Adnoc tops Middle East’s most valuable brands, as Etisalat breaks $10bn record

Emirati brands lead the region in the latest Brand Finance Global 500 report

Adnoc headquarters in Abu Dhabi. Reuters

Three out of the five most valuable brands in the Middle East are located in the UAE, according to a report.

Abu Dhabi National Oil Company is ranked on the 2019 Brand Finance Global 500 list as the most valuable Middle East brand at $8.9 billion. Etisalat is valued at $8.3bn on the list, while Etisalat group of companies, with operations in 15 countries, set a record as the first in the Middle East to break the $10bn barrier for its portfolio brand value. Emirates scaled up to a value of $6.3bn from $5.3bn last year and remains the strongest Middle East brand in terms of factors such as customer familiarity and corporate reputation.

“It is a real testament to the leadership of the United Arab Emirates that Emirati brands are leading the charge for the Middle East among the world’s most valuable brands,” said David Haigh, chief executive of Brand Finance, an independent brand valuation and strategy consultancy.

Adnoc, ranked 206th, is the first regional energy company brand to be featured in the list. The company entered the global capital markets two years ago and listed unit Adnoc Distribution in the largest IPO on the Abu Dhabi stock exchange in the past decade.

Adnoc positioning "reflects the realignment of our group of companies, bringing together our people, businesses, products and services, under one powerful Adnoc identity that promotes the scale of our business, the size of our contribution to the UAE and Abu Dhabi, and the extent of our impact," chief executive Dr Sultan Al Jaber told The National.

“Adnoc has been undergoing a significant business transformation, underpinned by strategic partnerships and innovative investments that are key to unlocking greater value across our full portfolio,” he added.

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The state-owned company recently opened its first fuel stations in Dubai and Saudi Arabia, and announced plans to increase its oil production capacity to 4 million barrels per day by the end of 2020. Adnoc is also focused on putting the UAE on a path to gas self-sufficiency and to becoming a net exporter of the commodity.

"Being number one in the Middle East is a recognition of both Adnoc’s financial value and our long-term strategic objectives," said Dr Al Jaber. "Our ranking reinforces our global competitiveness, and supports our focus on generating differential returns, unlocking new opportunities, and shaping new value-add partnerships."

Etisalat, which has seen 8 per cent growth in brand value since last year, has retained its position as the most valuable portfolio brand in the region. Operating across Asia, the Middle East and Africa, its portfolio includes Etisalat, Mobily, Ufone, Maroc Telecom and Pakistan Telecommunication. Ranked 226th on the Brand Finance list, the brand has grown its presence internationally with high-profile sports sponsorships of the English Premier League football team Manchester City.

Ranked 329th, Emirates' brand value has grown 18 per cent since last year's listing. In addition, its "brand strength" rating was 85.8 out of 100, making it the strongest in the region. The Brand Finance report highlighted the airline’s world-renowned loyalty programme, flydubai partnership and new passenger routes for further underpinning the brand.

"The inclusion of Adnoc and other UAE companies, like Etisalat and Emirates, in the list of the world’s top 500 most valuable brands is a great source of pride and demonstrates the emergence of globally reputable companies from the UAE," said Dr Al Jaber.

Elsewhere in the region, Saudi Telecom recorded 7 per cent growth in brand value since 2018 to $7.1bn. Globally, the top five most valuable brands are: Amazon; Apple; Google; Microsoft; and Samsung, according to Brand Finance.