Abu Dhabi National Oil Company (Adnoc) is the UAE’s most valuable brand for a second consecutive year and among the world’s top ten most valuable oil and gas brands for the first time, while Etisalat retained its title as the most valuable B2C brand in the Middle East and Africa for the third year, according to the latest survey by Brand Finance.
The state-owned oil firm's brand value jumped to $11.39 billion (Dh42bn) in 2020, an increase of nearly 29 per cent from 2019, according to the brand valuation and strategy consultancy. This makes Adnoc the fastest-growing brand in the Middle East and North Africa (Mena) in 2020 and the first UAE brand to surpass $10bn in value.
The London-based consultancy revealed its Brand Finance Global 500 report at the World Economic Forum in Davos on Tuesday.
"The Middle East, and in particular the Gulf region, is home to more and more world class brands, as we have observed these powerhouses making their way up our rankings since Brand Finance undertook its first Global 500 study back in 2007," said David Haigh, chief executive of Brand Finance. "The leadership of these brands are to be commended."
Adnoc Group chief executive Dr Sultan Ahmed Al Jaber received the highest ranking among both Mena region CEOs and national oil company CEOs for "brand stewardship and brand value creation", Adnoc said. Both Dr Al Jaber and Saudi Aramco's chief executive Amin Nasser are new entrants to the consultancy's Brand Guardianship Index study of the world's top 100 CEOs.
The UAE accounts for four per cent of global crude production, much of it from fields owned and operated by Adnoc in Abu Dhabi. The national oil company is on track to reach 4 million barrels per day of production capacity this year as it looks to increase output capacity to 5 million bpd over the next decade.
Over the past 12 months, the most significant drivers of Adnoc's brand value growth included consistency of best practice across the organisation, a strong focus on safety and its success in facilitating local economic growth and foreign direct investment, the company said.
Adnoc has surged ahead of telecoms giant Etisalat and the world's biggest international airline Emirates to the top spot of the UAE's most valuable brand.
Etisalat retained its title as the most valuable B2C brand in the Middle East and Africa for the third consecutive year.
Regionally, oil major Saudi Aramco ranked the most valuable B2B brand in the Middle East and Africa and 24th globally, with a brand value of $46.8bn, according to the report. This makes it the most valuable brand among the 44 new entrants in the ranking.
Globally, Amazon became the world’s most valuable brand for the third consecutive year, breaking the so far unattainable $200bn brand value mark.
Amazon's brand value reached $220.8bn in 2020, up 18 per cent from 2019. That's about $60bn more than Google’s and $80bn more than Apple’s brand valuations.
Ferrari, the iconic Italian luxury sports car maker, retained its position as the world’s strongest brand for the second year in a row, with a Brand Strength Index (BSI) score of 94.1 out of 100.
