LONDON: Saudi Aramco has maintained its position as the Middle East’s most valuable brand, with the Brand Finance Global 500 2022 report valuing the Kingdom’s oil giant at $43.6 billion.
Following a difficult period for the oil and gas sector as a result of the COVID-19 pandemic, Aramco placed 31st in the list and is the only Arab company in the top 100 of the world’s 500 most valuable brands in 2022.
It recently announced plans to increase its production capacity from 12 million barrels per day to 13 million bpd by 2027.
“Despite there only being seven brands from the Middle East in the Brand Finance Global 500 ranking, their strong performances prove once again that the region punches well above its weight on the global stage,” Andrew Campbell, managing director of Brand Finance Middle East, told Arab News. “The future looks bright, with all of the brands from the region – including Aramco, ADNOC, Etisalat, and stc – seeing positive brand value growth this year.”
The Abu Dhabi National Oil Company was the second most valuable brand in the region and held on to the top spot in the UAE, asserting the dominance of the oil sector.
ADNOC managed to score a 19 percent brand value growth to $12.8 billion, the fastest among the top 10 oil and gas brands globally, which sees it hold on to its position as the second most valuable brand in the region.
Its CEO Dr. Sultan Al-Jaber was crowned the highest-ranked CEO outside of the US and China. He is also the top-scoring leader in the oil and gas sector.
Other Middle Eastern brands in the top 500 include Saudi telecom provider stc (184th and valued at $10.5 billion), the UAE’s Etisalat (192nd and valued at $10.1 billion), Qatar National Bank (305th and valued at $7.05 billion), and Dubai’s Emirates airline (461st and valued at $4.9 billion).
Expo 2020 Dubai offered Etisalat a chance to demonstrate itself as a strategic enabler of the UAE's digital transformation, meaning it was crowned with the Middle East and Africa’s strongest brand for the second consecutive year.
“Etisalat’s brand focuses on togetherness and plays its part by providing a first-class telecoms infrastructure across its footprint. Exceptional rollout of 5G technology has also meant that the Etisalat Group’s portfolio of brands is the most valuable amongst telecoms organisations in the Middle East,” said David Haigh, CEO of Brand Finance.
Saudi Arabia’s stc continued to see good growth this year, with its brand value increasing by 16 percent to $10.6 billion.
Globally, Apple continues to hold the world’s most valuable brand title for the second year in a row, overtaking Amazon and Google. TikTok, meanwhile, was crowned the fastest-growing brand in the world with a growth of 215 percent.
Media brands accounted for the top three fastest-growing brands in the ranking, with Snapchat and South Korea’s Kakao following closely behind TikTok.