Wusala Research · Listed-company edition

How the UAE’s listed companies collect, hold and pay.

Name: Working capital across UAE listed companies — Wusala Research, June 2026
Creator: Wusala
License: https://wusala.com/trust#terms

Collection days, inventory days, supplier days and the cash conversion cycle for every company on ADX and DFM, and how each moved over the last twelve and eighteen months. Built from published quarterly statements to 30 Jun 2026.

Balance sheets to 30 Jun 2026Built 3 Sep 2026Heat map →All 89 companies →CSV Method →

◆ Derived from published quarterly financial statements as standardised by a third-party data provider, not from Wusala's own book. Line-item tagging is the provider's, not the companies' captions. Spot-checked: Aldar H1 2026 revenue matches its release exactly; Emaar H1 2026 revenue within 2%. Verify any single figure against the filing on adx.ae or dfm.ae before relying on it.

At a glance · non-financial companies

The board

Companies covered

148 / 163

89 non-financial · 20 banks · 23 insurers · 16 investment companies · 15 dual listings without statements

Median cash conversion cycle

62 days

56 a year ago · 72 eighteen months ago

Median DSO

85 days

from 95 a year ago · 44 companies collect faster, 38 slower

Median DPO

68 days

from 65 a year ago · 48 pay suppliers faster, 34 slower

Cycle shorter : longer

37 : 46

12-month change, 83 companies with both readings

Current ratio below 1.0x

18 of 89

median current ratio 1.41x

What moved

Five readings from the year to June 2026

Receivables grew slower than sales, so collection got faster at the median.

Across 72 AED-reporting companies with both readings, trade receivables rose 9% in twelve months while trailing revenue rose 20%. The median DSO fell from 95 to 85 days; 44 companies collect faster than a year ago and 38 slower.

The median cycle still lengthened, because suppliers are being paid faster.

Trade payables rose 15% in aggregate, yet 48 of 82 companies show a shorter DPO than a year ago. The median cash conversion cycle moved from 56 to 62 days, though it remains 9 days shorter than eighteen months ago.

Net working capital is up about a fifth, and most of the increase is cash.

Like-for-like net working capital went from AED 492bn to 593bn (21%). Cash and short-term investments rose 20%; trade working capital rose 4%. Customer advances fell 6%, which is the property developers delivering against pre-sold backlog.

16 sizeable non-developers carry a DSO of 150 days or more.

Abu Dhabi Ship Building 462 · Presight AI Holding 296 · Dubai Investments 257 · Alpha Dhabi Holding 248 · Abu Dhabi Aviation Co. 237 · Gulf Pharmaceutical Industries 204 · NMDC Group 194 · Space42 193. These are largely government-contract, engineering and technology businesses where long receivables are structural; the 12-month column in the table shows which are drifting further out.

18 companies run a current ratio under 1.0x.

Several are deliberate negative-working-capital models: telecoms, utilities, airlines and retailers collect before they pay. The readings to look at alongside are the cycle length and operating cash flow against EBITDA, both in the table below.

Market aggregate · like for like

Where the working capital sits

Sum across AED-reporting non-financial companies with data at both dates. Millions of AED. Revenue is trailing twelve months.

Item	Cos	Jun 2026	Jun 2025	12m	Dec 2024	18m
Net working capital (current assets − current liabilities)	74	592,849	491,586	20.6%	460,617	28.7%
Total current assets	74	1,105,702	954,828	15.8%	891,213	24.1%
Total current liabilities	74	512,854	463,242	10.7%	430,596	19.1%
Cash & short-term investments	73	453,904	378,188	20.0%	356,302	27.4%
Trade receivables	72	326,668	300,282	8.8%	255,451	27.9%
Inventory	62	167,569	164,179	2.1%	157,135	6.6%
Trade payables	72	131,784	114,482	15.1%	103,912	26.8%
Customer advances (unearned revenue)	43	82,766	88,337	-6.3%	75,384	12.3%
Trade working capital (receivables + inventory − payables)	75	362,419	349,979	3.6%	308,674	17.4%
Short-term debt & current leases	75	106,208	97,240	9.2%	101,034	4.9%
Revenue, trailing twelve months	75	749,337	623,890	20.1%	565,049	32.5%

By sector

Medians, sector by sector

Days are the latest snapshot. The change column is the median 12-month move in the cash conversion cycle; the count shows how many companies shortened versus lengthened.

Sector	Cos	CCC	12m Δ	Shorter : longer	DSO	DIO	DPO	NWC / rev	Current ratio
Real estate & holdings	12	177	-23	7 : 4	168	168	69	127%	2.56
Consumer Services	11	37	+4	4 : 6	78	12	46	20%	1.72
Transportation	10	-22	+9	2 : 7	52	15	75	6%	1.19
Non-Energy Minerals	9	111	-1	4 : 4	95	114	68	42%	1.70
Industrial Services	6	88	-15	3 : 3	169	19	120	16%	1.21
Health Services	5	65	-1	3 : 2	152	28	56	24%	1.99
Consumer Non-Durables	4	111	-10	2 : 2	78	84	55	42%	2.91
Process Industries	4	32	+21	1 : 2	56	67	98	16%	1.40
Retail Trade	4	6	+1	1 : 3	11	55	76	1%	1.04
Utilities	3	38	+8	0 : 3	50	15	32	9%	1.10
Distribution Services	3	94	+2	1 : 2	73	55	39	17%	1.54
Communications	3	-37	+4	1 : 2	83	9	95	-18%	0.66
Technology Services	3	82	+11	1 : 2	193	26	73	91%	2.75
Consumer Durables	2	145	+33	1 : 1	148	1	10	127%	1.71
Energy Minerals	2	59	-22	2 : 0	87	24	51	128%	4.96
Producer Manufacturing	2	375	+23	0 : 2	279	138	42	25%	1.26
Commercial Services	1	210	+78	0 : 1	171	191	152	65%	1.92
Health Technology	1	187	-52	1 : 0	204	244	261	95%	3.04

Heat map · eight reporting periods

Who is drifting, period by period

One row per company, one column per quarter (or half-year for semi-annual reporters), newest on the right. The colour scale is fixed per metric around the market median, so a cell means the same thing whichever sector is showing. Read across a row for direction; read down the latest column for where each company sits today.

