Warsaw. Poland was ranked first in a survey of countries and cities that trust banks, with 85 per cent of its citizens expressing confidence in how the financial sector handles their data, according to MoneyTransfers.com.
Warsaw. Poland was ranked first in a survey of countries and cities that trust banks, with 85 per cent of its citizens expressing confidence in how the financial sector handles their data, according to MoneyTransfers.com.
Jakarta. In second place is Indonesia, where seven in 10 respondents believe banks and financial service providers exercise diligent management of their data.
Jakarta. In second place is Indonesia, where seven in 10 respondents believe banks and financial service providers exercise diligent management of their data.
Frankfurt. In joint third position is Germany, where 68 per cent of citizens believe lenders are competent and ethical in how they manage personal data.
Frankfurt. In joint third position is Germany, where 68 per cent of citizens believe lenders are competent and ethical in how they manage personal data.
Mumbai. India is tied with Germany on the list of countries and cities that trust banks the most with their data.
Mumbai. India is tied with Germany on the list of countries and cities that trust banks the most with their data.
Stockholm. In fourth place is Sweden, where 61 per cent have no issues with how their data is handled.
Stockholm. In fourth place is Sweden, where 61 per cent have no issues with how their data is handled.
London. The UK is in fifth position, with 59 per cent expressing confidence in the financial sector's data-handling abilities.
London. The UK is in fifth position, with 59 per cent expressing confidence in the financial sector's data-handling abilities.
Copenhagen, Denmark. The Nordic country was ranked sixth, with 57 per cent giving lenders their vote of confidence.
Copenhagen, Denmark. The Nordic country was ranked sixth, with 57 per cent giving lenders their vote of confidence.
Dubai. The UAE took seventh position, with 56 per cent of Emiratis saying they trust banks and financial service providers with their personal data.
Dubai. The UAE took seventh position, with 56 per cent of Emiratis saying they trust banks and financial service providers with their personal data.
Sydney. Australia is tied with the UAE on the list of countries and cities that trust financial services providers the most.
Sydney. Australia is tied with the UAE on the list of countries and cities that trust financial services providers the most.
Beijing. About 53 per cent of Chinese trust banks and other financial institutions to handle their data safely, earning the Asian country eighth position.
Beijing. About 53 per cent of Chinese trust banks and other financial institutions to handle their data safely, earning the Asian country eighth position.
Singapore was ranked ninth in the survey, with 52 per cent endorsing how banks handle personal data.
Singapore was ranked ninth in the survey, with 52 per cent endorsing how banks handle personal data.
Hong Kong. The Chinese city is 10th, with half of its residents saying they have complete faith in how their data is handled by banks.
Hong Kong. The Chinese city is 10th, with half of its residents saying they have complete faith in how their data is handled by banks.

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More than half of all Emiratis trust banks with their personal data

UAE is ranked seventh on global list of countries and cities that approve of their financial service providers

Deepthi Nair
Deepthi Nair

July 13, 2021

  • English
  • Arabic

More than half, or 56 per cent, of Emiratis trust banks and financial service providers with their personal data, a new survey revealed on Monday.

Emiratis have more confidence in lenders than customers in big economies such as the US, France and Spain, placing seventh overall in a poll of 17 countries and cities by MoneyTransfers.com, based on YouGov data.

Poland took top spot in the survey, with 85 per cent of its citizens expressing confidence in how the financial sector handles their data, followed by Indonesia where seven in 10 people gave their approval.

Germany and India were tied in third place, with 68 per cent of citizens happy that their data was being handled competently and ethically, according to the survey of 2,251 people aged 18 and above.

A separate survey in May by market research consultancy Insight Discovery found that 20 per cent of UAE residents perceive credit card companies as having the second worst reputation after recruiters.

However, the reputation of credit card companies has improved over the past 12 months, with a fifth of those polled perceiving them in bad light, compared with 23 per cent in 2020.

Meanwhile, French citizens are the most sceptical of their banks, with only 37 per cent having faith that financial service providers will manage their personal data properly, the MoneyTransfers.com survey found.

Italy was ranked just above France in 14th place, with only 38 per cent of Italians confident about how financial service providers use their data.

Countries that trust banks and financial service providers the most
Countries that trust banks and financial service providers the most

Sweden (61 per cent) and the UK (59 per cent) rounded off the top five while Denmark (57 per cent) was sixth and the UAE was tied with Australia in seventh position.

China (53 per cent), Singapore (52 per cent) and Hong Kong (50 per cent) made up the top 10 countries where consumers trust how financial data is handled.

A separate study by the CFA Institute last year found that six in 10 UAE investors trust the investment management industry, compared with four in 10 globally. However, high fees were quoted as the main impediment to working with an advisory company.

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Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE currency: the story behind the money in your pockets
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

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