AL Mal UAE Equity Fund — Fund Information / Factsheet 2026

Apr 6, 2026

Al Mal MENA Equity Fact Sheet March 2026 NAV Per Unit: USD 10.52

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Fund Manager Commentary

Objective

Achieve capital appreciation, primarily through investment in equity and equity related securities in the Middle East and North African markets.

The macro environment across GCC markets became more uncertain during March 2026 as geopolitical tensions escalated following the US–Iran conflict, raising concerns about energy supply, inflation, and monetary policy. The Strait of Hormuz remains the key transmission channel, with a large share of global oil and LNG flows passing through it. Any sustained disruption would impact oil prices, inflation expectations, and interest rate trajectories, delaying U.S. rate cuts, tightening global liquidity, and increasing volatility across emerging markets, including the GCC.

	Performance1 1 Month YTD* 2025 2024 2023 Since Inc.	Fund -7.3% -4.9% -4.8% 3.0% 23.1% 52.8%	Fund Performance Benchmark2 -3.7% 1.4% 0.5% 1.9% 9.8% -15.3%	Alpha -3.6% -6.3% -5.3% 1.1% 13.3% 68.1%

1 Performance is net of fees; return is cumulative

GCC economies entered this period from a position of fiscal and external strength, supported by higher oil prices, government spending, and infrastructure investment across Saudi Arabia, the UAE, and Qatar. Higher oil prices supported fiscal balances during March, but the key macro variable remains oil export volumes. Any disruption to shipping routes would create a more complex scenario where higher prices are partly offset by lower export volumes, particularly for countries reliant on the Strait of Hormuz.

2 S&P Pan Arab Composite Index

3 As of 25th March 2026

Sector Allocation 22.6% - Financials 21.5% - Industrials 15.1% - Real Estate 14.7% - Energy 6.1% - Information Technology 4.4% - Consumer Discretionary 3.8% - Cash 3.7% - Communication Services 3.4% - Consumer Staples 2.7% - Utilities 2.2% - Health Care s supported fiscal balances during March, but the key macro variable oil export volumes. Any disruption to shipping routes would create a mplex scenario where higher prices are partly offset by lower export , particularly for countries reliant on the Strait of Hormuz. as a high-volatility, risk-driven month across MENA. The UAE saw pest sell-off, with DFM down 16.4% and ADX down 8.9% due to outflows, while Saudi Arabia outperformed with the market up 5.1% ed by oil, banks, and petrochemicals. Egypt and Qatar declined with the EGX30 down 7.9% and Qatar down 7.8%, while Kuwait elatively resilient, down only 2%, supported by domestic liquidity icy measures. Overall, markets were driven by geopolitical risk, ity prices, and capital flows. economic activity perspective, the impact across GCC economies is d to be sentiment-driven in the short term. Tourism, aviation, , and real estate are the most sensitive sectors, particularly in the d Saudi Arabia. However, government spending, infrastructure and strategic investments should provide a medium-term cushion. sector liquidity across the GCC remains strong, and central banks icated readiness to support financial stability if required.	Top 5 Holdings % of Fund Holding 6.6 Emaar Properties 6.6 Saudi National Bank 5.1 Adnoc Gas PLC 4.8 Sustained Infrastructure Holding Co. 4.2 Abu Dhabi Commercial Bank Fund Analysis
	Benchmark Fund Matrix4
	11.6% 13.1% Standard Deviation
	734% Tracking Error
	0.9 Beta
	29 No. of Holdings
	Faisal Hasan, CFA Fund Manager 15th June 2008 Inception Date USD 21.5 million Fund Size USD 250 million Strategy Size Bahrain Domicile USD Currency Weekly Subscription & Redemption USD 50,000 Min Subscription MALMENE BI Bloomberg Code 1.75% Management Fee S&P Pan Arab Composite Benchmark Index Open Ended Fund Type Apex Administrator Standard Chartered Custodian Fund Information 4Calculated using 3-year weekly data

March was a high-volatility, risk-driven month across MENA. The UAE saw the steepest sell-off, with DFM down 16.4% and ADX down 8.9% due to foreign outflows, while Saudi Arabia outperformed with the market up 5.1% supported by oil, banks, and petrochemicals. Egypt and Qatar declined sharply, with the EGX30 down 7.9% and Qatar down 7.8%, while Kuwait proved relatively resilient, down only 2%, supported by domestic liquidity and policy measures. Overall, markets were driven by geopolitical risk, commodity prices, and capital flows.

From an economic activity perspective, the impact across GCC economies is expected to be sentiment-driven in the short term. Tourism, aviation, logistics, and real estate are the most sensitive sectors, particularly in the UAE and Saudi Arabia. However, government spending, infrastructure projects, and strategic investments should provide a medium-term cushion. Banking sector liquidity across the GCC remains strong, and central banks have indicated readiness to support financial stability if required.

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10Y Fund Strategy Performance
30 Al Mal MENA Equity Fund Benchmark
25
20
15
10
5
0
Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26
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Geographic Allocation
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49.1% - UAE
42.5% - Saudi Arabia
4.7% - Qatar
3.8% - Cash
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Disclaimer

None ofthe information andopinions containedherein is intendedto form the basis for any investment or trading decision, andno specific recommendations are intended. The products andtransactions describedherein are not suitable for every investor. Such products and transactions are only suitable for sophisticated andknowledgeableprofessionalusers offinancialinstruments andare structured and customized to the needs andobjectives ofeach investor. The information andopinions contained herein have been preparedfor informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contractor commodity-related product, any derivative product, or any trading strategy or service described herein. Neither Al MalCapital PSC nor any ofits affiliates, directors, authorized managers and/or employees accepts liability for any loss arising from the use ofor makes any representation as to the accuracy or completeness ofthe terms andconditions ofproducts and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to AlMal Capital and its affiliates. No assurance can begiven that a product or transaction can, in fact, be executed on any representative terms indicated herein.

