<div id="readability-page-1"><div><p>As Gulf markets experience mixed results amid fluctuating oil prices and anticipation of U.S. labor data, investors are keeping a close eye on economic indicators that could influence future market movements. The term 'penny stocks' might feel like a relic of past market eras, but the potential they represent is as real as ever. Typically referring to smaller or relatively new companies, these stocks can provide a mix of affordability and growth potential when paired with strong financials.</p><h3>Top 10 Penny Stocks In The Middle East</h3><table><tbody><tr><td><strong>Name</strong></td><td><strong>Share Price</strong></td><td><strong>Market Cap</strong></td><td><strong>Rewards &amp; Risks</strong></td></tr><tr><td>Al-Modawat Specialized Medical (SASE:9594)</td><td>SAR4.33</td><td>SAR313.16M</td><td>✅ 2 ⚠️ 4 View Analysis &gt;</td></tr><tr><td>Thob Al Aseel (SASE:4012)</td><td>SAR3.37</td><td>SAR1.34B</td><td>✅ 2 ⚠️ 1 View Analysis &gt;</td></tr><tr><td>E7 Group PJSC (ADX:E7)</td><td>AED1.04</td><td>AED2.1B</td><td>✅ 3 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>Sharjah Insurance Company P.S.C (ADX:SICO)</td><td>AED1.52</td><td>AED228M</td><td>✅ 2 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>Al Wathba National Insurance Company PJSC (ADX:AWNIC)</td><td>AED3.50</td><td>AED724.5M</td><td>✅ 2 ⚠️ 3 View Analysis &gt;</td></tr><tr><td>Arabian Pipes (SASE:2200)</td><td>SAR4.69</td><td>SAR932M</td><td>✅ 3 ⚠️ 0 View Analysis &gt;</td></tr><tr><td>Dubai National Insurance &amp; Reinsurance (P.S.C.) (DFM:DNIR)</td><td>AED3.25</td><td>AED384.62M</td><td>✅ 2 ⚠️ 4 View Analysis &gt;</td></tr><tr><td>Dubai Investments PJSC (DFM:DIC)</td><td>AED3.56</td><td>AED15.05B</td><td>✅ 2 ⚠️ 3 View Analysis &gt;</td></tr><tr><td>Sharjah Cement and Industrial Development (PJSC) (ADX:SCIDC)</td><td>AED0.855</td><td>AED520.06M</td><td>✅ 2 ⚠️ 1 View Analysis &gt;</td></tr><tr><td>Tgi Infrastructures (TASE:TGI)</td><td>₪2.612</td><td>₪205.04M</td><td>✅ 2 ⚠️ 2 View Analysis &gt;</td></tr></tbody></table><p>Click here to see the full list of 76 stocks from our  Middle Eastern Penny Stocks screener.</p><p>Underneath we present a selection of stocks filtered out by our screen.</p><h2>Akdeniz Yatirim Holding (IBSE:AKYHO)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★☆☆</p><p><strong>Overview:</strong> Akdeniz Yatirim Holding A.S. is a diversified company in Türkiye engaged in the plastic, chemical, renewable energy, agriculture and livestock, and environment and waste systems sectors with a market cap of TRY683.48 million.</p><p><strong>Operations:</strong> The company generates revenue primarily from its Security Services segment, amounting to TRY75 million.</p><p><strong>Market Cap:</strong> TRY683.48M</p><p>Akdeniz Yatirim Holding A.S., with a market cap of TRY683.48 million, is a diversified Turkish company facing financial challenges as it remains unprofitable and has less than one year of cash runway. Despite its short-term assets exceeding both short-term and long-term liabilities, the company's earnings have declined significantly over recent years, with net losses reported for the latest nine-month period ending September 2025. Although its net debt to equity ratio is satisfactory at 0.6%, Akdeniz's revenue from its Security Services segment (TRY75 million) is not considered meaningful in driving profitability or growth in the near term.</p><ul><li>Jump into the full analysis health report here for a deeper understanding of Akdeniz Yatirim Holding.</li><li>Explore historical data to track Akdeniz Yatirim Holding's performance over time in our past results report.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7421828b-ca22-4d1a-929d-828a1c5a5a8b/chart/debt-equity-history-analysis?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7421828b-ca22-4d1a-929d-828a1c5a5a8b/chart/debt-equity-history-analysis"/><figcaption>IBSE:AKYHO Debt to Equity History and Analysis as at Jan 2026</figcaption></figure><h2>Ihlas Holding (IBSE:IHLAS)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★★☆</p><p><strong>Overview:</strong> Ihlas Holding A.S. operates in construction and real estate, media, manufacturing and trading, and healthcare and education sectors in Turkey and internationally, with a market cap of TRY3.37 billion.