Abu Dhabi National Oil Company retained its position as the top brand in the UAE for the fourth consecutive year as its group chief executive Dr Sultan Al Jaber was named top oil and gas executive in the world.
A report by global consultancy Brand Finance, which evaluates the world's biggest brands annually, showed Adnoc achieved an “impressive” 19 per cent brand value growth to $12.8 billion, the fastest among the world's top 10 oil and gas brands.
“Adnoc is one of a handful of brands in the sector to see its BSI score rise by +2.0 points, evidenced by its stellar reputation and trust amongst international investors and stakeholders,” said Brand Finance.
He earned the top ranking “through his continued astute leadership of Adnoc as a global oil and gas player, while ensuring the firm’s sustainable future in a low-carbon economy”, the Abu Dhabi Media Office said on Wednesday.
Dr Al Jaber has been at the helm of Adnoc since 2016. He has led its transformation into a commercially focused international energy group that is committed to playing a major part in the low-carbon economy.
“Aside from his role at Adnoc, [Dr Al Jaber] holds senior positions within the UAE government and is a key figure in promoting the diversification and growth of the UAE economy,” the Brand Finance report said.
In October, Dr Al Jaber, received the Energy Executive of the Year Award for 2021 from Energy Intelligence. He was the 25th recipient of the award.
Previous recipients include Saudi Aramco’s president and chief executive Amin Nasser, Ben van Beurden of Royal Dutch Shell, Bob Dudley, then of BP, Patrick Pouyanné of Total, Khalid Al Falih, now Saudi Arabia's Minister of Investment, and Rex Tillerson, former Exxon chief executive and US secretary of state.
In the overall Brand Finance ranking of 500 global brands, Adnoc climbed to 160th from 163rd.
“With an eye on the future, and in line with the UAE leadership’s 2050 net-zero strategy, Adnoc is also embracing the energy transition through several strategic initiatives,” the report said.
Last year, Adnoc and Taqa joined Mubadala Investment Company to become shareholders in Masdar in a move that will help increase the clean energy company's renewable power capacity to more than 50 gigawatts by 2030. The deal will help create a “global champion in renewables and green hydrogen".
Adnoc also plans an increase in its national reserves of four billion stock tank barrels of oil and 16 trillion standard cubic feet of natural gas, along with capital expenditure of $127bn to boost its upstream production capacity and downstream portfolio.
Overall, the UAE punches well above its weight in the Brand Guardianship Index 2022. The CEOs of the three UAE brands from the Brand Finance Global 500 2022 ranking all feature and record higher scores than last year, with Sheikh Ahmed Bin Saeed Al Maktoum of Emirates (34th) and Etisalat’s Hatem Dowidar (79th) joining Dr Al Jaber in the top 100.