hide property developers74 companies with revenue ≥ AED 100m · sorted by latest

Scale fixed at 20 · 85 (median) · 200 days. Teal collects fast, rose collects slowly.20 · 85 · 200

Company	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Latest
Abu Dhabi Ship Building ADSB	297	284	342	441	572	428	322	462	462
Presight AI Holding PRESIGHT	392	295	252	254	282	285	296	296	296
Dubai Investments DIC	230	217	219	257	252	268	252	257	257
Alpha Dhabi Holding ALPHADHABI	247	224	233	225	227	252	246	248	248
Abu Dhabi Aviation Co. ADAVIATION	267	257	290	15	227	191	220	237	237
Gulf Pharmaceutical Industries JULPHAR	286	166	239	203	188	157	188	204	204
Emirates Reem Investments Company ERC	168	231	228	226	234	263	221	194	194
Space42 SPACE42	334	528	419	327	308	234	206	193	193
Orascom Construction ORAS	227	224	238	259	209	196	173	177	177
Response Plus Holding RPM	146	184	147	173	121	158	118	172	172
ESG Emirates Stallions Group ESG	260	234	224	215	227	192		171	171
Apex Investment APEX	135	132	137	145	147	179	173	165	165
International Holding IHC	265	184	276	276	302	179	171	163	163
NMDC Energy - NMDCENR	167	144	149	132	153	152	157	161	161
Burjeel Holdings BURJEEL	139	134	140	143	149	145	144	152	152
Al Seer Marine Supplies and Equipment ASM	94	92		55	89	91		152	152
National Central Cooling TABREED	158	113	140	157	170	125	123	147	147
ALEC Holdings ALEC		190		189	187	173	178	145	145
National Cement Company (Public Shareholding Co.) NCC	200	207	186	172	170	156	140	134	134
Pure Health Holding PUREHEALTH	52	93	60	135	123	102	141	130	130
Dana Gas DANA	187	186	188	208	211	176	145	127	127
Drake and Scull International DSI	165	304	312	271	228	120	79	127	127
Sharjah Cement and Industrial Development Co. SCIDC	138	135	160	153	153	141	142	126	126
Alpha Data ALPHADATA		105	94	112	103	107	127	123	123
ADNH Catering ADNHC		149	136	140	157	133	134	119	119
Alef Education Holding ALEFEDT	144	164	230	171	86	76	126	119	119
Palms Sports PALMS	103	115	124	128	129	133	130	108	108
Sawaeed Holding SAWAEED	253	207	142	135	130	112		107	107
R.A.K. Ceramics RAKCEC	99	93	92	95	90	92	94	97	97
Sudatel Telecom Group Limited SUDATEL	106	122	109	95	101	106	85	88	88
Dubai Refreshment (P.J.S.C.) DRC	96	61	96	99	101	61	93	85	85
Abu Dhabi Ports ADPORTS	73	65	88	96	108	79	80	84	84
Emirates Telecommunications Group EAND	90	91	92	92	87	82	82	83	83
Fujairah Building Industries FBI	90	96	107	99	92	82	82	82	82
Easy Lease Motor Cycle Rental EASYLEASE	74	75	92	72	78	66	69	80	80
Abu Dhabi National Hotels ADNH	109	88	76	77	87	76	81	80	80
Parkin Company PARKIN	58	58	76	7	64	59	103	76	76
National Corporation for Tourism and Hotels NCTH		70		64	54	69	80	75	75
Gulf Cement Company GCEM	68	72	73	66	67	79	84	74	74
E7 Group E7	96	116	86	132	101	61	84	73	73
Ghitha Holding GHITHA	58	80	70	80	77	72	75	73	73
United Foods Company UFC	67	66	75	65	64	72	81	71	71
Invictus Investment Company INVICTUS	79	78	70	87	91	93	78	70	70
Aramex ARMX	62	64	65	60	61	64	64	69	69
Unikai Foods UNIKAI	55	50	61	62	62	54	65	67	67
Borouge BOROUGE	54	52	50	45	51	51	42	61	61
Agility Global AGILITY	57	49	50	52	59	57	59	58	58
Fertiglobe FERTIGLB	53	22	61	57	75	31	72	56	56
ADNOC Logistics & Services ADNOCLS	18	32	63	52	47	47	47	54	54
EMSTEEL Building Materials EMSTEEL	57	76	79	70	49	49	54	53	53
Emirates Integrated Telecommunications DU	56	54	49	54	51	52	52	52	52
Dubai Electricity and Water Authority DEWA	57	37	36	53	55	38	35	50	50
Dubai Taxi Company DTC	42	42	46	45	47	33	38	50	50
Air Arabia AIRARABIA	57	20	51	52	50	17	54	49	49
Gulf Medical Projects Company GMPC	67	60	51	49	49	50	42	49	49
Agthia Group AGTHIA	56	59	68	53	54	50	55	47	47
Abu Dhabi National Oil Company for Distribution ADNOCDIST	43	35	34	35	35	31	36	47	47
ADNOC Gas ADNOCGAS	44	36	43	38	51	47	41	47	47
Ras Al Khaimah Co. for White Cement & Construction Materials RAKWCT			71	71	48	54	53	46	46
Emirates Central Cooling Systems Corporation EMPOWER	46	21	18	41	50	26	24	44	44
Etihad Energy Holding ETIHADENERGY			79	61			52	41	41
Salik Company SALIK	25	29	28	25	21	20	20	21	21
Talabat Holding TALABAT	23	21	27	19	20	20	19	20	20
Americana Restaurants International AMR	21	18	21	20	19	19	19	20	20
ADNOC Drilling Company ADNOCDRILL	140	126	132	117	100	104	113	17	17
Lulu Retail Holdings LULU	11	12	12	12	11	11	13	14	14
Spinneys 1961 Holding SPINNEYS	7	4	6	7	8	5	5	9	9
Phoenix Group PHX	16	47	42	32	27	27	16	8	8
Taaleem Holdings TAALEEM	0	2	8	3	0	2	9	6	6
Union Coop UNIONCOOP	5	7	7	7	1	5	6	6	6
Emirates Mobility Company EMOBILITY	10	9	5	5	7	4	4	4	4
Fujairah Cement Industries FCI	85					1	0	0	0
MAIR Group - MAIR	2	10	10	10	13	9	11		—
NMDC Group NMDC	196	197	180	211	249	226	194		—

Every non-financial company

89 companies, sortable

Click a column to sort. The sparkline is the cash conversion cycle over the last eight reporting periods. Score is a 0–100 composite of cycle length (35%), non-cash working capital to revenue (20%), 12-month change in the cycle (20%), operating cash flow against EBITDA (15%) and liquidity balance (10%); it is capped at 45 where the current ratio is under 0.5x, because a negative cycle there is not the same thing as a lean one.

