UAE stock investors with unclaimed dividends or cash from before March 2015 have a solution

Dubai: The UAE stock market regulator SCA is making it easier for investors to get unclaimed dividends dating back to before March 2015.

The process also applies to cash held in dormant accounts that investors opened with brokerage firms.

On unclaimed dividends, the SCA (Securities and Commodities Authority) has appointed First Abu Dhabi Bank (FAB) to handle the process. FAB will receive payment requests via these channels:

Applicants must submit a copy of the Emirates ID; passport (for non-UAE nationals), copy of the family book (for UAE nationals), and certificate from the bank specifying the account number and IBAN.

They must also provide:

The paying agent will transfer the dividends to the account holder within 5 business days after completing all the required documents and data. An SMS to the account holder’s mobilephone will also be sent to notify him/her of the transfer.

The firm will determine the availability of the cash owed to the investor, and will then forward the request to the SCA.

The SCA will review the request and transfer the dividends to the investor within 5 business days upon provision of all required documents and information.

When it comes to funds held in dormant broker accounts, follow the steps related to Emirates ID, passport copy, and others. In addition, they must provide:

If this issue involves brokerage firms whose license was revoked/operations were shut down, the investor must submit the request to the SCA, along with all the documents mentioned earlier, via the SCA website, email or call center number.