Etisalat is region’s most valuable brand — report

Updated 23 April 2018
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Etisalat is region’s most valuable brand — report

  • Abu Dhabi-based telco overtakes STC as brand value hits $7.7 billion
  • Dubai-based Emirates Airlines fell to third position in the overall rankings for the region

Abu Dhabi-based telco Etisalat has been named as the region’s most valuable brand for 2018, rising by 40 percent to $7.7 billion in the past year, according to consultancy Brand Finance, with leading Saudi firms also experiencing gains.

Drivers behind the increase in value include “the brand’s innovative customer service-driven strategy, its leadership position on the 5G revolution, and successful launches of global brand-building initiatives,” Brand Finance said in a statement. 

Etisalat overtook fellow telco STC of Saudi Arabia to become the region’s most valuable brand. But STC enjoyed a positive year, its brand value rising 7 percent to $6.7 billion.

“Alongside its 5G rollout plans, STC’s new digital transformation strategy includes investment in digital media content and advertising services, creating opportunities outside of its core business,” according to Brand Finance. 

Dubai-based Emirates fell to third position in the overall rankings for the region, its brand value slipping 12 percent to $5.3 billion. Fellow airline Etihad also experienced a fall in brand value, with the regional aviation market hit by geopolitical issues over the past year. 

Emaar Properties entered the regional top 10 for the first time in 2018, its brand value increasing 39 percent to $2.7 billion, following a joint venture partnership with Abu Dhabi’s Aldar Properties, announced last month. 

“The strategic partnership between Aldar and Emaar strengthens prospects for the UAE’s real estate sector as well as delivering a real boost for the investment community as we inch closer toward Expo 2020,” said Andrew Campbell, managing director, Brand Finance Middle East.

The rise in Emaar’s brand value comes despite lingering uncertainty over Dubai’s real estate market. The developer’s shares have fallen more than 20 percent so far this year, as soft economic conditions and increasingly supply continue to weigh on prices and rental rates.

The UAE is home to 6 of the region’s top 10 brands and 42 percent of the total brand value in the Brand Finance Middle East 50 league table, more than any other country. But Saudi firms accounted for 21 of the region’s most valuable 50 brands, up from 18 in 2017. 

STC topped Brand Finance’s inaugural Saudi rankings. SABIC, in second place, was the Kingdom’s fastest growing brand of the past year, its value increasing 78 percent to $3.7 billion, which the consultancy attributed to the company’s renewed efforts to capitalize on the US shale boom by growing its business in the country. 

Banks accounted for 11 of Saudi Arabia’s 25 most valuable brands, led by Al-Rajhi Bank, the world’s largest Islamic bank by total assets. Al-Rajhi’s brand value rose by 22 percent during the year, with NCB and Samba rising 16 percent and 14 percent respectively. 

Amazon was named as the world’s most valuable brand by Brand Finance in February, its value increasing 42 percent to $150.8 billion, with technology companies Apple, Google, Samsung and Facebook rounding out the top 5. 


Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

Updated 14 min 9 sec ago
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Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

  • Executives from the two companies have signed an agreement which outlines a program to develop the fields
  • The MOU provides for Chevron to conduct surveys and studies on oil sites and installations

DUBAI: Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the country, the Iraqi oil ministry said on Sunday.
Executives from the two companies have signed an agreement which outlines a program to develop the fields, which includes studies to survey the reservoirs and extraction operations, said a statement posted on the oil ministry’s website.
Iraqi Oil Minister Jabar Al-Luaibi announced in June that Basra Oil and another state-run company, Dhi Qar Oil, signed an MOU with Chevron.
The MOU provides for Chevron to conduct surveys and studies on oil sites and installations and help the two Iraqi companies to improve their technical, administrative and financial performance.