Dubai wants DFM to be a Dh3 trillion stock market. That intent and upcoming IPOs from government enterprises propels DFM in the latest Brand Finance rankings for the UAE. Image Credit: Gulf News Archive

Dubai: The energy giant ADNOC remains the UAE’s ‘most valuable’ brand, while a re-energised DFM (Dubai Financial Market) breaks into Top 50 brands in the UAE for the first time in the latest rankings from the consultancy Brand Finance.

Also breaking into the Top 50 are AD Ports, which recently completed a Dh4 billion IPO, the retail and property conglomerate Majid Al Futtaim, and Emirates Global Aluminium, which reported record results for 2021.

ADNOC, which is valued at $12.7 billion on brand power, has been making impressive strides in recasting itself from an oil and gas powerhouse into an entity that is taking on clean energy projects.

Top 5 spots

The telecom operator e& (the new identity of Etisalat Group and with a brand value of $10.1 billion), Emirates ($5 billion), Emirates NBD ($3.6 billion) and Abu Dhabi headquartered FAB make up the other four leading brands.

Another banking giant, ADCB ($2.3 billion), Emaar ($2.1 billion), du ($2 billion), Dubai Islamic Bank ($1.8 billion) and DP World ($1.5 billion) round off the Top 10 spots.

The rankings, as a whole, show the gains these companies made in emerging from the COVID-19 phase and re-asserting their role in the UAE corporate landscape. “The big change from a year ago is the turnaround by the “physical” brands,” said a spokesperson for Brand Finance, which brings out its influential global rankings annually. “Oil prices are delivering big benefits to ADNOC, while recovery of travel is good for Emirates airline.”

Whether it is awarding new mega-sized onshore or offshore contracts or its push into clean energy, ADNOC has all energy bases covered. And that's why it remains the UAE's most valuable brand. Image Credit: Bloomberg

DFM’s push

For DFM, the break into the UAE’s Top 50 reflects the recent announcements by Dubai about the public listing of some of its top government-owned enterprises and add depth to the local stock markets. First up is the utility company DEWA and that would be followed by the toll gate operator Salik.

In the latest Brand Finance rankings, DFM doubled in value to be the UAE’s fastest growing corporate name.

ADNOC’s steady reign at the top

According to Andrew Campbell, Managing Director Brand Finance Middle East, “ADNOC continues to be the principal enabler of UAE’s sustainable economic development goals. Since its successful transformation, it has taken a leading role in the industry as evidenced by its successful partnerships with peers and international investors.

“ADNOC is leveraging is brand to be a key enabler of the energy transition as it strives to be at the forefront of energy solutions across the entire diversified energy landscape.”

Fastest growing UAE brands

DEWA, in the limelight for its sustainable projects and upcoming IPO, Emaar and Mashreq are the fastest growing corporate names in the new rankings.

“Emaar Properties rebounded to a higher brand value than before the pandemic,” the Brand Finance spokesperson said. “Emaar is achieving strong sales of villas and beachfront properties as buyers are returning to the market after lockdowns.”

Mashreq’s gains reflect its steady push deeper into the digital banking space, and “committing substantial funds for digital transformation. Mashreq has been one of the first banks in the region to choose a predominantly digital model and digital acquisition has been growing substantially.

“Another great step forward into further developing the banking eco-system is the launch of the Mashreq API Developer Portal, a clear reflection of Mashreq’s dedication to the fintech space. Mashreq will be the first bank in the region to have an active API platform that will enhance the user experience in innovative ways.”