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Wednesday, March 22, 2023

Saudi Aramco retains dominance as Middle East’s most valuable brand

Saudi Aramco retains dominance as Middle East’s most valuable brand

Saudi Arabian oil and gas giant Aramco, whose brand value rose 4% to $45.2 billion, remains the most valuable Middle Eastern brand, according to a new report from leading brand valuation consultancy Brand Finance.

Saudi Arabia’s national oil company has benefited from a surge in oil and gas prices and demand this year.

Etisalat by e& is the strongest brand across all sectors in the region, followed by stc, both with the prestigious AAA rating.

Telecom brand

Etisalat by e& (brand value up 4% to $10.5 billion) scored 89.1 out of 100 on the Brand Strength Index (BSI), making it the strongest brand in the Middle East. Etisalat by e& is the telecommunications brand of the global technology group e&. Etisalat by e& has undergone brand identity changes last year to reflect a technology-driven telecom brand powered by superior 5G connectivity; improved NPS score due to richer, personalized customer interactions; vibrant company culture makes it an effective attractive employers, which increases employee satisfaction.

Telecom brand stc (brand value up 17% to $12.3bn) is the second strongest brand in the Middle East and strongest in Saudi Arabia, with a brand BSI score of 87 out of 100 and a corresponding AAA rating. The brand also climbed 25 places in the Global 500 ranking, the highest-ranked Middle Eastern brand in the study, with strong growth ahead thanks to its dominance in its home market.

Saudi Arabian banking brand Al-Rajhi Bank (brand value up 32% to $5.7 billion) is the strongest banking brand in the Middle East, with a Brand Strength Index (BSI) score of 85.5 out of 100, corresponding to a AAA rating.

Adnoc’s strongest oil and gas brand

Abu Dhabi National Oil Company’s (Adnoc) brand strength index (BSI) rose to 79.4, maintaining its position as the strongest oil and gas brand in the region. 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.

Saudi Arabian Chemicals Company Sabic (brand value up 1% to $4.7 billion) is the most valuable chemical brand in the Middle East. It now offers a diverse range of products and hopes to further identify opportunities in key end-use applications.

DP World (brand value up 15% to $1.8 billion) continues to grow healthily and is the most valuable logistics brand in the Middle East. Despite difficult operating conditions, the global logistics brand continues to deploy technology to create efficient and innovative trade solutions for its stakeholders.

Qatargas (brand value up 147% to $3.1 billion) is one of the world’s leading brands in natural gas production and is owned by QatarEnergy. This effectively constrained supply for many gas users and boosted Qatargas sales.

fastest growing

Dubai-based Mashreq (brand value up 35% to $1 billion) followed as the UAE’s third fastest-growing brand. 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.

Mobily (18% increase in brand value to US$1.8 billion) maintained its position as the fastest growing telecom brand in the Middle East. Mobily’s integrated telecommunications network is one of the largest in Saudi Arabia and the Middle East.

QNB (brand value up 9% to $7.7 billion) is the fifth most valuable Qatari brand among Middle Eastern brands. QNB is also the most valuable Middle Eastern banking brand. QNB continued to grow this year and maintained its position as the world’s most valuable banking brand (45th globally). This reflects the success of the bank’s efforts to expand its international presence and serve an increasingly diverse client base.

Brand value growth for Riyadh Bank in Saudi Arabia has been impressive, with a 42% increase in brand value this year to $1.8 billion, well above the overall average for Saudi banks. Riyadh Bank underwent a rebrand in September 2022 to reflect its commitment to become a new generation bank that will focus on technology and innovation in line with Saudi Vision 2030.

UAE-based FAB (brand value up 19% to $3.9 billion) is the third most valuable banking brand in the region and the most valuable in the UAE. The bank had a stellar year, with group net profit up 7% year-on-year.

airline operator

Saudia’s brand value rose 14% year-on-year to US$650 million, further strengthening its position as the leading airline operator in the Middle East. Substantial investments in airlines and national aviation infrastructure are likely to drive continued growth for Saudia in the coming years, under the country’s “Vision 2030” plan.

Global carrier Emirates (brand value up 2% to $5.1 billion) remains the most valuable Middle Eastern airline as its brand value growth stabilizes. The airline has been working to operate in a more sustainable manner and to strengthen its standing in the minds of consumers as a modern and responsible operator.

King Faisal Specialist Hospital and Research Center (KFSH&RC) entered the list for the first time with a brand value of US$1.1 billion. Its patient-focused services and world-class facilities have enabled the academic medical center to build a strong brand recognition among patients in the Middle East, making it one of the top choices for healthcare.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard that evaluates marketing investments, stakeholder equity, and business performance. Brand Finance’s assessment of stakeholder equity is in compliance with ISO 20671, incorporating raw market research data from over 150,000 respondents in 38 countries and 31 industries. — trade arab news agency

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