How to read the table

DSODays sales outstanding. How many days customers take to pay after invoicing: trade receivables ÷ trailing-twelve-month revenue × 365. Lower is faster collection.

DIODays inventory outstanding. How many days stock sits before it is sold: inventory ÷ trailing-twelve-month cost of revenue × 365.

DPODays payables outstanding. How many days the company takes to pay its own suppliers: trade payables ÷ trailing-twelve-month cost of revenue × 365. Higher means suppliers wait longer.

CCCCash conversion cycle = DSO + DIO − DPO. The number of days cash is tied up between paying suppliers and collecting from customers. Negative means customers pay before suppliers are paid.

12m Δ / 18m ΔChange in the metric between the latest balance sheet (30 Jun 2026) and the one 12 or 18 months earlier, in days. Negative = shorter.

Revenue TTMRevenue for the trailing twelve months to the balance-sheet date, in millions of the reporting currency (AED unless marked USD).

NWC / revNet working capital (current assets − current liabilities) as a share of trailing-twelve-month revenue. How much of a year's sales is tied up in the balance sheet.

Current ratioCurrent assets ÷ current liabilities. Below 1.0x means short-term obligations exceed short-term assets, which is normal for some business models and a warning for others.

OCF / EBITDAOperating cash flow ÷ EBITDA, trailing twelve months. How much of the accounting profit turned into cash; working capital absorbing cash pulls this below 1.0.

Score0–100 composite: cycle length 35%, non-cash working capital to revenue 20%, 12-month change in the cycle 20%, cash conversion 15%, liquidity balance 10%. Rank 1 = shortest, leanest cycle. Capped at 45 where the current ratio is under 0.5x.

SparklineThe cash conversion cycle over the last eight reporting periods, oldest to newest, with the latest reading marked.

ColourTeal = the cycle or collection days got shorter, or supplier days got longer, over the period. Rose = the reverse. Grey = moved less than half a day. A current ratio under 1.0x is shown in rose. Hover a row for its data notes.

