Emirates Airline has retained the top spot as the Arab world's most valuable brand, with its name now worth an estimated US$3.6 billion (Dh13.22bn), according to Brand Finance, which compiles annual valuations for the world's top companies.
But despite a $100 million rise in its brand valuation, the Dubai carrier has slipped from second to third place in the worldwide airline rankings, Brand Finance said.
Last year, the Emirates brand was valued behind only Singapore Airlines.
But the commercial success of Lufthansa, which has a brand value of $3.8bn, has seen the German carrier overtake Singapore Airlines and Emirates, Brand Finance said.
However, the Emirates brand stands to grow further, said David Haigh, the chief executive of Brand Finance.
"Emirates has gone from nowhere to somewhere very, very fast," Mr Haigh said.
"They could become the number one airline brand in the world."
Google topped Brand Finance's valuations, with a brand worth $44.3bn, up from $36.2bn last year.
Nokia and Coca-Cola saw the biggest drops in their brand valuations, with $10bn and $9bn declines respectively.