Al Mal UAE Equity Fact Sheet March 2026 NAV Per Unit: AED 1.91

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Fund Manager Commentary

The global macro environment has become more complex in early 2026 as regional geopolitical tensions introduce new inflation and growth risks to the global economy. The main transmission channel remains energy trade routes, particularly the Strait of Hormuz, through which around 20% of global oil and significant LNG flows pass. Any disruption would have major implications for inflation and monetary policy, potentially delaying interest rate cuts in the U.S. and other developed markets, keeping global liquidity tighter and increasing market volatility.

Against this backdrop, the UAE entered 2026 from a position of strength, supported by solid non-oil growth, expansionary fiscal policy, rising oil production, and continued population inflows. However, the macro impact of the regional conflict will depend on the balance between oil prices and export volumes. Higher oil prices support fiscal and external balances, but if Strait of Hormuz disruptions persist, lower export volumes could gradually offset these benefits and weigh on economic activity.

In our view, the economic impact on the UAE is likely to be sentiment-driven in the short term rather than structural. Tourism, real estate, logistics, and foreign investment flows are the most sensitive sectors. While the non-oil economy may face near-term headwinds due to uncertainty and travel disruptions, the UAE’s political stability, strong financial system, and safe-haven status may attract capital inflows over the medium term. The Central Bank of the UAE has also introduced a Financial Institutions Resilience Package and confirmed its readiness to deploy further policy support if needed, while noting that the banking sector remains resilient.

UAE equity markets, which performed strongly in the first two months of 2026, saw heavy selling in March due to geopolitical risks and foreign outflows. The DFM fell 16.4% and the ADX declined 8.9% on very high trading volumes, driven largely by international institutional selling. Real estate stocks led the decline, with Emaar and Aldar down around 28%, while banks weakened and ADNOC-linked companies remained relatively defensive. We expect near-term volatility to remain driven by geopolitics and oil prices, but we remain constructive on the medium-term outlook for UAE equities given strong macro fundamentals, earnings visibility, and attractive dividend yields.

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Sector Allocation
31.9% - Financials
20.8% - Real Estate
13.8% - Industrials
11.4% - Energy
8.7% - Communication Services
4.8% - Cash
3% - Utilities
2.9% - Information Technology
2.7% - Consumer Staples
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Objective

Achieve medium to long-term capital growth by investing primarily in equities listed on the UAE Exchange.

Fund Performance

	Performance1	Fund	Benchmark2	Relative Perf.
	1 Month	-12.0%	-14.4%	2.4%
	YTD*	-4.4%	-3.8%	-0.6%
	2025	8.5%	15.1%	-6.6%
	2024	17.9%	12.2%	5.7%
	2023 Since Inc.	14.5% 190.1%	7.6% -7.0%	6.9% 197.1%

1 Performance is net of fees; return is cumulative

2 S&P UAE Domestic 10% Capped Index

3 As of 25th March 2026

Top 3 Holdings

		Top 3 Holdings
	Holding		% of Fund
	Emaar Properties PJSC First Abu Dhabi Bank PJSC Emirates NBD PJSC		9.0 8.6 8.3
		Fund Analysis
	Matrix4	Fund	Benchmark
	Standard Deviation	12.3%	14.9%
	Tracking Error	5.6%
	Beta	0.8
	No. of Holdings	23

4 Calculated using 3-year weekly data

		Fund Information
	Fund Manager	Faisal Hasan, CFA
	Fund Size	AED 55.4 million
	Domicile	UAE
	Currency	AED
	Subscription & Redemption Min Subscription	Weekly AED 40,000
	Management Fee	1.50%
	Performance Fee	20% over 10% hurdle with high watermark
	Financial Year End	31st December
	Benchmark Index	S&P UAE Domestic 10% Capped Index
	Fund Type	Open Ended
	Administrator & Custodian	Standard Chartered

10Y Fund Strategy Performance

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Al Mal UAE Equity Fund Benchmark
49
46
43
Geographic Allocation 40
37
34
48.7% - Abu Dhabi 31
28
25
46.5% - Dubai 22
19
16
4.8% - Cash 13
10
Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26
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Disclaimer

None ofthe information andopinions containedherein is intendedto form the basis for any investment or trading decision, andno specific recommendations are intended. The products andtransactions describedherein are not suitable for every investor. Such products and transactions are only suitable for sophisticated andknowledgeableprofessionalusers offinancialinstruments andare structured and customized to the needs andobjectives ofeach investor. The information andopinions contained herein have been preparedfor informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contractor commodity-related product, any derivative product, or any trading strategy or service described herein. Neither Al MalCapital PSC nor any ofits affiliates, directors, authorized managers and/or employees accepts liability for any loss arising from the use ofor makes any representation as to the accuracy or completeness ofthe terms andconditions ofproducts and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to AlMal Capital and its affiliates. No assurance can begiven that a product or transaction can, in fact, be executed on any representative terms indicated herein.