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Wednesday, February 28, 2024

Brand value of UAE companies to grow in 2023 – News


Adnoc is the strongest oil and gas brand in the Middle East and most valuable in the UAE, report says

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release time: Tuesday, February 28, 2023 at 7:13 am

In 2023, the brand value of top UAE entities in energy, telecommunications, aviation and banking increased.

Abu Dhabi National Oil Company (Adnoc) is the strongest oil and gas brand in the Middle East and the most valuable brand in the UAE, according to an annual report by Brand Finance released on Tuesday.

It is the second most valuable Middle Eastern brand, with a brand value of $14.2 billion, an increase of 11% over the past year.

Etisalat, the largest telecommunications operator in the UAE, grew 4% in e& brand value to US$10.5 billion, with a Brand Strength Index (BSI) score of 89.1 out of 100, making it the strongest brand in the Middle East.

“Etisalat by e& has evolved through a change in brand identity last year to reflect a technology-driven telecom brand, backed by excellent 5G connectivity and increased employee satisfaction thanks to a vibrant company culture, making it an attractive employers,” it said.

Brand Finance determines the relative strength of brands through a balanced scorecard that evaluates marketing investments, stakeholder equity, and business performance.

The brand value of the world’s largest international airline, Emirates, rose 2% to $5.1 billion and remained the most valuable Middle Eastern airline.

In the banking sector, the brand value of the UAE’s First Abu Dhabi Bank (FAB) rose 19 percent to $3.9 billion. It is the third most valuable banking brand in the region and the most valuable in the UAE.

Dubai-based Mashreq Bank grew its brand value by 35 percent to $1 billion, making it the third fastest-growing brand in the UAE. The brand’s new brand identity, launching in 2022, is part of a broader strategy to realign its offerings as a digital-first financial institution.

The brand value of global port operator DP World also increased by 15% to $1.8 billion, thanks to continued healthy growth, making it the most valuable logistics brand in the Middle East.

“Despite difficult operating conditions, global logistics brands continue to deploy technology to create efficient and innovative trade solutions for stakeholders,” it said.

Among regional companies, Saudi Arabian oil and gas giant Aramco remained the most valuable company in the Middle East, with its brand value up 4 percent to $45.2 billion, helped by soaring oil and gas prices and demand this year.

Saudi chemical company Sabic’s brand value rose 1 percent to $4.7 billion; Al-Rajhi Bank’s brand value rose 32 percent to $5.7 billion); Qatar National Bank’s brand value rose 9 percent to $7.7 billion .

— waheedabbas@khaleejtimes.com


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