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A private investment office based in Dubai.
Alma Capital Investments
About Us
Founded in 2017 by Imran Almaleh, Alma Capital Investments is a solo investment office operating out of Dubai.
The mandate is narrow and internal: preserve capital, compound it patiently, and publish the research behind every decision.
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We invest across four asset classes:
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Global equities: concentrated positions, value-driven, global by design
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Precious metals: physical-backed gold as a structural portfolio anchor
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Fixed income: GCC sukuk and select credit, held to maturity
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Real estate: income-producing Dubai residential and commercial properties
The investment framework (PIOS - Personal Investment Operating System) combines a five-filter fundamental screen with an active macro regime overlay.
Every candidate clears the same quantitative discipline: valuation below sector median, balance-sheet conservatism, durable revenue growth, operating margin quality, gross profitability. Research is published openly.
Investment Approach
Every position ACI holds is the output of the same three-step process - no exceptions, no shortcuts.
Quantitative Screen
Every equity candidate must clear five filters before any qualitative work begins: valuation multiple below sector median, debt-to-equity under 50%, five-year revenue CAGR above 5%, and operating margin above 15%, and gross profitability (GP/Assets) above sector median.
Sector exceptions are documented, not improvised. Names that fail the screen are rejected.
Fundamental Research
Passing the screen earns a full research memo: business model and competitive moat, five-year financial quality, valuation through DCF and peer comparison, risk analysis, and a written thesis with entry price and catalyst.
Memos are published. The work is legible, not proprietary.
Macro Regime Overlay
Top-down views set the hunting ground; they do not override bottom-up valuation.
The active regime document classifies the environment and identifies priority sectors. When a candidate clears both the screen and the memo and aligns with the regime, position size follows conviction and margin of safety.
Contact Us
ACI does not manage third-party capital, does not offer advisory services, and does not solicit investment. For research-related correspondence, media enquiries, or general contact:
Barsha Heights (TECOM), Dubai, UAE.