PHOTO
Saudi Aramco has retained its title as the Middle East’s most valuable brand, while UAE-based etisalat by e& has been rated as the strongest.
The Brand Finance Global 500 put the Saudi Arabian oil giant’s value at $43.6 billion, up by 4% on last year, ranking it the 29th most valuable brand in the world.
While Aramco was the most valuable brand in the region, etisalat by e& was the strongest, with a score of 89.1 out of a possible 100 for brand strength.
ADNOC
Another oil giant, Abu Dhabi’s ADNOC, is the second most valuable brand at $14.1 billion, ranked 138th globally, entering the top 150 for the first time. The company’s value has grown by 11% over the past year, with brand strength rating of AA+, Brand Finance said.
“The brand has grown significantly through its partnerships in the sector and is seen as a role model in the region for attracting global capital, the report said.
“ADNOC is also actively embracing the energy transition, committing US$15 billion to low-carbon solutions, new energies and decarbonisation technologies in support of their Net Zero by 2050 ambition.”
The report said etisalat by e& is evolving from Etisalat Group into a tech-driven telco.
“This transition has manifested in both infrastructural changes to the etisalat by e& operations to enhance its services to the customer, as well as external-facing service offerings of the other e& divisions that previously operated under the Etisalat brand,” it said.
Brand Finance put the etisalat by e&’s value at $10.5bn, with the combined value for all e& branded operations at $11.7bn, up from a combined value of $10.1bn in 2022.
The brand value of Saudi telecoms company stc also grew by 17% to $12.3 billion, up 25 places in the global ranking to 159th.
Region’s largest bank
Qatari bank QNB saw its brand value grow to $7.1 billion, up 9%, which the report said was due to the benefits of connecting globally and enhancing its international presence from FIFA World Cup.
“It remains the most valuable banking brand in the Middle East since 2013 and has entered the top 300 brands globally for the first time.
“This performance is underpinned by its very high capital strength, its strong talent, and its international presence (the largest bank in the Middle East and Africa),” Brand Finance said.
Saudi Arabia’s Al-Rajhi Bank, the largest Islamic bank in the world by assets and market capitalisation, saw its brand value grow by 32% to $5.7 billion, and is the newest Middle Eastern brand to enter the Global 500 ranking.
“It has built an enviable retail franchise in Saudi Arabia and is using the halo effect of its strong brand to expand into previously non-core segments such as corporate, SME, and private banking,” Brand Finance said.
Dubai-based Emirates Airline saw its brand value fall by one place to 462 from 461 in 2022 while Saudi chemical company SABIC also fell by one place to 494.
Amazon topples Apple
Amazon was ranked the world’s most valuable brand, despite losing $51 billion in value, with Apple losing its top ranking after losing $57.6 billion.
Electric vehicle firm Tesla and China’s BYD are amongst the fastest growing brands as demand grows for electric vehicles, Brand Finance said.
Tech firms were still heavily represented, but only 48 featured in the top 500 this year, down from 50 in 2022, after Snapchat and Twitter dropped out. Samsung Group, Alibaba.com, Facebook and WeChat all lost value while Instagram and LinkedIn both increased.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
