The solar reflective index (SRI) is one of the important parameters in the analysis of a building’s energy and thermal performance, especially for “cool” reflective paints or coatings and also for cool roof membranes. However, there exists less information on the typical performance of the cool materials exposed for long term in the Middle East and more specifically in the United Arab Emirates (UAE). In this study, we determined values of reflectance, emittance, solar reflective index (SRI), and color difference, for three different high-SRI white-paint-coated panels exposed naturally on low- and high-sloped racks for three years. After 3 years, reflectance values of exposed sample panels significantly decreased with an increased color difference in comparison with original unexposed paint surfaces. The emissivity of the paint changed very little for all of the exposed samples, but SRI, determined from both the reflectance and emittance, initially ranged between 95 and 110 and decreased to 60–90 after three years of exposure. This appeared to be related to exposure to high temperatures, UV radiation, and adhesion of airborne contaminants in conjunction with low precipitation. Macroscopically, panels exposed on a low slope were the most discolored with the greatest presence of dust infusion and reduction in increase in surface temperatures, which was demonstrated through thermal imaging. Such natural weathering research study is necessary for the development of standard exposure tests and for the determination of various control elements to increase the durability of cool materials in hot and arid climatic conditions of the UAE.