UAE: Dh115 million in unclaimed dividends disbursed to shareholders of public firms

The Securities and Commodities Authority (SCA) has processed 12,000 requests, amounting to over Dh115 million, for the disbursement of unclaimed dividends from shareholders of public companies and dormant balances held by brokerage firms.

Mohamed Ali Al Shorafa Al Hammadi, Chairman of SCA, told Emirates News Agency (WAM) that the authority has made significant progress in disbursing unclaimed dividends and dormant balances since launching these services in February this year.

"This effort reflects its commitment to providing proactive, high-quality services to the public, in line with the aspirations of the UAE leadership."

He highlighted that the disbursement of unclaimed dividends prior to March 2015 is one of the authority's key initiatives aimed at encouraging investors to claim their entitlements. This is achieved through effective communication channels and raising awareness among the public about the importance of claiming their dues and monitoring their investments in financial markets.

Al Shorafa emphasised that SCA remains committed to meeting the goals of the UAE leadership, which has prioritised this project, ensuring innovative and pioneering services that meet government standards.

He explained that SCA has developed an electronic service in coordination with the payment agent, expanding the available service channels and offering investors a flexible and seamless experience. This aligns with the authority's vision of enhancing customer satisfaction and boosting the efficiency of services within the UAE's investment environment.