include Emirates NBD Bank PJSC (+5%), Parkin Co PJSC (+3.92%), Emaar Development PJSC (+3.51%) and Emaar Properties (+3.5%). The index laggards were Talabat Holding PLC (-9%), Dubai Islamic Bank PJSC (-8.9%), and National Cement (-5.7%).
Some well-known companies that reported earnings this week were Emaar Properties, Talabat Holding, Dubai Taxi, DEWA and Salik.
Emaar Properties reported blockbuster annual earnings, with property sales rising 16% yoy to a record AED 80.4 billion. This has resulted in the revenue backlog increasing 39% yoy to AED 155 billion, and providing future earnings visibility. Their reported revenue rose 40% yoy to AED 49.6 billion, and net income increased 30% yoy to AED 17.6 billion. These results were mainly powered by strong property sales, reliable project execution, and steady demand for new launches in the company’s key master-planned communities.
Talabat reported strong results, with full-year GMV growing 28% year over year to $9.5 billion. Their revenue rose 33% yoy to $3.9 billion, and adjusted EBITDA reached $615 million, representing 6.5% of GMV. They have met their guidance on these metrics, which were revised upward during the year. The net income reported was $464 million, or 4.9% of GMV, which was near the guidance. However, their 2026 adjusted EBITDA guidance of $510-$540 million was 16% below consensus estimates. Their $100 million investment in scaling the higher-risk grocery vertical is the reason for the shortfall. This led to it being one of the index laggards.
Dubai Taxi reported that 2025 revenue increased 12% yoy to AED 2.47 billion, and net income grew 7.5% yoy to AED 356 million. This was attributed to Dubai’s continued population and tourism growth.
DEWA also announced strong 2025 results, with revenue increasing by 6% year-over-year to AED 32.84 billion and after-tax profit rising 26% YoY to AED 9.09 billion. This marked the group’s best-ever financial and operational performance, driven by its highest-ever power generation and peak demand.
Salik also reported revenue increasing 35% yoy to AED 3.1 billion, and net profit rose 33% yoy to AED 1.55 billion.
Technically, the index is trading at AED 6,730, above the 9 and 21-day SMA levels of AED 6,361 and AED 6,136, respectively. The index posted a multi-year breakout above resistance at AED 6,345, reaching a 20-year high at AED 6,786. The next resistance is observed at AED 7,210, followed by AED 7,600. On the contrary, support is seen at AED 6,345, followed by the 9- and 21-day SMA levels.
- ADX General Index –
The ADX General Index delivered a marginal gain, ending the week at AED 10,636. Looking at sector-wise performance, Consumer Discretionary emerged as the best-performing sector this week, yielding a return of over 9.14%. Real Estate was the second-best performer, gaining over 8.91% this week. Consumer Staples and Utilities advanced 2.47% and 2.66%, respectively. On the flip side, sectors such as Energy (-1.45%), Healthcare (-0.84%), and Basic Materials (-0.70%) underperformed.
Some well-known companies that reported earnings this week were Aldar Properties and Adnoc Gas. Aldar reported revenue increase of 47% yoy to AED 33.82 billion and profit increasing 36% yoy to AED 7.61 billion. It also reported a record quarterly revenue of AED 12 billion in Q4, driven by three new UAE launches: Yas Living, The Row Saadiyat, and Yas Riva Residences, as well as strong demand for existing inventory.
Adnoc Gas delivered a net income of $5.2 billion, up 3% yoy, driven primarily by the strength of its domestic gas business. It also confirmed a $3.58 billion dividend in 2025, which was in line with the company’s robust policy to increase the annual dividend by 5% and reflects strong free cash flow.
Technically, the index created a new all-time high at AED 10,729, surpassing the AED 10,671 level created in 2022. The index trades above its 9 and 21-day SMA levels of AED 10,598 and AED 10,413, respectively. It may likely test the psychological level at AED 10,800; else, it may see support at the 9-day SMA, followed by AED 10,552.