</p><p><strong>Operations:</strong> Ihlas Holding generates its revenue primarily from marketing (TRY5.09 billion), media (TRY2.36 billion), and construction (TRY627.98 million) segments.</p><p><strong>Market Cap:</strong> TRY3.37B</p><p>Ihlas Holding A.S., with a market cap of TRY3.37 billion, operates across various sectors but remains unprofitable, with increasing losses over the past five years. Despite generating substantial revenue from marketing (TRY5.09 billion) and media (TRY2.36 billion), its earnings have declined, reporting a net loss of TRY702.2 million for Q3 2025 compared to a net income last year. The company has sufficient short-term assets to cover liabilities and an improved debt-to-equity ratio of 15.1%. However, its high share price volatility and limited cash runway pose challenges amidst ongoing financial struggles.</p><ul><li>Unlock comprehensive insights into our analysis of Ihlas Holding stock in this financial health report.</li><li>Gain insights into Ihlas Holding's historical outcomes by reviewing our past performance report.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f72ced24-f767-4261-bd36-438722c41ef4/chart/debt-equity-history-analysis?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f72ced24-f767-4261-bd36-438722c41ef4/chart/debt-equity-history-analysis"/><figcaption>IBSE:IHLAS Debt to Equity History and Analysis as at Jan 2026</figcaption></figure><h2>Alarum Technologies (TASE:ALAR)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★★☆</p><p><strong>Overview:</strong> Alarum Technologies Ltd. offers web data collection solutions across various global regions, with a market cap of ₪212.56 million.</p><p><strong>Operations:</strong> Alarum Technologies Ltd. has not reported any specific revenue segments.</p><p><strong>Market Cap:</strong> ₪212.56M</p><p>Alarum Technologies Ltd., with a market cap of ₪212.56 million, has shown mixed performance as a penny stock. Despite its recent revenue growth—reporting US$13.01 million for Q3 2025, up from US$7.19 million the previous year—net income significantly decreased to US$0.053 million from US$4.25 million, indicating profitability challenges. The company's short-term assets exceed liabilities, and its debt is well covered by operating cash flow, suggesting financial stability in the short term. However, high share price volatility and low return on equity (3.8%) highlight potential risks for investors seeking stable returns in this segment.</p><ul><li>Dive into the specifics of Alarum Technologies here with our thorough balance sheet health report.</li><li>Review our growth performance report to gain insights into Alarum Technologies' future.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5fbed2d5-72bb-47f9-b488-27e6e59279b6/chart/debt-equity-history-analysis?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5fbed2d5-72bb-47f9-b488-27e6e59279b6/chart/debt-equity-history-analysis"/><figcaption>TASE:ALAR Debt to Equity History and Analysis as at Jan 2026</figcaption></figure><h2>Summing It All Up</h2><ul><li>Click through to start exploring the rest of the 73   Middle Eastern Penny Stocks now.</li><li>Want To Explore Some Alternatives? Uncover 16 companies that survived and thrived after COVID and have the right ingredients to survive Trump's tariffs.</li></ul> <p><em> This article by Simply Wall St is general in nature. <strong>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.</strong> 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.</em></p></div></div>

<p>Gulf markets are experiencing mixed results due to fluctuating oil prices and upcoming U.S. labor data. Investors are focusing on penny stocks, which represent smaller companies with potential for growth. A list of top penny stocks in the Middle East includes Al-Modawat Specialized Medical, Thob Al Aseel, and E7 Group PJSC, among others. Companies like Akdeniz Yatirim Holding and Ihlas Holding face financial challenges despite significant revenues, while Alarum Technologies shows mixed performance with recent revenue growth but declining net income. Investors are advised to monitor these stocks closely for potential opportunities.</p>

Middle Eastern Penny Stocks To Watch In January 2026