A note on value investing in the UAE stock market

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Published Jun 26, 2019
Mateusz Mikutowski George D. Kambouris Adam Zaremba


Value investing is one of the most popular stock-picking strategies employed in financial markets. We investigate its effectiveness in the United Arab Emirates. We examine the performance of 124 firms in the period from January 2004 to March 2019. We analyze portfolios from one-way sorts on several well-known valuation ratios: earnings-to-price, book-to-market, EBITDA-to-EV, and dividend yield. Our results demonstrate a powerful value effect in the UAE stock markets. The long-short strategies based on valuation ratios display high raw and risk-adjusted returns. Our results are robust to many considerations.

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Mikutowski, M., Kambouris, G. D., & Zaremba, A. (2019). A note on value investing in the UAE stock market. Journal of Research in Emerging Markets, 1(2), 33–38. https://doi.org/10.30585/jrems.v1i2.339
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Article Details


equity anomalies, value investing, asset pricing, return predictability, value effect, United Arab Emirates, emerging markets, UAE, stock market



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