Market commentary, sector notes, and long-form research on the Gulf and global markets — written by the people who manage the capital.
For a decade, Gulf equities traded at a persistent discount to global peers. Disciplined balance sheets, rising dividends, and a widening sovereign-investment agenda are quietly closing that gap — and we think the market is still under-appreciating how durable the shift is.
UAE lenders are compounding book value at rates rarely seen in developed markets. We examine returns on equity, cost of risk, and what is already priced in.
Framing the three macro variables that matter most for Gulf portfolios into the second half — and the ones we deliberately ignore.
Dubai's property cycle has matured. We look past headline prices to recurring income, pre-sales quality, and developer balance sheets.
Why the best returns in concentrated portfolios come from doing very little — and how we resist the pull of activity.
A look inside our research process — from the first read of a filing to a position in the portfolio.
The region's wealth funds are reshaping local markets. We map where their agenda and our portfolios overlap.
Our notes are shared first with the families and institutions we work with. To be added to the distribution, begin a conversation.