Dubai: Saudi Aramco and ADNOC in the UAE have retained their status as the Middle East’s most valuable brands for 2022, helped by steady rise in oil prices and the multi-billion dollar investments both channel in staying at the top of their game.
These are based on the annual Brand Finance Global 500 rankings, which have Apple as the world’s most powerful brand with an assigned value of $355 billion, with Amazon and Google following in close order. With consumers and businesses both taking to it, TikTok became the world’s fastest brand during the period.
When it comes to CEOs, Microsoft’s Satya Nadella came out at the top, while ADNOC’s Dr. Sultan Al Jaber is the highest ranked CEO from outside the US and China. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and CEO of Emirates Group and Etisalat’s Hatem Dowidar also figure in the global Top 100.
“Our ranking recognises those who are building business value in a sustainable manner, by balancing the needs of all stakeholders – employees, investors, and the wider society,” said David Haigh, Chairman and CEO of Brand Finance. “More and more, the CEOs ranked in the Brand Guardianship Index must work in partnership to build a sustainable future, redefining the role of a CEO from ultra-competitive entrepreneur to collaborative diplomat.”
While Nadella is at the top of the CEO charts, Apple's Tim Cook is at a "well-earned" second, "having overseen Apple’s record-breaking year, which saw it become the first company to achieve a $3 trillion market valuation". Tencent’s Huateng Ma, Google’s Sundar Pichai, and Netflix’s Reed Hastings all feature are the other prominent names.
‘Strongest’ brand
When measured on brand ‘strength’, Etisalat was again the Middle East’s most powerful – as well as the top name among the world’s telecom operators. According to David Haigh, Chairman and CEO of Brand Finance, “Etisalat’s brand 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.”
The Saudi telecom brand stc was another strong player, with a brand value gaining 16 per cent to $10.6 billion. “Over the course of the pandemic, stc has been the fastest-growing brand in the region in the Brand Finance Global 500, with a brand value increase of 32 per cent over the last two years – with its successful rebrand playing a key role,” the report states. “The strong results come off the back of the brand continuing to invest and diversify.” The three prominent brands from the region are Qatar National Bank ($7.1 billion), Emirates airline (with a brand value of $5 billion), and Saudi Arabia’s Sabic ($4.7 billion).
Ranking the best
Each year, Brand Finance comes up with its rankings gauged from placing 5,000 brands “to the test”. They are then set rankings based on being the most ‘valuable’ and being the ‘strongest’.
It is at the 18th spot among the world’s Top 500 most valuable brands and the highest new entrant to the Brand Finance Global 500 2022 ranking.
Aramco & ADNOC powerhouses
While oil prices rebounded in 2021, the increase in demand saw Aramco’s third-quarter profits more than triple year-on-year, which ensured that the market valuation totalled $2 trillion. “In a sign of confidence and ambition for continued growth, Aramco announced plans to increase its production capacity from 12 million barrels a day to 13 million by 2027,” the report says.
“The company has continued to invest heavily in its brand to support growth in both core and growth businesses through a global campaign as well as investments in sports – from Formula 1 to golf.”
As for ADNOC, it had a 19 per cent brand value growth to $12.8 billion, placing it among the fastest in the Top 10 oil and gas brands globally.
