Middle East companies pay $29.2 billion in Q1 dividends as global payouts hit record highs

Middle East corporations distributed $29.2 billion in dividends to shareholders during the first quarter of 2024, contributing to a broader increase in global corporate payouts. The regional figures were dominated by significant contributions from the energy and financial sectors, according to the latest Janus Henderson Global Dividend Index. Global payouts reach record highs On a global scale, dividends rose to an all-time high of $339.2 billion in the first three months of the year, representing a 2.4% increase on a headline basis. The growth was driven by 93% of companies either increasing or maintaining their payouts. The report identifies the United States, France, and Canada as key contributors to the record-breaking quarter, with Meta and Disney resuming or expanding their dividend programs. The Middle East performance remains heavily influenced by national oil companies and large-scale banking institutions. Saudi Aramco, the world’s largest oil exporter, remains a primary driver of regional dividend flows. Data shows that while global growth is steady, Middle Eastern payouts often fluctuate based on volatile energy prices and performance-linked bonuses from major state-linked entities. Banking sector leads regional growth The financial sector across the UAE, Saudi Arabia, and Qatar provided substantial support to the $29.2 billion total. Higher interest rates throughout 2023 and early 2024 have allowed regional banks to report record profits, a portion of which is…