The primary objective of this study is to comprehensively assess the impact of market efficiency on the fair value of stocks within various Arab countries. The research focuses on countries such as Egypt, Morocco, Tunisia, Saudi Arabia, the UAE, Kuwait, Oman, and Qatar, utilizing data collected from the years 2004 to 2022. To achieve this, the study employs a robust dynamic panel data methodology that integrates both time series and cross-sectional data, alongside a linear regression model grounded in the fixed effects approach. The findings of the study indicate that the majority of the examined indicators of stock market efficiency exert a positive and statistically significant influence on the fair value of stocks. Interestingly, while most indicators support this positive relationship, the volume indicator stands out by demonstrating a weak negative effect, albeit at a 10% significance level, suggesting nuanced dynamics at play in the market efficiency-fair value relationship within these regions.