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UAE banking, real estate and Adnoc stocks to perform well in 2024, says Dubai’s largest bank – News

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Published: Monday, February 5, 2024, 5:20 p.m.

Last update: Monday, February 5, 2024, 7:42 p.m.

Stocks of banking and financial entities, real estate and Adnoc are expected to perform well this year thanks to the strong dividends they have been paying to shareholders.

Anita Gupta, head of equity strategy wealth management at Emirates NBD, said the UAE stock market is all about dividend yields and this trend is likely to continue this year.

“We hope that 2024 will be a good year for banks. “We may not see astronomical growth like we saw in 2023, but we do expect dividend payments to be maintained in 2024, which is very good for Dubai and Abu Dhabi banks,” he said.

While speaking on the sidelines of the launch of the 2024 outlook report in Dubai on Monday, he said most IPOs in the last three years paid dividends above four per cent. “This is once again key to maintaining its upward growth. Last year, banks did exceptionally well and we saw their profits on average increase by 20 to 30 percent, with some doubling. Banks also increased their dividends as net interest margins improved and wrote down provisions because the economy is strong.”

Gupta said the other sector they remain convinced about is the Adnoc-backed companies listed on the Abu Dhabi stock exchange.

“They are strong dividend payers and diversification away from the real estate and banking sectors. That will work fine again. Thirdly, real estate companies are going to have a good year because deliveries will be strong in 2024, so we expect real estate developers in Dubai and Abu Dhabi to pay good dividends. That is positive for real estate companies,” Gupta told Khaleej Times in an interview on Monday.

46% return

In the last three years, 19 IPOs have emerged in the UAE in different sectors such as retail, energy, education, healthcare and privatization of Dubai government entities.

“The average return on stock prices in the last three years has been 46 percent and that contrasts quite a bit with the rest of the world. For example, Indian IPOs did well in the first year of listing, with most of them rising at least 25 percent and then falling. What sustained UAE companies is undoubtedly the dividend yield. Any company that has increased dividends has done better,” he said.

GDP of United Arab Emirates and Dubai

Emirates NBD Research said real GDP growth in the UAE and Dubai is expected to grow faster next year, driven by non-oil sectors.

Dubai’s largest bank expects the UAE economy to expand at a slightly slower pace of 3.3 percent in 2024, but the pace will rise to 4.0 percent in 2025, led by a 4.0 percent expansion. .7 percent of non-oil sectors.

Similarly, Dubai’s economy will expand at 4.0 percent in 2024, the same as last year. But growth will rise to 4.5 percent next year.



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