<div id="readability-page-1"><div><p>As major Gulf markets track global shares higher, buoyed by easing trade tensions and robust fourth-quarter earnings, investor sentiment in the Middle East remains optimistic. In this environment, identifying stocks with solid fundamentals and growth potential becomes crucial for those looking to capitalize on the region's dynamic market landscape.</p><h3>Top 10 Undiscovered Gems With Strong Fundamentals In The Middle East</h3><table><tbody><tr><th>Name</th><th>Debt To Equity</th><th>Revenue Growth</th><th>Earnings Growth</th><th>Health Rating</th></tr><tr><td>Nofoth Food Products</td><td>NA</td><td>21.36%</td><td>25.28%</td><td>★★★★★★</td></tr><tr><td>Qassim Cement</td><td>NA</td><td>4.02%</td><td>-11.40%</td><td>★★★★★★</td></tr><tr><td>Baazeem Trading</td><td>10.02%</td><td>-1.27%</td><td>-1.66%</td><td>★★★★★★</td></tr><tr><td>Saudi Azm for Communication and Information Technology</td><td>3.26%</td><td>17.17%</td><td>23.30%</td><td>★★★★★★</td></tr><tr><td>MOBI Industry</td><td>13.81%</td><td>5.67%</td><td>19.69%</td><td>★★★★★★</td></tr><tr><td>Najran Cement</td><td>14.49%</td><td>-4.20%</td><td>-30.16%</td><td>★★★★★★</td></tr><tr><td>Amanat Holdings PJSC</td><td>10.86%</td><td>27.51%</td><td>-0.92%</td><td>★★★★★☆</td></tr><tr><td>Etihad GO Telecom</td><td>0.85%</td><td>38.36%</td><td>57.78%</td><td>★★★★★☆</td></tr><tr><td>Space42</td><td>17.28%</td><td>37.30%</td><td>24.29%</td><td>★★★★★☆</td></tr><tr><td>Ajman Bank PJSC</td><td>53.89%</td><td>16.11%</td><td>18.02%</td><td>★★★★☆☆</td></tr></tbody></table><p> Click here to see the full list of 186 stocks from our Middle Eastern Undiscovered Gems With Strong Fundamentals screener.     </p><p>Let's uncover some gems from our specialized screener.</p><h2>Amlak Finance PJSC (DFM:AMLAK)</h2><p><strong>Simply Wall St Value Rating:</strong> ★★★★★★</p><p><strong>Overview:</strong> Amlak Finance PJSC, along with its subsidiaries, operates in the Middle East focusing on real estate financing and investment activities, with a market capitalization of AED 2.60 billion.</p><p><strong>Operations:</strong> The company's primary revenue streams are derived from real estate investment, generating AED 3.16 billion, and real estate finance, contributing AED 83.97 million. Corporate finance investment adds AED 68.42 million to the total revenue mix.</p><p>Amlak Finance PJSC, a financial entity in the Middle East, has turned profitable this year with net income reaching AED 1.95 billion for the first nine months of 2025, up from AED 15.92 million a year ago. The company boasts high-quality earnings and operates debt-free, contrasting its past debt-to-equity ratio of 30.4% five years back. With a price-to-earnings ratio of just 1.3x compared to the AE market's average of 12x, Amlak seems undervalued despite its robust performance and profitability surge in recent quarters, making it an intriguing prospect for investors seeking value opportunities in emerging markets.</p><ul><li>Take a closer look at Amlak Finance PJSC's potential here in our health report.</li><li>Explore historical data to track Amlak Finance PJSC's performance over time in our Past section.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b5583b99-3b68-4015-a578-52fee0e4a712/chart/earnings-and-revenue-growth?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/b5583b99-3b68-4015-a578-52fee0e4a712/chart/earnings-and-revenue-growth"/><figcaption>DFM:AMLAK Earnings and Revenue Growth as at Jan 2026</figcaption></figure><h2>East Pipes Integrated Company for Industry (SASE:1321)</h2><p><strong>Simply Wall St Value Rating:</strong> ★★★★★★</p><p><strong>Overview:</strong> East Pipes Integrated Company for Industry specializes in providing coating services for customer-supplied pipes and has a market capitalization of SAR4.10 billion.</p><p><strong>Operations:</strong> East Pipes derives its revenue primarily from machinery and pumps, totaling SAR1.88 billion. The company's financial performance is highlighted by a focus on this core segment.