Emirates NBD, Dubai's biggest bank by assets, is the most trusted local lender in the UAE and has the most loyal customers, according to a survey by Brand Finance Banking.
Bank clients surveyed by Brand Finance Banking, based in the UK, found that 74.6 per cent of respondents perceived Emirates NBD to be the most trusted bank in the UAE. Thirty-six per cent of respondents said they were very unlikely to switch. Emirates NBD topped out with 15 per cent of those polled saying they would switch to the Dubai bank.
"In general, the UAE banking market is more flexible when it comes to customer preferences than some of the long-established banking markets, especially Switzerland, the US or Britain," said Andrew Campbell, the managing director for the Middle East at Brand Finance.
"Growth-market customers are generally more likely to switch between bank brands - in the UAE on average 27.5 per cent customers declare they are ready to try banking with the competition. This is also the case, for instance, in India, where on average 34.5 per cent of customers state that they are likely to switch."
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At the other end of the spectrum, Union National Bank was perceived to be the least trusted local bank and those who banked at First Gulf Bank (now First Abu Dhabi Bank after its merger with the National Bank of Abu Dhabi) were most likely to move to a competitor, with 31.4 per cent saying they were very likely to switch.
The data was compiled in 2016 before the Brand Finance Banking 500 2017 release.
Emirates NBD is also one of the most profitable banks and has held its own financially in the past couple of years when economic growth has slowed and many banks suffered big losses from lending to small and medium-sized enterprises that then went bust.
Emirates NBD said in July that its second-quarter profit rose 5.8 per cent, due to higher loan rates, tighter expenses and lower provision costs.
The lender also said that as a result of cost cuts last year, it was investing Dh1 billion in digital technology over the next three years – a move that is in line with underlying shifts in the banking industry.
Globally, banks are increasingly streamlining their physical presence and investing in technology and "digital wallets", shifting their focus to mobile services as they vie to increase customer bases.
The investment in digital is likely to reduce Emirates NBD's costs further.
Although the combination of First Gulf Bank and National Bank of Abu Dhabi has displaced Emirates NBD as the biggest lender by assets in the UAE, observers say it will be resilient. Moody's Investors Service said in July Emirates NBD would surmount the challenge of losing its market-leading position.
The rating agency noted that the lender would continue to finance infrastructure projects ahead of Expo2020 and that competition with First Abu Dhabi Bank would be softened by the limited overlap between the two banks.
Brand Finance researched 19,000 people in 22 markets to gauge opinions in an era of major industry disruption with the proliferation of online lenders and other brick and mortar banks.
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
MATCH DETAILS
Juventus 2 (Bonucci 36, Ronaldo 90 6)
Genoa 1 (Kouame 40)
UAE currency: the story behind the money in your pockets
Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
The years Ramadan fell in May
Killing of Qassem Suleimani
2024%20Dubai%20Marathon%20Results
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Honeymoonish
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
