Cash dividends worth Dhs29bn proposed by 38 UAE listed companies for 2020

Cash dividends worth Dhs29bn have been proposed to date by 38 companies listed in the UAE capital markets for the year 2020, according to data released by the listed firms.

Banks are the largest distributors of profits. Eight Emirati banks reportedly disbursed up to Dhs15.13bn to their stockholders, while 10 banks are yet to disclose their recommendations on dividend distributions, official news agency WAM reported.

UAE’s First Abu Dhabi Bank, Abu Dhabi’s biggest lender, has approved the distribution of 74 per cent cash dividends, implying total cash dividends of Dhs8.08bn for the financial year ended December 31, 2020.

Read: First Abu Dhabi Bank approves Dhs8.08bn cash dividends for 2020

The telecommunications sector comes second with Dhs7.63bn in dividends, excluding the profits proposed by the Etisalat board following their declaration that trading in its shares had been stopped.

Other sectors that announced dividend payouts include, transport, real estate, investment, financing, energy, medical services, insurance, transport and construction.