The Abu Dhabi Securities Exchange General Index rallied to the highest level in more than three years as investors bought banking stocks to take advantage of higher dividends.
First Gulf Bank, which recommended a cash dividend of 83 fils per share for last year, rose 4.2 per cent. Abu Dhabi Commercial Bank advanced to the highest level in more than four years after raising US$1.5 billion from a bond sale.
The ADX gained 1.7 per cent to 3,056.39 points, the strongest close since October 2009.
Lenders have raised dividends as they recover from the effect of the global credit crisis. Abu Dhabi banks offer an average dividend yield of 4 per cent, versus 3.3 per cent for the Bloomberg GCC 200 Financial Index of the GCC's most-traded stocks.
"The prospects of the banks profits in 2013 are good in addition to the attractive dividend yield," said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities.
The Abu Dhabi measure was the biggest gainer in the GCC yesterday and about 316 million shares were traded, compared with a 12-month daily average of 82 million.
ADCB, the third-biggest UAE lender by assets, said last month it would pay a 25 per cent cash dividend for last year, up from 20 per cent a year earlier. The lender's fourth-quarter profit rose 19 per cent, beating estimates.
First Gulf Bank, whose profit grew 12 per cent last year, advanced to Dh13.7, the highest since July 2008. The bank will probably post the fastest loan growth in the UAE this year, EFG-Hermes Holding said in December.
Aldar Properties and Sorouh Real Estate, Abu Dhabi's biggest property developers, rallied 1.3 per cent and 2.7 per cent. Shareholders of both companies will meet on Sunday to vote on a potential merger after failing to reach quorum at an extraordinary general meeting last week.
The Dubai Financial Market General Index rose 0.7 per cent to close at 1,938.88.
* Bloomberg News
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
