GCC Equity Research Notes

Energy — Integrated Oil & Gas

Free cash flow durability and the performance-linked dividend mechanism remain the core long thesis through the 2030 capex cycle.

Financials — Islamic Banking

Best-in-class deposit franchise and Shariah-compliant retail dominance are increasingly priced in. We move to Hold on valuation pending Q2 NIM stabilization.

Materials — Diversified Chemicals

Cyclical petrochemical trough is closer to inflection than consensus suggests; Aramco-SABIC integration unlocks feedstock and capex synergies through 2027.