Abu Dhabi National Oil Company's (Adnoc) group chief executive was named the top oil and gas executive globally for brand stewardship by London-based consultancy Brand Finance.
Dr Sultan Ahmed Al Jaber, who is also the UAE's minister for industry and advanced technology, was ranked 13th globally among chief executives across sectors in the highest ranking attained by a UAE national to date.
Adnoc retained its position as the UAE's most valuable brand in the Brand Finance Global 500 2021 report.
"The resilience of Adnoc's brand value, despite the Covid-19 pandemic, is a testament to the vision of our wise leadership throughout Adnoc's unification and transformation, helping to secure the group’s position as a responsible and sustainable driver of economic growth in the UAE now and for many generations to come," Dr Al Jaber said.
"These accolades are, at the same time, reflective of the significant collective efforts of Adnoc’s workforce, which has shown extraordinary strength, commitment and resilience in maximising our contributions to Abu Dhabi and the UAE," he added. "Today, Adnoc still has much to achieve, and I am grateful for the opportunity to lead this extraordinary organisation through its next phase of growth."
With a brand value of $10.8 billion, Adnoc is the Middle East's second most valuable brand after Saudi Aramco, according to Brand Finance.
Adnoc has been the principal enabler of the UAE and Abu Dhabi success story since its inception just under 50 years ago, according to Brand Finance chief executive David Haigh.
"Since taking the helm, group chief executive Dr Sultan Ahmed Al Jaber has successfully transformed the company into a leaner, more efficient and internationally competitive energy producer," Mr Haigh said.
"Today, Adnoc plays a critical role driving local industry growth, supporting Abu Dhabi’s soft power position globally and advancing the UAE’s sustainable economic development goals."
Adnoc is set to raise the profile of Abu Dhabi and the Gulf through the launch of the futures exchange for Murban crude, the report said.
"Adnoc's enduring brand strength reflects the strength of its reputation as an industry leader in both cost and carbon efficient oil production, a critical driver of innovation and technology in the UAE and a partner of choice for local and international investors," Mr Haigh said.
In the Middle East, energy and telecoms companies in the UAE and Saudi Arabia led the top five rankings for the region's most valuable brands.
The UAE's "world-class brands are helping spearhead global transformation across their respective industries – from Adnoc's innovation in sustainability, Etisalat’s accomplishment becoming the fastest network globally, DP World’s position as a leader in logistics to Emirates flying the flag – quite literally – the world over," Mr Haigh said.
Adnoc, Etisalat and Emirates were among the UAE companies in the brand ranking.
"Recent events have truly demonstrated the nation’s position on the global stage ... the UAE is demonstrating that it is a force to be reckoned with," Mr Haigh said. "We have seen the transformation from desert to Mars – what will the next 50 years hold?”
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
MORE ON TURKEY'S SYRIA OFFENCE
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
