Undiscovered Gems in Middle East to Explore This September 2025

As the Middle East navigates a period of economic uncertainty driven by fluctuating oil prices and regional market corrections, investors are increasingly seeking opportunities in less conventional areas to diversify their portfolios. In this context, identifying stocks with strong fundamentals and growth potential becomes essential for those looking to explore undiscovered gems in the region's dynamic landscape.

Top 10 Undiscovered Gems With Strong Fundamentals In The Middle East

Click here to see the full list of 200 stocks from our Middle Eastern Undiscovered Gems With Strong Fundamentals screener.

Let's dive into some prime choices out of from the screener.

MAIR Group - P.J.S.C (ADX:MAIR)

Simply Wall St Value Rating: ★★★★★★

Overview: MAIR Group - P.J.S.C (ticker: ADX:MAIR) operates in the retail sector with activities including hypermarkets, supermarkets, shopping malls, retail parks, concept chain stores, franchise operations, retail property management, real estate, and investments; it has a market cap of approximately AED2.99 billion.

Operations: The company generates revenue primarily from its retail segment, amounting to AED1.69 billion, followed by real estate at AED212.97 million. The net profit margin shows a noteworthy trend at 7.5%, reflecting the company's efficiency in converting revenue into actual profit after expenses and taxes are accounted for.

MAIR Group, a nimble player in the Middle East market, has demonstrated impressive earnings growth of 18.5% over the past year, outpacing the Consumer Retailing industry average of 2.8%. The group's debt-free status underpins its robust financial health and high-quality earnings. Recent strategic moves include an exclusive agreement with Abu Dhabi's Department of Municipalities and Transport to manage a Food Products Program through its retail arm, ADCOOP. This initiative leverages MAIR's network of over 50 stores and advanced logistics for enhanced service delivery across Abu Dhabi, reinforcing its commitment to community impact and digital innovation.

• Take a closer look at MAIR Group - P.J.S.C's potential here in our health report.

• Review our historical performance report to gain insights into MAIR Group - P.J.S.C's's past performance.

Ozak Gayrimenkul Yatirim Ortakligi (IBSE:OZKGY)

Simply Wall St Value Rating: ★★★★★☆

Overview: Ozak Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment trust and has a market capitalization of TRY20.38 billion.

Operations: Ozak Gayrimenkul Yatirim Ortakligi generates revenue primarily from its Real Estate Investment Trust segment, contributing TRY3.79 billion, and its Tourism Hotel Business, adding TRY2.15 billion. The company incurs a negative impact of TRY502.05 million from Consolidation and TERS Arrangements on its financials.

Ozak Gayrimenkul Yatirim Ortakligi has made strides in reducing its debt, with a notable decrease in the debt to equity ratio from 25.1% to 1.7% over five years, and currently holds more cash than its total debt. The company's earnings surged by 76.6% last year, outpacing the REITs industry average of -11.2%, though it reported a significant one-off gain of TRY315 million impacting recent results up to June 2025. Despite a P/E ratio of 16.9x being favorable compared to the TR market's 22.9x, free cash flow remains negative and net income for six months was TRY105 million against TRY623 million previously.

• Get an in-depth perspective on Ozak Gayrimenkul Yatirim Ortakligi's performance by reading our health report here.

• Gain insights into Ozak Gayrimenkul Yatirim Ortakligi's past trends and performance with our Past report.

First Avenue Real Estate Development (SASE:9610)

Simply Wall St Value Rating: ★★★★☆☆

Overview: First Avenue Real Estate Development Company focuses on investing in and developing real estate properties for the private sector in Saudi Arabia, with a market cap of SAR1.52 billion.

Operations: First Avenue Real Estate Development derives its revenue primarily from contracting (SAR149.50 million) and sales and development (SAR74.79 million), with additional income from real estate sales and the rental sector. The company’s cost structure is influenced by the nature of its operations, impacting its overall profitability metrics.

First Avenue Real Estate Development, a nimble player in the Middle East's real estate sector, has shown impressive earnings growth of 41% over the past year, outpacing the industry average. Despite a high net debt to equity ratio of 41%, its interest payments are comfortably covered by EBIT at 3.5 times. Recently, First Avenue secured a SAR178.6 million mortgage from Alinma Bank for its Al-Basateen Avenue project in Riyadh and announced multiple development agreements in Jeddah's strategic locations. These projects align with its expansion strategy and are expected to enhance revenue streams post-2026 as they progress towards completion.

• Click here and access our complete health analysis report to understand the dynamics of First Avenue Real Estate Development.

• Examine First Avenue Real Estate Development's past performance report to understand how it has performed in the past.

Make It Happen

• Delve into our full catalog of 200 Middle Eastern Undiscovered Gems With Strong Fundamentals here.
• Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.
• Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world.

Interested In Other Possibilities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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