Q3 top stocks in UAE: Retail investors back Okta and Salesforce amid cybersecurity and AI momentum

Retail investors in the UAE are choosing Okta and Salesforce shares in Q3 as the companies advanced in cybersecurity and AI-driven customer solutions, according to the latest quarterly data from trading and investing platform eToro.

eToro looked at which companies saw the biggest proportionate change in holders in Q3 2025, while also looking at the 10 most held stocks on the platform within the same period.
Tech and AI drive the highest momentum for retail investors in the UAE. Okta led the ‘top risers’ list with a staggering 244% increase in holders compared to last quarter. The cybersecurity firm has benefited from rising global demand for identity and access management solutions, amid escalating cyber threats and regulatory requirements in the Middle East. In Q3, Okta announced expansions in AI-powered authentication and partnerships with regional enterprises, boosting investor confidence.

In second place, Salesforce saw a 217% quarter-on-quarter increase in holders. Its stock gained traction following strong earnings driven by AI integrations in its CRM platform, including the launch of enhanced Einstein AI features. This has positioned Salesforce as a key player in enterprise digital transformation, appealing to UAE investors focused on tech growth.

Other risers like Oracle (+54%) and Broadcom (+16%) reflect continued interest in cloud and semiconductor infrastructure for AI. Oracle's cloud surge, tied to high-profile AI projects, echoed global trends, while Broadcom's chip advancements supported data center expansions.

George Naddaf, Managing Director at eToro (MENA), shares: “In the UAE, where digital innovation is a national priority, Okta and Salesforce have captured retail investor attention by addressing core needs in cybersecurity and AI-enabled business tools. With initiatives like the UAE's AI Strategy 2031, these companies are seen as enablers of the region's tech ambitions. Investors are increasingly betting on the 'picks and shovels' of digital transformation – the secure platforms and infrastructure powering growth – rather than just consumer-facing apps.”

Retail investors are also increasingly drawn to healthcare stocks. Novo Nordisk (+52%), UnitedHealth (+39%), and Eli Lilly (+25%) have seen significant jumps in their number of holders. These companies faced share price dips in Q3 due to market volatility and sector-specific challenges, such as competition over weight loss drugs between Novo Nordisk and Eli Lilly, and operational headwinds at UnitedHealth.

Retail investors also saw dips in the shares prices of Adobe and Archer Aviation as opportunities, as their number of holders jumped 39% and 34% respectively. with Adobe's AI creative tools rebounding and Archer advancing in urban air mobility projects relevant to the UAE's smart city initiatives. A homegrown stock made the risers list as well, as the Dubai-listed Salik Company PJSC (+22%) benefited from steady toll revenue growth amid the city’s infrastructure expansions.

George Naddaf added: “UAE investors have shown a keen eye for value, viewing Q3 dips in healthcare and tech stocks as entry points. Despite stock price slumps, Novo Nordisk and Eli Lilly still dominate the GLP-1 market, while UnitedHealth's scale offers resilience. Meanwhile, local investors are taking inspiration from their surroundings as well. The Dubai-listed Salik, which is rapidly expanding in the city, has attracted interest for their stable, dividend-focused models.”

In Q3 2025, the biggest fallers in UAE stock portfolios reflected a shift as investors took profits or fled volatility. 

Crypto stocks like Bit Digital (-73%), Cleanspark (-27%), Marathon Digital (-23%), and Riot Platforms (-22%) saw sharp declines in holders after strong prior gains thanks to bitcoin’s rally. Notably, Hims & Hers shifted from a Q2 favourite to a Q3 top faller with a 51% drop in holders. Novo Nordisk accused the telehealth firm of deceptively marketing copycat versions of their weight loss drug Wegovy, abruptly ending their partnership and leading to a slew of investor lawsuits.  Meanwhile, PDD Holdings and Baidu faced pressures from China’s e-commerce and regulatory landscape, while Lucid Group struggled in the competitive EV market, driving sell-offs.

George Naddaf concluded: "Within the span of a quarter, Hims and Hers lost over half of their holders and switched from being a top riser to a top faller. Given that the stock rose 16% in the past three months and 90% over the past six months though, many of those investors who bought the stock and put it on the ‘risers’ list in Q2 have likely taken considerable profits from selling the stock in Q3, leading to the steep decline in holders.”