Brands of the future will be found outside the West

Students performing during India’s 73rd Republic Day celebrations at the India Pavilion in Expo 2020 Dubai. The National

Every year, global consultancy Brand Finance releases an annual ranking of the world's most valuable brands. It published such a survey because world-famous brands are about far more than money, a strong name and a recognisable logo. For those at the top of the pack, there is the chance to become part of the identity of the countries from which they originate – think the Premier League for the UK and Nintendo for Japan.

For the UAE, the leading brand in recent years has been Abu Dhabi National Oil Company (Adnoc). It has retained its position as the top brand in the Emirates for the fourth consecutive year, and has kept its lead in large part due to its international partnerships, innovation with regards to new technologies, a major one being hydrogen, and commitment to the country's net zero 2050 strategy. The statistics the report draws on speak for themselves: the company's brand value grew by 19 per cent to almost $13 billion this year. This makes it the fastest-growing oil and gas brand globally. Adnoc is a leader in the global energy transition, as well as enhancing its position in terms of oil and gas reserves and downstream refining capabilities.

UAE telecoms company Etisalat is also on a firm footing, with the brand's association with Expo 2020 Dubai highlighting its role in the UAE's digital transformation. The report also mentions Emirates airline, which saw a significant "uptick in brand value" that mirrors a wider recovery in the country's tourism sector as the pandemic subsides.

Apple retains its position as the world's most valuable brand according to a report by consultancy Brand Finance. The company's brand value stands at $355.1 billion in 2022. Reuters

Amazon is ranked second with a brand value of $350.2bn. Reuters

Google retains its position as third, with a brand value of $263.4bn. Reuters

Microsoft has a brand value of $184.2bn in 2022. Reuters

Walmart moves up one place on the rankings, with a brand value of $111.9bn. AFP

Samsung slips one place into sixth on the Brand Finance ranking, with its brand valued at $107.2bn in 2022. EPA

Meta, the owner of social network Facebook, has brand value of $101.2bn. AFP

The Industrial and Commercial Bank of China (ICBC) is eighth, with a brand value of $75.1bn. Bloomberg

Chinese technology company Huawei's brand value is worth $71.2bn. Bloomberg

The brand of US wireless network operator Verizon is valued at $69.6bn. Reuters

Adnoc is the fastest growing oil and gas brand in the world, with its brand value growing by 19 per cent to $12.8bn. Victor Besa/The National.

Etisalat's brand value increased to $10.1bn, pushing it into the top 200 organisations on the Brand Finance Global 500 ranking this year. Pawan Singh / The National

The Saudi Aramco brand topped the rankings in the Middle East, growing 16 per cent a year to $43.6bn. Bloomberg

Globally, China's TikTok is the leading new entrant, symbolic of a “global revolution in media consumption”. The social media app has tripled in brand value over the past year to $59bn.

In tandem, Brand Finance also released its Brand Guardianship Index, which explores the profiles of the leading chief executives of the day. Much like in its Brand Index, the US dominates, but other countries are on the rise. The UAE is one, with Dr Sultan Al Jaber, managing director and group chief executive of Adnoc, listed as top scorer in oil and gas, and 15th overall. The report puts the choice down to his status as "a key figure in promoting the diversification and growth of the UAE economy". Dr Al Jaber is also the highest ranked CEO outside the US-China dominance of the list.

Overall, the UAE is making a remarkable impression for a country that is only 50 years old, with a population of only 10 million people. Two other UAE-based business leaders are rising through the global top 100: Sheikh Ahmed bin Saeed Al Maktoum of Emirates airlines at 34th and Hatem Dowidar of Etisalat at 79th.

Other chief executives climbing the rankings from diverse backgrounds include Microsoft's Satya Nadella, an American-Indian, born in the latter, who takes the top spot overall. He is praised for "changing Microsoft's culture towards one of teamwork, innovation, and inclusivity". Tech is a sector that is gradually moving towards a more global pool of executives, particularly with regards to China, and, proportionally, the UAE.

Taken together, the rankings this year show the rising prominence of eastern and Middle Eastern brands and their leaders, after a long period of western dominance. And with this rise, all the economic benefits, innovation and soft power that brand recognition brings to these regions and their populations.