hide property developers89 of 89

# ▴	Ticker	Company	Exch	Sector	Revenue TTM (m)	DSO	DIO	DPO	CCC	CCC, 8 periods	12m Δ CCC	18m Δ CCC	12m Δ DSO	12m Δ DPO	NWC / rev	Current ratio	OCF / EBITDA	Score
1	TALABAT	Talabat Holding plc	DFM	Transportation	3,863 USD	20	11	91	-60		-12	-16	+1	+16	6%	1.27	1.59	82
2	DSI	Drake and Scull International P.J.S.C.	DFM	Industrial Services	300	127	—	103	24		-99	-38	-144	-45	42%	1.34	1.10	79
3	AMR	Americana Restaurants International PLC	ADX	Consumer Services	2,656 USD	20	40	145	-85		-7	-98	0	+0	-4%	0.86	1.51	78
4	SPINNEYS	Spinneys 1961 Holding plc	DFM	Retail Trade	3,739	9	24	131	-98		+2	-50	+2	-1	0%	1.02	1.34	78
5	DRC	Dubai Refreshment (P.J.S.C.)	DFM	Consumer Non-Durables	923	85	96	228	-46		-77	-132	-14	+67	50%	2.18	1.08	77
6	AIRARABIA	Air Arabia PJSC	DFM	Transportation	7,830	49	7	156	-99		+20	-106	-2	-20	-8%	0.90	1.66	77
7	MAIR	MAIR Group - P.J.S.C.	ADX	Real estate & holdings	1,966	11	57	86	-18		-5	-24	+1	-14	13%	1.37	1.28	76
8	PUREHEALTH	Pure Health Holding PJSC	ADX	Health Services	28,588	130	28	157	0		-115	+32	-5	+117	15%	1.28	0.99	74
9	DU	Emirates Integrated Telecommunications Company PJSC	DFM	Communications	16,352	52	5	95	-37		-6	+17	-1	+4	-12%	0.66	1.05	71
10	EMPOWER	Emirates Central Cooling Systems Corporation	DFM	Utilities	3,514	44	6	32	18		+6	+16	+3	-3	9%	1.10	1.17	70
11	TAALEEM	Taaleem Holdings PJSC	DFM	Consumer Services	1,322	6	—	16	-10		+2	+23	+3	+1	-11%	0.74	1.17	70
12	ADNOCDRILL	ADNOC Drilling Company P.J.S.C.	ADX	Industrial Services	4,996 USD	17	39	137	-81		-40	-27	-100	-50	-9%	0.84	0.89	70
13	AGTHIA	Agthia Group PJSC	ADX	Process Industries	5,024	47	66	54	59		-27	+0	-6	+12	13%	1.38	2.14	70
14	SPACE42	Space42 PLC	ADX	Technology Services	610 USD	193	19	315	-102		+11	-63	-134	-171	182%	3.87	4.98	69
15	ADNOCGAS	ADNOC Gas PLC	ADX	Energy Minerals	16,327 USD	47	11	83	-26		-20	-65	+9	+32	2%	1.10	0.69	69
16	DTC	Dubai Taxi Company P.J.S.C.	DFM	Transportation	2,296	50	1	114	-64		+9	+15	+5	-4	-8%	0.81	0.97	69
17	DIC	Dubai Investments PJSC	DFM	Non-Energy Minerals	3,926	257	157	446	-32		-61	-330	-1	+46	89%	1.70	0.94	67
18	ORAS	Orascom Construction PLC	ADX	Industrial Services	6,072 USD	177	19	139	56		-32	-17	-82	-60	3%	1.04	1.05	66
19	ADNOCDIST	Abu Dhabi National Oil Company for Distribution PJSC	ADX	Retail Trade	40,820	47	23	74	-4		0	+3	+12	+18	2%	1.07	0.93	65
20	ADPORTS	Abu Dhabi Ports Company PJSC	ADX	Transportation	24,176	84	8	59	34		-14	+5	-12	+5	12%	1.21	1.26	65
21	UNIONCOOP	Union Coop	DFM	Retail Trade	2,146	6	87	77	15		-14	-11	-1	-5	3%	1.12	0.76	65
22	EAND	Emirates Telecommunications Group Company PJSC	ADX	Communications	76,091	83	10	61	32		+4	+3	-9	-14	-18%	0.81	1.09	64
23	ARMX	Aramex PJSC	DFM	Transportation	6,729	69	—	31	38		+6	-1	+9	+3	10%	1.42	1.26	62
24	ADNHC	ADNH Catering PLC	ADX	Consumer Services	1,827	119	4	51	72		-18	-18	-21	-1	20%	1.72	1.62	62
25	FERTIGLB	Fertiglobe plc	ADX	Process Industries	3,568 USD	56	67	145	-22		+24	+32	-1	+6	19%	1.41	0.78	62
26	GMPC	Gulf Medical Projects Company (PJSC)	ADX	Health Services	807	49	21	56	14		-1	-15	+0	+8	24%	2.03	0.87	62
27	SUDATEL	Sudatel Telecom Group Limited	ADX	Communications	529 USD	88	9	213	-115		+261	+228	-18	-291	-25%	0.58	0.72	61
28	EMOBILITY	Emirates Mobility Company P.J.S.C.	ADX	Consumer Services	778	4	2	23	-17		+6	+2	-1	-7	85%	3.93	0.99	61
29	ADNOCLS	ADNOC Logistics & Services plc	ADX	Transportation	6,245 USD	54	15	50	20		+4	+19	+2	-4	14%	1.48	0.94	60
30	DEWA	Dubai Electricity and Water Authority (PJSC)	DFM	Utilities	33,105	50	16	28	38		+8	+15	-3	-11	-6%	0.92	1.15	60
31	ALPHADATA	Alpha Data PJSC	ADX	Technology Services	2,639	123	32	73	82		-8	-8	+11	+16	14%	1.40	1.24	60
32	AGILITY	Agility Global PLC	ADX	Transportation	5,652 USD	58	33	203	-111		+28	-119	+6	-27	7%	1.17	0.55	60
33	ALEC	ALEC Holdings PJSC	DFM	Consumer Durables	16,231	145	2	—	146		-46	-46	-44	—	11%	1.22	1.34	59
34	NCTH	National Corporation for Tourism and Hotels	ADX	Consumer Services	2,242	75	15	68	21		+6	+75	+11	+4	34%	1.94	0.95	58
35	GHITHA	Ghitha Holding P.J.S.C	ADX	Distribution Services	6,323	73	55	103	25		+2	+11	-7	-7	17%	1.54	0.70	57
36	ALEFEDT	Alef Education Holding plc	ADX	Consumer Services	774	119	—	16	103		-59	-50	-52	+7	85%	3.71	1.13	55
37	PARKIN	Parkin Company P.J.S.C.	DFM	Consumer Services	1,462	76	—	41	36		+69	+18	+70	+0	16%	1.29	0.92	54
38	LULU	Lulu Retail Holdings PLC	ADX	Retail Trade	7,827 USD	14	93	68	39		+6	+7	+2	-1	-2%	0.93	1.06	53
39	TABREED	National Central Cooling Company PJSC	DFM	Utilities	2,475	147	15	96	65		+8	-46	-11	-16	31%	1.78	1.09	51
40	E7	E7 Group PJSC	ADX	Real estate & holdings	742	73	173	69	177		-73	-38	-59	-13	74%	2.62	1.62	50
41	PALMS	Palms Sports PJSC	ADX	Consumer Services	1,174	108	3	49	62		-12	-45	-20	-8	51%	4.13	1.31	50
42	BOROUGE	Borouge plc	ADX	Process Industries	5,704 USD	61	68	98	32		+21	-80	+16	+5	11%	1.39	0.71	50
43	DEYAAR	Deyaar Development PJSC · developer	DFM	Real estate & holdings	1,999	160	290	268	182		-102	-104	-8	+49	139%	2.50	1.56	49
44	ADNH	Abu Dhabi National Hotels Company PJSC	ADX	Consumer Services	3,305	80	34	43	71		+32	+33	+3	+1	12%	1.23	1.07	49
45	EASYLEASE	Easy Lease Motor Cycle Rental P.S.C.	ADX	Consumer Services	748	80	12	54	38		+6	+11	+2	+0	9%	1.21	0.63	48
