Breakthroughs in healthcare, AI and tech drive UAE retail investing trends in 2024
George Naddaf, MENA Managing Director, eToro
Retail investors in the UAE embraced high-growth and innovation-driven sectors in 2024, with AI, tech and healthcare stocks leading the charge as ‘top risers’ on the trading and investing platform eToro.
eToro looked at which companies saw the biggest proportionate change in holders in the UAE, quarter-on-quarter (table 1), year-on-year (table 2), while also looking at the 10 most held stocks on the platform (table 2).
Weight Loss and Healthcare Gains Momentum
Data for Q4 2024 highlights a shift in investment preferences, with a focus on weight-loss and healthcare stocks. Notably, Eli Lilly experienced a 44% increase in holders, propelled by the success of its weight-loss injectables Mounjaro and Zepbound, followed by Moderna (+5%) and Pfizer (+5%), reflecting the growing appeal of health-focused companies.
“The surge in anti-obesity drugs underscores a paradigm shift in healthcare investment, driven by weight-loss treatments and metabolic health solutions, positioning the sector as a key growth driver,” said George Naddaf, Managing Director, Business Development for the MENA region at eToro. “With cutting-edge therapies addressing pressing health challenges, the sector is not only unlocking transformative market opportunities, but also reshaping the global health landscape.”
AI Stocks Dominate QoQ and YoY Trends
The demand for cutting-edge AI and semiconductor technologies grew in 2024, with NVIDIA seeing the largest increase in holders (+217%) riding a strong market rally throughout the year.
Other key players in the AI ecosystem also witnessed consistent growth in investor interest, including Advanced Micro Devices (+183%), Intel (+96%), and Taiwan Semiconductor Manufacturing (+89%), reflecting the growing confidence in companies at the forefront of the AI revolution.
The ranking of the most-held stocks at the end of the year saw a reshuffle, with NVIDIA climbing to the top, overtaking Tesla, which slipped to second place. The enduring appeal of Big Tech persisted, with Amazon, Apple, and Microsoft firmly holding positions in the top 10.
“The surge in AI and semiconductor stocks highlights investor confidence in transformative technologies shaping the future,” says George Naddaf. “UAE investors continue to align with global megatrends, balancing high-growth innovation with long-term stability.
NVIDIA overtaking Tesla underscores AI’s expanding dominance, while Big Tech’s resilience reinforces trust in innovation and market strength. This shift in top stocks reflects a strategic approach, combining dynamic opportunities with diversified, steady-growth investments.”
Table 1: Shows which stocks have seen the biggest proportional increase in holders on the eToro platform quarter-on-quarter (QoQ)
| Biggest risers among eToro users in the UAE | ||
| Rank | Company | Increase in holders QoQ |
| 1 | Uber Technologies Inc. | 60% |
| 2 | Eli Lilly & Co | 44% |
| 3 | Advanced Micro Devices Inc | 35% |
| 4 | Super Micro Computer Inc | 30% |
| 5 | Alibaba | 22% |
| 6 | Coca Cola | 17% |
| 7 | Palantir Technologies Inc | 12% |
| 8 | LVMH Moet Hennessey | 12% |
| 9 | Johnson & Johnson | 10% |
| 10 | NVIDIA | 8% |
| 11 | Meta | 7% |
| 12 | Adobe | 6% |
| 13 | Tesla | 6% |
| 14 | Pfizer | 5% |
| 15 | Moderna | 5% |
Table 2: Shows which stocks have seen the biggest proportional increase in holders on the eToro platform year-on-year (YoY)
| Biggest risers among eToro users in the UAE | ||
| Rank | Company | Increase in holders YoY |
| 1 | NVIDIA | 217% |
| 2 | Advanced Micro Devices Inc | 183% |
| 3 | Intel | 96% |
| 4 | Taiwan Semiconductor Manufacturing Co Ltd | 89% |
| 5 | NIKE | 62% |
| 6 | Boeing | 48% |
| 7 | Microsoft | 34% |
| 8 | Adobe | 29% |
| 9 | Berkshire Hathaway | 28% |
| 10 | Alphabet | 28% |
Table 3: Shows stocks most widely held by eToro users in the UAE and their position last year
| Company | Ranking at end of 2024 | Ranking at end of 2023 |
| NVIDIA | 1 | 9 |
| Tesla | 2 | 1 |
| Amazon | 3 | 2 |
| Apple | 4 | 3 |
| Nio | 5 | 4 |
| Microsoft | 6 | 5 |
| Alphabet | 7 | 6 |
| Meta | 8 | 8 |
| Alibaba | 9 | 7 |
| Advanced Micro Devices Inc | 10 | 17 |
