Shareholders Of UAE's Largest Bank Approve Record $2.2bn Dividends

Shareholders of First Abu Dhabi Bank (FAB), the UAE’s largest bank, approved record dividends of AED8.06 billion ($2.19 billion) at its general assembly meeting in Abu Dhabi on Monday.
During the meeting, the distribution of 74 percent cash dividends (AED 0.74 per share) for the financial year ended 31 December 2018 were approved, a statement said.
Shareholders also approved FAB’s financial statements for the year in addition to the bank’s proposition to increase its foreign ownership limit from 25 percent to 40 percent, subject to regulatory approvals, it added.
Abdulhamid Saeed, Group CEO of FAB, said: “Consistent with our commitment to maximise shareholder returns, we are pleased to announce the distribution of 74 percent cash dividends, totalling AED 8.06 billion, an increase of 6 percent from last year.
"This is a record total for FAB and the highest dividend distribution in the UAE this year, reflecting our continued focus on delivering sustainable growth in shareholder returns.”
He added: “Having completed our integration journey, the bank is well positioned to unlock its full potential and to continue to maximise shareholder value in 2019 and beyond. The decision to increase the foreign ownership limit is also aimed at further enhancing our liquidity and diversifying our investor base, which in addition to our other initiatives, will work towards creating greater value and opportunities for all our stakeholders.”
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more