46	SAWAEED	Sawaeed Holding P.J.S.C.	ADX	Unclassified	449	107	1	9	99		-28	-81	-28	+1	44%	3.63	1.07	48
47	FBI	Fujairah Building Industries P.J.S.C.	ADX	Unclassified	259	82	100	94	88		-14	-48	-18	-3	63%	3.69	1.08	48
48	SCIDC	Sharjah Cement and Industrial Development Co. (PJSC)	ADX	Non-Energy Minerals	904	126	128	119	135		-84	-86	-27	+23	23%	1.34	0.69	47
49	NMDCENR	NMDC Energy - P.J.S.C.	ADX	Industrial Services	19,979	161	8	50	119		+2	-16	+29	+29	10%	1.14	0.02	46
50	ANAN	Anan Investment Holding PJSC · developer	ADX	Real estate & holdings	810	323	—	913	-590		-360	-410	+208	+568	-434%	0.21	0.47	45 cap
51	BILDCO	Abu Dhabi National Company for Building Materials PJSC	ADX	Non-Energy Minerals	55	95	9	12	92		+1	+52	+9	-58	-366%	0.25	-0.32	45 cap
52	ETIHADENERGY	Etihad Energy Holding PJSC	DFM	Transportation	369	41	28	200	-131		—	—	—	—	-108%	0.24	0.68	45 cap
53	FCI	Fujairah Cement Industries PJSC	ADX	Non-Energy Minerals	389	0	160	367	-207		—	—	—	—	-168%	0.22	0.69	45 cap
54	SALIK	Salik Company P.J.S.C.	DFM	Transportation	2,982	21	16	22	15		+12	+18	-3	-13	-133%	0.21	0.74	45 cap
55	PHX	Phoenix Group Plc	ADX	Real estate & holdings	105 USD	8	0	4	4		-23	-38	-24	-3	171%	4.85	-0.24	44
56	INVICTUS	Invictus Investment Company PLC	ADX	Distribution Services	13,308	70	37	13	94		-17	-6	-23	-5	5%	1.16	-0.10	43
57	NMDC	NMDC Group PJSC	ADX	Industrial Services	29,233	194	13	51	156		+14	-12	+14	+1	22%	1.27	0.81	42
58	BURJEEL	Burjeel Holdings PLC	ADX	Health Services	5,604	152	29	117	65		+23	-14	+9	-13	23%	1.69	0.57	41
59	RAKWCT	Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C.	ADX	Non-Energy Minerals	261	46	124	25	145		-3	-31	-24	-14	172%	6.84	1.03	39
60	RAKPROP	RAK Properties PJSC · developer	ADX	Real estate & holdings	1,596	—	163	191	-28		+126	+137	—	-7	106%	2.50	0.44	38
61	EMSTEEL	EMSTEEL Building Materials PJSC	ADX	Non-Energy Minerals	9,199	53	99	41	111		+10	+21	-17	-20	42%	3.66	1.09	38
62	UNIKAI	Unikai Foods (P.J.S.C)	DFM	Consumer Non-Durables	428	67	83	67	83		+18	+39	+5	+3	-5%	0.91	0.53	37
63	ESG	ESG Emirates Stallions Group PJSC	ADX	Commercial Services	1,841	171	191	152	210		+78	+61	-43	-42	65%	1.92	1.49	36
64	APEX	Apex Investment PSC	ADX	Non-Energy Minerals	887	165	73	155	83		+14	-7	+20	+34	132%	4.68	0.93	35
65	DANA	Dana Gas PJSC	ADX	Energy Minerals	376 USD	127	36	19	144		-24	+9	-80	-64	254%	8.82	0.98	34
66	UPP	Union Properties Public Joint Stock Company · developer	DFM	Real estate & holdings	951	175	3	37	141		+51	-101	-67	-121	110%	2.46	2.85	34
67	IHC	International Holding Company PJSC	ADX	Health Services	119,368	163	138	54	247		-259	-196	-112	-10	164%	2.87	0.36	34
68	RAKCEC	R.A.K. Ceramics P.J.S.C.	ADX	Producer Manufacturing	3,265	97	259	69	286		+3	+16	+2	-6	23%	1.38	0.93	33
69	NCC	National Cement Company (Public Shareholding Co.)	DFM	Non-Energy Minerals	294	134	86	14	207		-50	-100	-38	-48	83%	10.80	0.85	33
70	EMAARDEV	Emaar Development PJSC · developer	DFM	Real estate & holdings	30,892	93	621	23	690		-65	-182	-55	-1	254%	12.80	1.12	32
71	JULPHAR	Gulf Pharmaceutical Industries P.S.C.	ADX	Health Technology	1,103	204	244	261	187		-52	-176	+1	+15	95%	3.04	0.62	32
72	EMAAR	Emaar Properties PJSC · developer	DFM	Real estate & holdings	53,631	414	1	28	386		-66	-156	-68	-2	236%	7.66	1.01	32
73	ADSB	Abu Dhabi Ship Building PJSC	ADX	Producer Manufacturing	1,555	462	17	15	464		+43	+196	+20	-17	26%	1.14	-14.05	31
74	GCEM	Gulf Cement Company P.S.C.	ADX	Non-Energy Minerals	619	74	114	68	120		+161	+170	+8	-122	2%	1.03	-0.85	28
75	ERC	Emirates Reem Investments Company P.J.S.C	DFM	Consumer Non-Durables	286	194	30	43	180		-39	+44	-33	-25	105%	6.78	-8.08	27
76	MANAZEL	Manazel PJSC	ADX	Unclassified	98	1,428	1,500	1,500	1,428		-829	+814	-72	+756	-397%	0.77	-2.75	27
77	RPM	Response Plus Holding PJSC	ADX	Health Services	661	172	7	24	155		+42	+68	+14	-31	31%	1.99	0.23	24
78	UFC	United Foods Company (PSC)	DFM	Consumer Non-Durables	808	71	85	17	138		+19	-2	+6	+7	35%	3.63	-0.44	24
79	ASM	Al Seer Marine Supplies and Equipment Company PJSC	ADX	Consumer Durables	1,247	152	1	10	143		+113	+73	+97	-17	242%	2.20	0.72	22
80	ALPHADHABI	Alpha Dhabi Holding PJSC	ADX	Industrial Services	80,500	248	175	211	212		+53	+54	+23	+3	93%	2.13	0.51	21
81	ADAVIATION	Abu Dhabi Aviation Co.	ADX	Transportation	8,843	237	61	17	280		+226	-28	+222	-12	62%	1.96	0.22	17
82	PRESIGHT	Presight AI Holding PLC	ADX	Technology Services	3,344	296	—	14	282		+62	+28	+42	-20	91%	2.75	0.10	17
83	ALDAR	Aldar Properties PJSC · developer	ADX	Real estate & holdings	35,134	182	393	51	524		+65	+61	+1	-3	115%	2.29	0.56	14
84	FNF	Foodco National Foodstuff PJSC	ADX	Distribution Services	33	130	198	39	290		+121	+203	+67	+27	296%	2.36	-2.38	9
85	MODON	Modon Holding PSC · developer	ADX	Real estate & holdings	15,733	440	1,284	654	1,070		+294	+47	-217	-726	263%	2.72	-0.63	6
—	ALFIRDOUS	Al Firdous Holdings (P.J.S.C.)	DFM	Consumer Services	0	—	—	—	—	—	—	—	—	—	—	51.45	—	—
—	ESHRAQ	Eshraq Investments PJSC · developer	ADX	Real estate & holdings	17	—	—	—	—	—	—	—	—	—	8612%	52.13	15.39	—
—	MBME	MBME GROUP Private Joint Stock Company	ADX	Unclassified	3	—	—	—	—	—	—	—	—	—	-360%	0.78	0.65	—
—	RAPCO	RAPCO Investment PJSC	ADX	Process Industries	26	—	—	—	—		—	—	—	—	359%	2.09	0.94	—

