The Securities and Commodities Authority (SCA) has processed 12,000 requests, amounting to over AED 115 million, for the disbursement of unclaimed dividends to shareholders of public companies and dormant balances held by brokerage firms.
His Excellency Mohamed Ali Al Shorafa Al Hammadi, the SCA’s Chairman, 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 dating back to before March 2015 is one of the SCA’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.
His Excellency Al Shorafa emphasised that the 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 the SCA has developed an electronic service in coordination with the paying 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.
An electronic service for the disbursement of dividends
In coordination with the First Abu Dhabi Bank (FAB), the SCA has recently launched an electronic service for the disbursement of unclaimed dividends (dating back to before March 2015) to make it easier and more convenient for shareholders to claim their entitlements, which is in alignment with the government’s aspirations and helps meet the public’s needs and expectations.
This service enables shareholders to submit and track the status of their requests using the FAB website, www.bankfab.com. The bank will study the request and transfer dividends to the account holder within 10 business days after completing all the required documents.