</p><p>East Pipes Integrated Company for Industry, a smaller player in the industry, has been making waves with strategic expansions and robust financials. Recently, it announced plans to double its steel pipe coating capacity in Dammam, which should bolster its market stance. The company signed a significant SAR 485 million contract with the Saudi Water Authority, expected to impact earnings positively in late 2025 and early 2026. For Q2 ending September 2025, sales reached SAR 570.88 million while net income rose to SAR 158.58 million from SAR 112.85 million last year. Additionally, East Pipes distributed dividends of SAR 2 per share recently.</p><ul><li>Dive into the specifics of East Pipes Integrated Company for Industry here with our thorough health report.</li><li>Evaluate East Pipes Integrated Company for Industry's historical performance by accessing our past performance report.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/a7f41106-b65f-42a0-9352-6604d6858dc4/chart/earnings-and-revenue-growth?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/a7f41106-b65f-42a0-9352-6604d6858dc4/chart/earnings-and-revenue-growth"/><figcaption>SASE:1321 Earnings and Revenue Growth as at Jan 2026</figcaption></figure><h2>Miahona (SASE:2084)</h2><p><strong>Simply Wall St Value Rating:</strong> ★★★★☆☆</p><p><strong>Overview:</strong> Miahona Company Limited operates in the Kingdom of Saudi Arabia, offering water facilities and treatment services, with a market capitalization of SAR2.93 billion.</p><p><strong>Operations:</strong> Miahona generates revenue primarily from its water utilities and wastewater treatment services, amounting to SAR673.88 million. The company's net profit margin is a key financial metric to consider when analyzing its profitability.</p><p>Miahona has been making waves with significant developments and solid financial performance. Over the past year, earnings surged by 22.8%, outpacing industry growth of 7.8%. Despite a net profit margin dip from 16.4% to 10.4%, the company remains profitable with strong free cash flow of SAR 165 million as of March 2025. Miahona's debt situation improved, with a debt-to-equity ratio dropping from 189% to 147% over five years, though it still stands at a high net debt-to-equity ratio of 77%. Recently, Miahona spearheaded a consortium for the Arana ISTP project in Saudi Arabia, valued over SAR 3 billion, highlighting its strategic role in regional infrastructure development under Vision 2030.</p><ul><li>Delve into the full analysis health report here for a deeper understanding of Miahona.</li><li>Examine Miahona's past performance report to understand how it has performed in the past.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b21ba941-ecf7-49c4-b26c-cd4e349ce1b1/chart/earnings-and-revenue-growth?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/b21ba941-ecf7-49c4-b26c-cd4e349ce1b1/chart/earnings-and-revenue-growth"/><figcaption>SASE:2084 Earnings and Revenue Growth as at Jan 2026</figcaption></figure><h2>Key Takeaways</h2><ul><li>Click this link to deep-dive into the 186 companies within our Middle Eastern Undiscovered Gems With Strong Fundamentals screener.</li><li>Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive.</li><li>Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.</li></ul><h2>Seeking Other Investments?</h2><ul><li>Explore high-performing small cap companies that haven't yet garnered significant analyst attention.</li><li>Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.</li><li>Find companies with promising cash flow potential yet trading below their fair value.</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>As Gulf markets rise due to easing trade tensions and strong earnings, investor sentiment in the Middle East is optimistic. Key stocks with solid fundamentals include Nofoth Food Products, Qassim Cement, and Amlak Finance PJSC, which has turned profitable with a significant increase in net income. East Pipes Integrated Company is expanding its capacity and has secured a major contract, while Miahona is involved in a significant infrastructure project. These companies represent potential investment opportunities in the region's dynamic market landscape.</p>

Undiscovered Gems in Middle East Stocks To Watch This January 2026