Lists

Ten ways to cut it

Shortest, leanest cycles

Top 12 of 85 scored companies by composite.

#	Company	CCC	12m Δ	Score
1	Talabat Holding TALABAT	-60	-12	82
2	Drake and Scull International DSI	24	-99	79
3	Americana Restaurants International AMR	-85	-7	78
4	Spinneys 1961 Holding SPINNEYS	-98	+2	78
5	Dubai Refreshment (P.J.S.C.) DRC	-46	-77	77
6	Air Arabia AIRARABIA	-99	+20	77
7	MAIR Group - MAIR	-18	-5	76
8	Pure Health Holding PUREHEALTH	0	-115	74
9	Emirates Integrated Telecommunications DU	-37	-6	71
10	Emirates Central Cooling Systems Corporation EMPOWER	18	+6	70
11	Taaleem Holdings TAALEEM	-10	+2	70
12	ADNOC Drilling Company ADNOCDRILL	-81	-40	70

Longest, most intensive cycles

Bottom 12 by composite. Developers dominate by construction of the metric; read the 12-month move rather than the level.

#	Company	CCC	12m Δ	Score
85	Modon Holding MODON	1,070	+294	6
84	Foodco National Foodstuff FNF	290	+121	9
83	Aldar Properties ALDAR	524	+65	14
82	Presight AI Holding PRESIGHT	282	+62	17
81	Abu Dhabi Aviation Co. ADAVIATION	280	+226	17
80	Alpha Dhabi Holding ALPHADHABI	212	+53	21
79	Al Seer Marine Supplies and Equipment ASM	143	+113	22
78	United Foods Company UFC	138	+19	24
77	Response Plus Holding RPM	155	+42	24
76	Manazel MANAZEL	1,428	-829	27
75	Emirates Reem Investments Company ERC	180	-39	27
74	Gulf Cement Company GCEM	120	+161	28

Longest collection cycles

Non-developers with revenue of AED 500m or more and DSO of 150 days or more.

Company	DSO	12m Δ DSO	Revenue (m)
Abu Dhabi Ship Building ADSB	462	+20	1,555
Presight AI Holding PRESIGHT	296	+42	3,344
Dubai Investments DIC	257	-1	3,926
Alpha Dhabi Holding ALPHADHABI	248	+23	80,500
Abu Dhabi Aviation Co. ADAVIATION	237	+222	8,843
Gulf Pharmaceutical Industries JULPHAR	204	+1	1,103
NMDC Group NMDC	194	+14	29,233
Space42 SPACE42	193	-134	610
Orascom Construction ORAS	177	-82	6,072
Response Plus Holding RPM	172	+14	661
ESG Emirates Stallions Group ESG	171	-43	1,841
Apex Investment APEX	165	+20	887
International Holding IHC	163	-112	119,368
NMDC Energy - NMDCENR	161	+29	19,979
Burjeel Holdings BURJEEL	152	+9	5,604
Al Seer Marine Supplies and Equipment ASM	152	+97	1,247

Receivables growing faster than revenue

12-month growth in trade receivables minus growth in trailing revenue. Revenue of AED 300m or more.

Company	Δ AR	Δ Rev	Gap	DSO
Abu Dhabi Aviation Co. ADAVIATION	1816%	18%	1799%	237
Parkin Company PARKIN	1411%	35%	1376%	76
Anan Investment Holding ANAN	275%	34%	241%	323
Al Seer Marine Supplies and Equipment ASM	154%	-8%	162%	152
Taaleem Holdings TAALEEM	145%	20%	125%	6
Abu Dhabi National Oil Company for Distribution ADNOCDIST	56%	17%	39%	47
Borouge BOROUGE	30%	-4%	34%	61
Spinneys 1961 Holding SPINNEYS	37%	9%	28%	9
NMDC Energy - NMDCENR	45%	19%	26%	161
National Corporation for Tourism and Hotels NCTH	61%	38%	24%	75
Presight AI Holding PRESIGHT	45%	24%	21%	296
ADNOC Gas ADNOCGAS	6%	-14%	20%	47

Largest 12-month lengthening of the cycle

Days added to the cash conversion cycle. Revenue of AED 300m or more.

Company	Then	Now	Δ days
Modon Holding MODON	776	1,070	+294
Sudatel Telecom Group Limited SUDATEL	-377	-115	+261
Abu Dhabi Aviation Co. ADAVIATION	54	280	+226
Gulf Cement Company GCEM	-41	120	+161
RAK Properties RAKPROP	-154	-28	+126
Al Seer Marine Supplies and Equipment ASM	30	143	+113
ESG Emirates Stallions Group ESG	132	210	+78
Parkin Company PARKIN	-34	36	+69
Aldar Properties ALDAR	460	524	+65
Presight AI Holding PRESIGHT	219	282	+62
Alpha Dhabi Holding ALPHADHABI	158	212	+53
Union Properties Public Joint Stock Company UPP	90	141	+51

Largest 12-month shortening of the cycle

Days removed from the cash conversion cycle. Revenue of AED 300m or more.

Company	Then	Now	Δ days
Anan Investment Holding ANAN	-230	-590	-360
International Holding IHC	506	247	-259
Pure Health Holding PUREHEALTH	116	0	-115
Deyaar Development DEYAAR	284	182	-102
Drake and Scull International DSI	123	24	-99
Sharjah Cement and Industrial Development Co. SCIDC	219	135	-84
Dubai Refreshment (P.J.S.C.) DRC	31	-46	-77
E7 Group E7	250	177	-73
Emaar Properties EMAAR	452	386	-66
Emaar Development EMAARDEV	756	690	-65
Dubai Investments DIC	29	-32	-61
Alef Education Holding ALEFEDT	162	103	-59

Largest 12-month increase in supplier days

DPO up by 20 days or more. Revenue of AED 500m or more.

