Adnoc is the most profitable consumer services firm in terms of proposed cash dividends, which totaled Dh2.57 billion in the reference year, accounting for 89.2 percent of the sector's overall income.

Consumer services firms listed on the UAE stock exchange have announced cash dividends of up to Dh2.8 billion for 2020. According to data posted on the websites of ADX and DFM by consumer services companies, this accounts for 8.2 % of the overall dividend payments reported by all listed firms in the UAE financial markets until March 31, which totaled about Dh35 billion.

Adnoc is the most profitable consumer services firm in terms of proposed cash dividends, which totaled Dh2.57 billion in the reference year, accounting for 89.2 % of the sector's overall income.

The Emirates Driving Company comes in second with Dh90 million in proposed dividends, followed by Agthia with Dh119 million. The remaining is split into other publicly traded consumer services companies.

According to a market researcher, "the consumer services industry is one of the few platforms that has sustained decent growth rates inspite of slower and modest change in business conditions around the world due to the Covid-19 pandemic."

Saudi Arabia's stock market soared on Wednesday after the country announced a massive investment push initiated by Aramco and Sabic, while other major Gulf markets were mixed.

Crown Prince Mohammed bin Salman said on Tuesday that oil company Aramco and petrochemical company Sabic will lead an SR5 trillion ($1.3 trillion) investment by the private sector by 2030 as part of an economic diversification plan announced on Tuesday.

According to Saudi Crown Prince Mohammed bin Salman, this is part of an SR12 trillion investment program that will conclude by 2030. Saudi Arabia's benchmark index rose 2.8 percent, its biggest intraday rise since April last year, as all but one of the country's banking stocks traded higher. Al Rajhi Bank increased by 5.1%, while Saudi Basic Industries Corp (Sabic) increased by 5.6%. Saudi Aramco ended the day with a gain of 2.7%.

The benchmark index in Dubai fell 0.3%, weighed down by a 0.8% drop in blue-chip developer Emaar Properties and a 2.4% drop in Damac Properties. The main index in Abu Dhabi finished at 5,913 points.

Commercial Bank rose 3.2 % lifting the Qatari index by 0.2 percent. Aamal Company, dropped more than 5% after the stock went ex-dividend. The Egyptian blue-chip index dropped 1.6% as most of the index's stocks fell, including Commercial International Bank, which fell 1.6 %.