We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 27 Jan 2010 06:54 AM

Font Size

- Aa +

Trust in UAE banks among highest in world - survey

Edelman global survey says trust levels at 75% compared to just 29% in the US.

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.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Adam 10 years ago

Who on earth were the "opinion formers" whose opinions were sought ? Employees of the banks ? Sadly the banks here are in general terrible and banks with a global presence seem to lower the quality of their offering in Dubai compared to elsewhere which is very sad. I have very little trust in the banks - to the extent that I only keep a minimum amount in the UAE, transferring it offshore as quickly as possible. Has the great credit card scam of last year, wonderfully swept under the covers by all concerned, been forgotten about already ? And as for the comment about "trust in media being rated higher than most Western countries" ! Western newspapers may be far from perfect, but at least they do tell the story. Newspapers here just repeat verbatim what some official has told them. Rarely is there any analysis.

Louie Tedesco 10 years ago

Wholly agree with John Thomas! Who are these people who can make up survey results as they go along? What in the world is an "opinion former" group who was allegedly polled?! Perhaps these time-wasting poll takers should review the reader comments routinely posted on the AB web site - these reflect real opinions of real people who are stuck with third-world banking services in a city claiming to be the best at everything. It is irresponsible for such drivel to even be published. Where are the questions to the leadership of Edelman? Who the heck IS Edelman?!

Punky Brewster 10 years ago

BANKS in the UAE have NO IDEA abt Cust Srvc, and even though they do, it's just a way to get away with murder, 'cos there are hardly any consumer laws protecting the people. Think of Real Estate, Credit Cards, Loans, etc... and we KNOW how the system runs here. There is ABSOLUTELY no truth when reports suggest otherwise, esp when it comes to MEDIA as well as Govt., considering the ONLY 2 Telecom Corporates are owned by the respective authorities, PLUS, the CONFLICT of INTEREST when the govt run institutions are the benefactors of business. Prime example - RERA, an institution run by people who OWN properties, and will never be able to bring abt changes in laws, if it affects them in the long run.

JS 10 years ago

The result of the survey just shows, how well the propaganda works within the UAE. Of course will the views and the ratings in countries, where people get true information and independant opinions, be more severe towards their institutions, than in the UAE where the press is always painting a rosy picture.

Telco guy 10 years ago

You can check that in their website, Edelman ias a: Full service global public relations firm And yes, we already established (AB dixit) that the role of AB is to report on these announcements, not to judge them. So, business as usual.

Dexter 10 years ago

Edelman is a global PR firm and delivers the trust barometer annually across the globe for the past decade, there is motive to propogate. Everything is relevant. Trust in government and banks is high in the UAE in COMPARISON with the Western world because people there tend to be more skeptical. Conversely, the west thinks highly of social media, this channel of communication isn't as developed in the region so it's relatively low here. On a further note, I've read elsewhere that the study started in Sept and ended beginning of Dec, the crisis hit end of Nov and by that time most of the interviews had probably already been done.

No name 10 years ago

Ofcourse, everything is perfect here; the banks are solid and didn't even hear of the financial crisis; the economy is expanding by 10%-20% every year. Projects are moving on and there is no crash in the property sector at all. The landlords were sooo generous to drop the rents on their own because that don't even need the extra money any more! To be honest I had a good laugh reading this article!

Nick 10 years ago

According to people's comments on Arabian Business a few days back it doesn't look so, more precisely I mean those whose the bank stopped the flexible EIBOR mortgage installments.

Dan 10 years ago

I think the only ones in the survey were Emiratis.

Bob 10 years ago

Even though I have moved my business from the UAE (one of the MANY reasons was the incompetents operating the bank) I still enjoy reading AB strictly for a chuckle or laugh. In my opinion, as a business information publication, you really really don't have any integrity or credibility left. You never tell it like it is, you only tell it like "they" want it to be told. This is not journalism.