Company	DPO	12m Δ DPO	Δ AP
Anan Investment Holding ANAN	913	+568	212%
Pure Health Holding PUREHEALTH	157	+117	318%
Dubai Refreshment (P.J.S.C.) DRC	228	+67	49%
Deyaar Development DEYAAR	268	+49	27%
Dubai Investments DIC	446	+46	12%
Apex Investment APEX	155	+34	34%
ADNOC Gas ADNOCGAS	83	+32	35%
NMDC Energy - NMDCENR	50	+29	196%
Sharjah Cement and Industrial Development Co. SCIDC	119	+23	42%

Current ratio below 1.0x

Sorted from lowest. Negative-working-capital business models (telecom, utilities, airlines, retail) are expected here.

Company	CR	CR 12m ago	CCC	OCF/EBITDA
Anan Investment Holding ANAN	0.21	0.32	-590	0.47
Salik Company SALIK	0.21	1.42	15	0.74
Fujairah Cement Industries FCI	0.22	0.16	-207	0.69
Etihad Energy Holding ETIHADENERGY	0.24	—	-131	0.68
Abu Dhabi National Company for Building Materials BILDCO	0.25	0.33	92	-0.32
Sudatel Telecom Group Limited SUDATEL	0.58	0.48	-115	0.72
Emirates Integrated Telecommunications DU	0.66	0.71	-37	1.05
Taaleem Holdings TAALEEM	0.74	1.28	-10	1.17
Manazel MANAZEL	0.77	1.07	1,428	-2.75
MBME GROUP Private Joint Stock Company MBME	0.78	1.20	—	0.65
Emirates Telecommunications Group EAND	0.81	0.67	32	1.09
Dubai Taxi Company DTC	0.81	0.97	-64	0.97
ADNOC Drilling Company ADNOCDRILL	0.84	0.95	-81	0.89
Americana Restaurants International AMR	0.86	0.80	-85	1.51
Air Arabia AIRARABIA	0.90	1.11	-99	1.66
Unikai Foods UNIKAI	0.91	0.99	83	0.53
Dubai Electricity and Water Authority DEWA	0.92	0.77	38	1.15
Lulu Retail Holdings LULU	0.93	0.92	39	1.06

Working capital absorbing cash

Cash-flow-statement working-capital swing over twelve months as a share of revenue, most negative first.

Company	Swing / rev	OCF/EBITDA	CCC
Modon Holding MODON	-52%	-0.63	1,070
Drake and Scull International DSI	-23%	1.10	24
Presight AI Holding PRESIGHT	-21%	0.10	282
Etihad Energy Holding ETIHADENERGY	-21%	0.68	-131
Gulf Cement Company GCEM	-19%	-0.85	120
Anan Investment Holding ANAN	-15%	0.47	-590
Salik Company SALIK	-14%	0.74	15
Aldar Properties ALDAR	-14%	0.56	524
International Holding IHC	-13%	0.36	247
RAK Properties RAKPROP	-13%	0.44	-28
Al Seer Marine Supplies and Equipment ASM	-12%	0.72	143
Response Plus Holding RPM	-11%	0.23	155

Property developers, peer view

Cycle is dominated by development inventory and customer advances. Advance days = advances / revenue × 365.

Company	DSO	DIO	Advance days	CCC	12m Δ
Emaar Properties EMAAR	414	1	—	386	-66
Aldar Properties ALDAR	182	393	108	524	+65
Emaar Development EMAARDEV	93	621	—	690	-65
Modon Holding MODON	440	1,284	—	1,070	+294
Deyaar Development DEYAAR	160	290	125	182	-102
RAK Properties RAKPROP	—	163	—	-28	+126
Union Properties Public Joint Stock Company UPP	175	3	87	141	+51
Anan Investment Holding ANAN	323	—	919	-590	-360

Banks, insurers and investment holdings

Shown, not ranked

Working-capital days mean nothing for a balance sheet built of loans, deposits or reserves. Only size and the current split, where the provider reports one.

