Trust in UAE banks among highest in world - survey

Wednesday, 27 January 2010 6:54 AM

Trust in the UAE’s government and banks is among the highest in the world, according to the Edelman annual Global Trust Barometer Survey, which has included the country for the first time.

The poll of ‘opinion formers’ within the UAE has revealed that trust in government stands at 67 percent. Trust in UAE banks was even higher, at 75 percent, in comparison to levels as low as 29 percent in the US and 19 percent in Germany.

Trust in media was ranked as being higher than most Western countries, but lower than other emerging markets, and technology was acclaimed as the most trusted industry, the survey said. "While global trust in business is up, it remains fragile,” said Ben Morton, general manager of Edelman Middle East and Africa. “The recent short-term actions by companies are largely seen as reactions to the crisis and there is concern that lessons will not have been learnt and companies will return to old habits."

The Edelman survey shows this year for the first time that trust and transparency are as important to corporate reputation as the quality of products and services. In the US and in much of Western Europe, those two attributes ranked higher than product quality and far outranked financial returns, which sat at or near the bottom of 10 criteria in all regions.

Non-government organisations were seen as the most trusted institution in a number of nations, although the figure in the UAE was low at 45 percent. "Now that we have put a marker in the sand, it will be interesting to see how the findings for the UAE change in the coming years," added Morton.

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Posted by: John Friday, 29 January 2010 3:01 AM[UAE] - UK

Edelman famously tried to con the world with the fake Walmart blog a few years back. They never properly explained the deception but did confirm they couldn't be trusted. How then can we trust this self-serving "research" when it is clear for all to see that they are spinning like geishas in front of their local clients. They do the UAE a disservice by promoting their hoary old claims of all being well in the land. Their pro-Israel involvement should also temper any enthusiasm for the firm in the Gulf. They will do business with anyone who pays.

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Posted by: The Pundit Thursday, 28 January 2010 6:14 PM[UAE] - UAE

First question - What is an "opinion former"? is this a person or organization who has opinions? Or is it a propaganda vehicle that is used to form or attempt to form the opinions of others. Second question - AB (and Ed Atwood in particular), did you even attempt to do the most basic of investigation before you wrote this drivel? Have you seen who Edelman's clients are? In case you aren't able to figure it out I provide you with a short list: - Dubai Department of Economic Development - Dubai Islamic Bank - EMAAR Properties Might Edelman have a slight conflict of interest in providing this fluff piece? The answer to that would be yes. Should AB have some journalistic integrity and not publish such a blatant fluff piece? The answer to that would also be yes. Sad, so sad...

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Posted by: His Excellency Dr Paul Thursday, 28 January 2010 11:29 AM[UAE] - UAE

There seems to be a slight mismatch between the figures quoted and the anecdotal evidence of comments on this web site. Perhaps this explains why: "The poll of ?opinion formers? within the UAE". Given the nature of the UAE's government and economy, those running key businesses who might be regarded as opinion formers may very well be related or closely associated with those in government. The UAE is also a more deferential culture, where criticism of those in higher positions is still somewhat taboo or illegal. Anyone leading a major business in the UAE is unlikely to last long if they openly criticise major national institutions, whereas in western countries business leaders are often openly supporting and funding opposition candidates. The cultural differences make comparisons like this survey tries to draw impossible. As others pointed out, it does look rather too much like the usual spinny story that much of the news here seems to consist of.

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Posted by: Sandpiper Thursday, 28 January 2010 10:28 AM[UAE]

I think AB should have qualified this headline. Quoting from Edelman's own web site they represent "a growing portfolio of local, regional and multinational clients, including Department of Economic Development of the Government of Dubai, Dubai Islamic Bank, EMAAR Properties, " Sorry AB, much as I appreciate the chance to spout off on your site, I think it was a mistake not to qualify Edelman's comments in the light of this glaring conflict of interest.

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Posted by: Toby James Thursday, 28 January 2010 9:32 AM[UAE]

I don't think many people fell for that one! That was up there with the one about the property market recovering by December 2008!

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