3 Middle Eastern Penny Stocks With Market Caps Over US$10M

As Gulf markets experience gains ahead of the Federal Reserve's anticipated interest rate decision, investors in the Middle East are closely monitoring economic signals that could influence regional financial stability. In this context, penny stocks—though a term from earlier market days—remain a relevant investment area for those seeking opportunities in smaller or less-established companies. By focusing on firms with strong financials and growth potential, investors can uncover promising prospects among Middle Eastern penny stocks.

Top 10 Penny Stocks In The Middle East

Name	Share Price	Market Cap	Rewards & Risks
Thob Al Aseel (SASE:4012)	SAR3.35	SAR1.35B	✅ 2 ⚠️ 1 View Analysis >
Alarum Technologies (TASE:ALAR)	₪2.538	₪181.96M	✅ 2 ⚠️ 3 View Analysis >
E7 Group PJSC (ADX:E7)	AED1.02	AED2.08B	✅ 3 ⚠️ 2 View Analysis >
Sharjah Insurance Company P.S.C (ADX:SICO)	AED1.52	AED228M	✅ 2 ⚠️ 2 View Analysis >
Al Wathba National Insurance Company PJSC (ADX:AWNIC)	AED3.60	AED745.2M	✅ 2 ⚠️ 3 View Analysis >
Dubai National Insurance & Reinsurance (P.S.C.) (DFM:DNIR)	AED2.80	AED323.4M	✅ 2 ⚠️ 5 View Analysis >
Dubai Investments PJSC (DFM:DIC)	AED3.70	AED15.73B	✅ 2 ⚠️ 3 View Analysis >
Union Properties (DFM:UPP)	AED0.814	AED2.39B	✅ 2 ⚠️ 2 View Analysis >
Sharjah Cement and Industrial Development (PJSC) (ADX:SCIDC)	AED0.84	AED510.93M	✅ 2 ⚠️ 1 View Analysis >
Tgi Infrastructures (TASE:TGI)	₪2.557	₪200.72M	✅ 2 ⚠️ 2 View Analysis >

Click here to see the full list of 77 stocks from our Middle Eastern Penny Stocks screener.

Let's dive into some prime choices out of the screener.

Gulf Pharmaceutical Industries P.S.C (ADX:JULPHAR)

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Gulf Pharmaceutical Industries P.S.C., known as Julphar, operates in the manufacturing and sale of medicines, drugs, and various pharmaceutical, cosmetic, and medical compounds across the UAE, GCC countries, and internationally with a market cap of AED1.44 billion.

Operations: The company's revenue segments include AED887.2 million from manufacturing, with a segment adjustment of AED748.9 million.

Market Cap: AED1.44B

Gulf Pharmaceutical Industries P.S.C., or Julphar, has shown significant progress by becoming profitable in the past year, with recent earnings of AED 8.8 million for Q3 2025 compared to a loss previously. The company benefits from strong short-term asset coverage over liabilities and a reduced debt-to-equity ratio now at 27.1%. Its net debt to equity is satisfactory at 1%, and operating cash flow covers its debt well. Despite high share price volatility recently, Julphar's management and board are experienced, although its Return on Equity remains low at 6.5%. Earnings are forecasted to decline slightly in the coming years.

• Take a closer look at Gulf Pharmaceutical Industries P.S.C's potential here in our financial health report.
• Assess Gulf Pharmaceutical Industries P.S.C's future earnings estimates with our detailed growth reports.

Akdeniz Yatirim Holding (IBSE:AKYHO)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: 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 TRY721.31 million.

Operations: The company's revenue is primarily derived from its Security Services segment, amounting to TRY75 million.

Market Cap: TRY721.31M

Akdeniz Yatirim Holding A.S. is currently unprofitable, with earnings declining by 25.3% annually over the past five years and a negative Return on Equity of -21.24%. Despite this, the company maintains a satisfactory net debt to equity ratio of 0.6%, and its short-term assets of TRY181.1 million comfortably cover both short-term (TRY77.5 million) and long-term liabilities (TRY50.8 million). Recent financial results show a decline in sales to TRY63.17 million for Q3 2025 from TRY79.38 million year-on-year, with a net income drop from TRY28.16 million to TRY20.94 million, indicating ongoing challenges in revenue generation.

• Click to explore a detailed breakdown of our findings in Akdeniz Yatirim Holding's financial health report.
• Understand Akdeniz Yatirim Holding's track record by examining our performance history report.

Oil Refineries (TASE:ORL)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Oil Refineries Ltd. operates in the production and sale of fuel products, intermediate materials, and aromatic products both in Israel and internationally, with a market cap of ₪3.21 billion.

Operations: The company generates revenue primarily from its refining segment, which accounts for $5.23 billion, and its polymers business line, contributing $662 million.

Market Cap: ₪3.21B

Oil Refineries Ltd. has shown some financial improvement, with a reduction in its debt to equity ratio from 134.5% to 83.8% over five years, and its short-term assets of $1.7 billion exceeding both short- and long-term liabilities. However, the company remains unprofitable despite reporting a net income of US$46 million for Q3 2025 compared to a loss last year. Its dividend yield is high at 8.06%, but not well covered by earnings, indicating potential sustainability issues. The management and board are experienced with average tenures of 3.7 and 4.5 years respectively, providing some stability amidst financial challenges.

• Navigate through the intricacies of Oil Refineries with our comprehensive balance sheet health report here.
• Gain insights into Oil Refineries' historical outcomes by reviewing our past performance report.

Next Steps

• Gain an insight into the universe of 77 Middle Eastern Penny Stocks by clicking here.
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This article by Simply Wall St is general in nature. 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. 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.

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