ADNOC emerged as the most resilient of all national oil companies in the world, posting only a six percent brand value loss despite the outbreak. The company is currently valued at $10.8 billion, compared to $11.4 billion in 2020.
“ADNOC has managed to successfully shelter its brand value during an incredibly challenging year for its industry,” Brand Finance said.
Etisalat came in second with a brand value of $8.5 billion, up 0.7 percent from $8.4 billion in 2020. The telecommunications firm has overtaken long-haul operator Emirates, which has dropped to the third position.
“Etisalat has been crowned the UAE’s strongest brand for the first time, overtaking Emirates, with a brand strength index (BSI) score of 87.4 out of 100 and a corresponding AAA brand strength rating – the only brand in the MENA region to achieve this rating,” Brand Finance said.
According to the report, Etisalat is the only brand in the top 10 rankings that hasn’t suffered a decline in value during the pandemic. It also has a very strong brand equity, ranking first on all of the key measures such as consideration, reputation and quality.
“Etisalat also connects with UAE residents emotionally far better than any direct competitor,” Brand Finance said.
Third on the list is Emirates, whose brand value stood at $4.6 billion, down 31 percent from $6.8 billion in 2020.
Despite a significant decline in brand value, Emirates is still considered one of the UAE’s strongest brands, with a BSI score of 80.5 out of 100. It also maintains its “genuinely global appeal”.
Although it didn’t make it to the top 10 list, DP World was recognised as the fastest-growing brand, with its value rising by 17 percent to $1.1 billion.
“The logistics giant recorded solid growth last year, as the brand celebrated strong performances in key markets including India, UK, Netherlands, Belgium and Egypt,” the report said.
Within the top 10 list, Emirates NBD came in as the fourth-most valuable with $3.7 billion, followed by First Abu Dhabi Bank with $3.6 billion. The two banks saw value declines of 9.7 percent and 10.1 percent, respectively.
Abu Dhabi Commercial Bank (ADCB), came in the sixth place with $2.1 billion, followed by Du with $1.8 billion, Dubai Islamic Bank ($1.6 billion), Emaar (1.5 billion) and ENOC (1.4 billion).
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021