Adnoc Distribution

The ME downstream operator is benefiting from the excellent economic conditions in the broader GCC region. Ever since the reopening, passenger traffic has increased throughout GCC with a recent top because of the World Coup in Qatar. We believe that the market is underestimating the upside potential of the company which has one of the better profitability and growth outlooks within its peer group. Also, we note that the company benefits from an excellent regulatory framework and a well-timed expansion into the broader GCC, including Egypt.