The number of joint stock companies in the UAE financial markets that decided to distribute dividends to their shareholders increased to 51 companies.
According to the Emirates News Agency, the total value of the dividends increased to about 36.91 billion dirhams as of March 23.
Many of the general assemblies of the companies during their meetings held in March approved the recommendations of the boards of directors on the distributions, while some of these distributions still need to be approved by other associations that are scheduled to meet in the coming days.
The banking sector maintained the first position in terms of the value of the cash dividends to shareholders, as the distributions of 11 national banks reached 19 billion dirhams for the year 2019, and the bank distributions constitute 51.5% of the total distributions announced by the 51 companies covered by the monitoring.
The telecom sector’s allocations of about 8.5 billion dirhams accounted for 23%.
This means that the two sectors accounted for 74.5% of the total dividends.
At the level of the real estate projects sector, the value of distributions amounted to 3.3 billion dirhams, while in the consumer services sector it reached 2.61 billion dirhams, and the rest of the distributions were recorded for other sectors, including investment, finance, energy, health services, insurance, hospitality, transport and logistics.
Abu Dhabi Bank was the first to distribute dividends to shareholders with distributions exceeding 8 billion dirhams, followed by Abu Dhabi Commercial Bank by 2.64 billion dirhams, then Dubai Islamic Bank 2.53 billion dirhams and Emirates NBD 2.527 billion dirhams.
The value of the cash dividends of Etisalat Group reached 6.954 billion dirhams, while the distribution of Integrated Telecommunications Company reached approximately 1.542 billion dirhams.
