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

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

Banking and finance, real estate and Adnoc entities stocks are expected to perform well this year on the back of strong dividends they have been paying to the shareholders.

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

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

While speaking on the sidelines of the launch of the 2024 outlook report in Dubai on Monday, she said most of the IPOs over the last three years paid dividends of over four per cent. “That is again key to maintaining their growth upside. Last year, banks did exceptionally well and we saw their earnings on average have gone up 20-30 per cent and some have doubled their earnings. Banks also increased their dividends as net interest margins improved, and they wrote back provisions as the economy is strong.”

Gupta said the other sector that they stay convinced are Adnoc-backed companies listed