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Saudi oil giant Aramco has retained its status as most valuable Middle Eastern brand, according to a new global ranking, despite the world’s biggest oil producer witnessing a slight decrease in valuation, largely triggered by revenue changes following the voluntary cuts in output in recent months.
According to the 2024 list by Brand Finance, a brand valuation consultancy based in London, Aramco’s brand value dipped to $41.6 billion, down from $45.2 billion in the previous year. Yet, despite the downward curve, the company retained the top spot in the region by a significant margin.
The Abu Dhabi state-owned ADNOC took second place as the most valuable Middle Eastern brand, growing in value by 7% to $15.2 billion, based on the company’s strategic investments in low-carbon solutions and its commitment to achieve Net Zero targets by 2045.
During last month’s UN climate conference COP28, hosted in Dubai, ADNOC partnered with State Oil Company of Azerbaijan Republic (SOCAR) to collaborate on the potential development of low carbon energy technologies.
The deal followed up on ADNOC taking the lead as a founding signatory of the Oil and Gas Decarbonization Charter, signed at COP28, that set targets to eliminate routine flaring and zero out methane emissions by 2030.
Surge in telecoms sector
The Brand Finance list, which puts 5,000 global brands to the test, has rated UAE’s etisalat by e& as the strongest Middle Eastern and African brand, and the strongest telecom brand in the world.
e& group’s telecom vertical has retained its position as strongest brand in the Middle East and Africa as well as the strongest telecom brand in the world, scoring 89.4 in the Brand Strength Index.
e& has also retained its ranking as the most valuable portfolio of brands in the Middle East and Africa, with an increase of 15% on last year to a total brand value of $17 billion.
Also featured on the list this year from the region is Saudi telecom brand stc, which saw its brand value experience an uptick of 12% to $13.9 billion in 2024.
Other organisations from the region to make it to the list include banking brands QNB and Al-Rajhi Bank.
QNB, (brand value up 10% to $8.4 billion) has increased its brand value and strength in this year’s ranking, maintaining its AAA rating.
Al-Rajhi Bank, the region’s second strongest brand, has grown its brand value by 13% to $6.4 billion. It also has a BSI of 85.07, along with a AAA rating.
Other key findings
Globally, Apple took the top spot with a 74% growth in brand value, reclaiming its title as the world’s most valuable brand by a huge margin at $517 billion.
The boom in the Artificial Intelligence sector booms also resulted in NVIDIA emerge as the world’s fastest growing brand on the list. NVIDIA saw it brand value rise by 163% to $44.5 billion.
A key supplier of chips in the AI space, NVIDIA is perceived as highly innovative while familiarity, consideration, and recommendation levels all increased year-on-year, according to Brand Finance research.
Meanwhile, Tesla dropped out of top 10 list, falling to 18th place, with its brand value dipping by 12% to $58.3 billion.
The study said Tesla has been harmed by its large exposure to the Chinese EV market, and BYD (brand value up 20% to $12.1 billion) has now overtaken Tesla to become the world’s largest EV maker. While Tesla’s brand strength remains high overall, rated AAA-, research showed a significant fall in reputation stemming from its close association with its leader, Elon Musk.
(Writing by Bindu Rai, editing by Seban Scaria )