Company	Type	Exch	Ccy	Total assets (m)	Current assets	Current liabilities	Current ratio	12m Δ CA	12m Δ CL
First Abu Dhabi Bank FAB	Bank	ADX	AED	1,408,739	—	—	—	—	—
Emirates NBD Bank EMIRATESNBD	Bank	DFM	AED	1,322,466	—	—	—	—	—
Abu Dhabi Commercial Bank ADCB	Bank	ADX	AED	833,184	—	—	—	—	—
Dubai Islamic Bank DIB	Bank	DFM	AED	423,170	—	—	—	—	—
Mashreqbank MASQ	Bank	DFM	AED	365,748	—	—	—	—	—
Abu Dhabi Islamic Bank ADIB	Bank	ADX	AED	303,916	—	—	—	—	—
Al Salam Bank - Sudan ALSALAMSUDAN	Bank	DFM	SDG	240,406	—	—	—	—	—
Commercial Bank of Dubai CBD	Bank	DFM	AED	154,505	—	—	—	—	—
The National Bank of Ras Al-Khaimah (P.S.C.) RAKBANK	Bank	ADX	AED	108,611	—	—	—	—	—
Sharjah Islamic Bank SIB	Bank	ADX	AED	94,545	—	—	—	—	—
National Bank of Fujairah NBF	Bank	ADX	AED	71,178	—	—	—	—	—
Bank Of Sharjah BOS	Bank	ADX	AED	53,210	—	—	—	—	—
Ajman Bank AJMANBANK	Bank	DFM	AED	33,865	—	—	—	—	—
United Arab Bank UAB	Bank	ADX	AED	27,748	—	—	—	—	—
National Bank of Umm Al-Qaiwain NBQ	Bank	ADX	AED	24,095	—	—	—	—	—
Commercial Bank International CBI	Bank	ADX	AED	22,978	—	—	—	—	—
Invest bank INB	Bank	ADX	AED	16,132	—	—	—	—	—
Emirates Investment Bank EIBANK	Bank	DFM	AED	4,550	—	—	—	—	—
Finance House FH	Bank	ADX	AED	3,595	—	—	—	—	—
Amlak Finance AMLAK	Bank	DFM	AED	2,748	—	—	—	—	—
Two Point Zero Group 2POINTZERO	Financial/Investment	ADX	AED	146,822	88,889	19,661	4.52	252%	202%
Dubai Residential REIT DUBAIRESI	Financial/Investment	DFM	AED	26,003	—	—	—	—	—
TECOM Group TECOM	Financial/Investment	DFM	AED	17,974	—	—	—	—	—
Dubai Financial Market DFM	Financial/Investment	DFM	AED	12,370	5,898	3,146	1.87	16%	15%
Al Waha Capital WAHA	Financial/Investment	ADX	AED	5,669	399	137	2.91	-97%	-78%
Al Ansari Financial Services ALANSARI	Financial/Investment	DFM	AED	5,032	4,518	2,481	1.82	—	—
Amanat Holdings AMANAT	Financial/Investment	DFM	AED	4,336	1,611	497	3.24	98%	29%
BHM Capital Financial Services BHMCAPITAL	Financial/Investment	DFM	AED	2,156	—	—	—	—	—
Investcorp Capital ICAP	Financial/Investment	ADX	USD	1,873	831	13	63.92	5%	1200%
Al Ramz Corporation Investment and Development ALRAMZ	Financial/Investment	DFM	AED	1,851	—	—	—	—	—
Hily Holding HH	Financial/Investment	ADX	AED	1,219	286	336	0.85	-31%	-15%
SHUAA Capital SHUAA	Financial/Investment	DFM	AED	1,118	—	—	—	—	—
Sagasse Investment Company SAGA	Financial/Investment	ADX	USD	808	15	3	4.68	-77%	-5%
Al Khaleej Investment KICO	Financial/Investment	ADX	AED	314	—	—	—	—	—
The National Investor Pr. J.S.C. TNI	Financial/Investment	ADX	AED	270	—	—	—	—	—
ARAM Group Company ARAM	Financial/Investment	ADX	AED	222	—	—	—	—	—
Abu Dhabi National Insurance ADNIC	Insurer	ADX	AED	12,968	—	—	—	—	—
Sukoon Insurance SUKOON	Insurer	DFM	AED	11,552	—	—	—	—	—
Dubai Insurance Company (P.S.C.) DIN	Insurer	DFM	AED	3,832	—	—	—	—	—
Islamic Arab Insurance Co. (Salama) SALAMA	Insurer	DFM	AED	3,358	—	—	—	—	—
Al Ain Ahlia Insurance Company ALAIN	Insurer	ADX	AED	3,231	—	—	—	—	—
Emirates Insurance Company EIC	Insurer	ADX	AED	2,940	—	—	—	—	—
Al Wathba National Insurance AWNIC	Insurer	ADX	AED	2,059	—	—	—	—	—
National General Insurance Co. (P.J.S.C.) NGI	Insurer	DFM	AED	1,740	—	—	—	—	—
Al Dhafra Insurance Company DHAFRA	Insurer	ADX	AED	1,729	—	—	—	—	—
Abu Dhabi National Takaful Company TKFL	Insurer	ADX	AED	1,695	—	—	—	—	—
Dubai National Insurance & Reinsurance Co. (P.S.C.) DNIR	Insurer	DFM	AED	1,694	—	—	—	—	—
Union Insurance Company UNION	Insurer	ADX	AED	1,555	—	—	—	—	—
Al Buhaira National Insurance Company ABNIC	Insurer	ADX	AED	1,550	—	—	—	—	—
Watania International Holding WATANIA	Insurer	DFM	AED	1,475	—	—	—	—	—
Al Fujairah National Insurance Company AFNIC	Insurer	ADX	AED	1,046	—	—	—	—	—
Dubai Islamic Insurance & Reinsurance Co. (Aman) AMAN	Insurer	DFM	AED	1,034	—	—	—	—	—
Ras Al Khaimah National Insurance Company RAKNIC	Insurer	ADX	AED	901	—	—	—	—	—
United Fidelity Insurance Company (P.S.C.) FIDELITYUNITED	Insurer	ADX	AED	773	—	—	—	—	—
Sukoon Takaful SUKOONTAKAFL	Insurer	DFM	AED	655	—	—	—	—	—
Methaq Takaful Insurance METHAQ	Insurer	ADX	AED	564	—	—	—	—	—
Sharjah Insurance Company SICO	Insurer	ADX	AED	374	—	—	—	—	—
Insurance House - P J S C IH	Insurer	ADX	AED	361	—	—	—	—	—
HAYAH Insurance Company HAYAH	Insurer	ADX	AED	317	—	—	—	—	—

Method and caveats

How the numbers were made

Universe

Every equity on the ADX and DFM exchange lists (163). 148 have statement data under the UAE listing; 15 foreign dual listings (Ooredoo, GFH, Al Salam Bank, Ithmaar, NIG, IFA, Makhazen, Mazaya, Naeem, Ekttitab, NIH, GIH, OEIHC, QIC, Al Khazna) do not.

Source

Quarterly balance sheet, income statement and cash-flow statement as standardised by a third-party financial data provider. Spot-checked: Aldar H1 2026 revenue matches its release exactly; Emaar H1 2026 revenue is within 2% (AED 24.5bn against 23.9bn reported).

Days

DSO = trade receivables / TTM revenue × 365. DIO and DPO use TTM cost of revenue; where cost of revenue is absent or under 20% of revenue they fall back to revenue and are flagged in the row notes. Cycle = DSO + DIO − DPO. Days above 1,500 are capped; companies with TTM revenue under AED 30m carry no days metrics.

Snapshot

Latest balance sheet is 30 June 2026 for almost every company. Ten companies report semi-annually, so their flows are two half-years. Where the newest quarter carries totals only, the last quarter with line detail is used and flagged.

Developers

Emaar, Aldar, Emaar Development, Deyaar, RAK Properties, Union Properties, Modon and Anan carry development properties as inventory and customer advances as unearned revenue. Their cycles are structurally long; compare them with each other.

What this is not

Not a credit opinion, not a statement about any company's conduct, and not verified against the audited PDFs. A long collection cycle is a fact about a balance sheet; the reasons for it sit in the business model. Verify any single figure against the filing on adx.ae or dfm.ae before relying on it.

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