Middle East · Equities · AE
United Arab Emirates
A financial-centre economy with concentrated real-estate, banking, logistics and utility franchises across two listing venues.
Alpha position · FIBCOS UAE Structural Alpha Index
Definition
A FIBCOS Structural Alpha Index is the researched universe of companies within a specific country that FIBCOS determines meet its Structural Alpha criteria.
Research coverage for United Arab Emirates is developing. A company enters the FIBCOS UAE Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.
FIBCOS assesses United Arab Emirates companies against the same standard applied in every market: is the advantage structural, is it durable, and is it evidenced? What differs by market is the evidence that must be gathered before that question can be answered — which is why the framework is organised by country rather than by region.
Coverage Developing
Research coverage for United Arab Emirates is developing. A company enters the FIBCOS UAE Structural Alpha Index only on completion of the required FIBCOS research and approval of the underlying investment thesis.
Alpha Inclusion Rule
A company cannot enter a FIBCOS Structural Alpha Index before the required FIBCOS research has been completed and the underlying investment thesis has been established and approved under the applicable research process.
Screening list · 24 companies
FIBCOS publishes the United Arab Emirates screening list as it is assembled rather than after the fact, so that the universe under examination is visible alongside the conclusions drawn from it. Appearing on this list is a statement of what FIBCOS intends to research and nothing more: no company below carries a FIBCOS thesis, and none is counted towards the FIBCOS UAE Structural Alpha Index.
| Company | Industry | Stage |
|---|---|---|
| Two Point Zero Group P.J.S.C. 2POINTZERO | Conglomerates | Screening |
| Abu Dhabi Aviation Company ADAVIATION | Transportation | Screening |
| Abu Dhabi Commercial Bank PJSC ADCB | Commercial Banks | Screening |
| Abu Dhabi Islamic Bank PJSC ADIB | Commercial Banks | Screening |
| Abu Dhabi National Hotels Company PJSC ADNH | Hotels-Resorts-Cruise Lines | Screening |
| Abu Dhabi Ship Building PJSC ADSB | Shipbuilding | Screening |
| Aldar Properties PJSC ALDAR | Land Subdividers and Developers, Except Cemeteries | Screening |
| Apex Investment Company PJSC APEX | Investment Services | Screening |
| ARAM Group Company P.J.S.C. ARAM | Real Estate Operators (except Developers) And Lessors | Screening |
| e& (Emirates Telecommunications Group Company PJSC) EAND | Telecommunications | Screening |
| EMSTEEL Building Materials PJSC EMSTEEL | Steel & Building Materials | Screening |
| Eshraq Investments PJSC ESHRAQ | Investment Management | Screening |
| Gulf Cement Company P.S.C. GCEM | Cement, Hydraulic | Screening |
| Gulf Medical Projects Company PJSC GMPC | Hospitals | Screening |
| National Bank of Umm Al Qaiwain P.S.C. NBQ | Commercial Banks | Screening |
| National Corporation for Tourism and Hotels PJSC NCTH | Hotels-Resorts-Cruise Lines | Screening |
| Presight AI Holding PLC PRESIGHT | Computer Programming, Data Processing, And Other Computer Related Services | Screening |
| R.A.K. Ceramics P.J.S.C. RAKCEC | Structural Clay Products | Screening |
| RAK Properties PJSC RAKPROP | Land Subdividers and Developers, Except Cemeteries | Screening |
| Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C. RAKWCT | Cement, Hydraulic | Screening |
| RAPCO Investment PJSC RAPCO | Non-operating Establishments | Screening |
| Space42 PLC SPACE42 | Engineering, Accounting, Research, Management, and Related Services | Screening |
| Union Insurance Company P.J.S.C. UNION | Insurance Carriers | Screening |
| Waha Capital PJSC WAHA | Equipment Rental and Leasing, not elsewhere classified | Screening |
Not Index coverage
The screening list records the beginning of the FIBCOS research process, not its outcome. A company appears here because it has been identified as a candidate for research in its market. No FIBCOS research has been completed on it, no investment thesis exists, and it is not a constituent of any FIBCOS Structural Alpha Index.
Index status
The country framework exists. Research coverage is being established and no company has yet entered the Index.
Alpha position
Position on the FIBCOS Alpha Line, drawn from live state.
There is no fixed number of constituents. The research methodology determines how many companies qualify in a given market, and country size does not determine coverage count.
The UAE listed universe spans banking, real estate, logistics, utilities and an expanding roster of privatised state assets across the Dubai and Abu Dhabi venues. Sovereign-related ownership is widespread and is a structural characteristic to be analysed rather than discounted.
Structural context
- Regional financial-centre and logistics position.
- Concentrated real-estate and utility franchises with regulated economics.
- Continuing privatisation of sovereign-related assets.
- Two principal listing venues with differing constituent profiles.
Launch scope
FIBCOS launches with country-based equity Structural Alpha. Other asset classes are supported by the architecture but are not part of the launch product.
Research Coverage Developing
Paid research for United Arab Emirates will be published as FIBCOS research coverage is established.
Research Notes are free to registered readers; every other category is paid. The concise public thesis on each company record is the public expression of that work — not a substitute for it.
Titles are public. The analysis is not.
Titles, types and dates are public for every publication. The analysis behind a FIBCOS decision is available to Research subscribers; Research Notes are free to registered readers.
Benchmark
No benchmark has been established for the FIBCOS UAE Alpha Portfolio. A benchmark will be selected from the portfolio's realised geographic exposure, market-capitalisation profile, investment universe, strategy and currency treatment, and adopted before live inception. FIBCOS does not treat a country's main stock index as an automatic benchmark.
Performance reporting belongs to the Alpha Portfolio, not to the Index. Relative Alpha is portfolio return minus benchmark return, over identical periods and on a stated currency basis. Modelled at US$1,000,000 — a sizing convention applied identically in every market, not capital under management.
No Developments Recorded
Alpha additions, removals, thesis updates and portfolio changes for United Arab Emirates appear here as the record moves.