Abu Dhabi: The Abu Dhabi National Oil Company (Adnoc) has been named the UAE’s most valuable brand for a second consecutive year by Brand Finance, the world’s leading brand valuation and strategy consultancy.
Adnoc’s $11.39 billion (Dh41.83 billion) 2020 brand value, a 28.6 per cent increase over the previous year and a 145 per cent increase since the launch of its transformation strategy in 2017, makes it the fastest-growing brand in the Middle East for 2020 and the first UAE brand to surpass $10 billion in value. For the first time, Adnoc also ranks among the world’s top ten most valuable oil and gas brands.
Group chief executive officer Dr. Sultan Ahmed Al Jaber also received the highest ranking among both MENA region CEOs and national oil company CEOs for brand stewardship and brand value creation.
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 HSE track record and focus on safety, success in facilitating local economic growth and foreign direct investment, and heightened domestic and international awareness through initiatives such as ADIPEC, ADNOC’s Formula 1 sponsorship, and the recent launch of the Group’s first-ever creative campaign “Energy for Life.”
Brand value according to Brand Finance is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is assessed through a balanced scorecard of factors, including marketing investment, stakeholder equity, and business performance, and is used to determine what proportion of a business’s revenue is contributed by the brand.
Founded in 1996, Brand Finance is the world’s leading independent branded business valuation and strategy consultancy. Headquartered in London, the firm is present in over 20 countries. Every year Brand Finance values over 3,500 brands – across all sectors and geographies.
2020 is also set to be another big year for Adnoc, which for the first time will list its Murban crude on a futures exchange market – ICE Futures Abu Dhabi – later this year between the second and third quarter.
The group also announced that its daily oil production output will reach 4 million barrels per day (bpd) in 2020, up from its current production of 3 million bpd.
Along with Adnoc, Brand Finance also recognised Etisalat as the most valuable consumer brand and the most valuable telecom brand in the MENA region. Based on the report from Brand Finance, Etisalat’s portfolio of brands including Etisalat Misr, Mobily, Ufone, Maroc Telecom and PTCL reached $11 billion.
The group’s brand value increased to $8.5 billion as the most valuable consumer brand in the MENA region for the third consecutive year.
“The regional leadership of Etisalat as a brand it is a testimony to our continuous efforts in digital transformation amplifying our efforts in the societies we serve by investing in new digital platforms, 5G technologies and global brand building initiatives,” said Eng. Saleh Abdullah Al Abdooli, chief executive officer, Etisalat Group
“This achievement also reinforces the synergy of operating companies across our footprint, creating brand loyalty and enhanced engagement with our customers,” he added.
Etisalat currently operates in 16 countries with 148 million subscribers in the MENA region and Asia. Among the key drivers for Etisalat’s strategy in 2020 will be its continued roll out of 5G across the UAE, including Expo 2020 Dubai, where the company will act as the official telecommunications partner of the major global event and its 25 million expected visitors.