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UAE firms’ brand value grows in 2023

Adnoc is the strongest oil and gas brand in the Middle East, and also the most valuable UAE brand, says report

Published: Tue 28 Feb 2023, 7:13 AM

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The brand value of the UAE’s top entities operating in the energy, telecom, aviation and banking sectors has increased in 2023.

According to Brand Finance’s annual report released on Tuesday, Abu Dhabi National Oil Company (Adnoc) is the strongest oil and gas brand in the Middle East and also the most valuable UAE brand.

It is the second most valuable Middle Eastern brand, with a brand value of $14.2 billion, growing by 11 per cent over the past year.

The UAE’s largest telecom operator Etisalat by e& brand value rose by four per cent to $10.5 billion with a Brand Strength Index (BSI) score of 89.1 out of 100, making it the strongest brand in the Middle East.

“Evolved through a brand identity change last year, Etisalat by e& reflects a technology-driven telecom brand enabled by superior 5G connectivity and increased employee satisfaction on account of vigorous company culture making it an attractive employer,” it said.

Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance.

World’s largest international carrier Emirates’ brand value expanded two per cent to $5.1 billion, remaining the most valuable Middle Eastern airline.

In the banking sector, UAE’s First Abu Dhabi Bank’s (FAB) brand value moved up 19 per cent to $3.9 billion. It was the third most valuable banking brand in the region and the most valuable banking brand in the UAE.

Dubai-based Mashreq bank’s brand value grew 35 per cent to $1 billion, followed closely behind as the third fastest-growing brand in the UAE. The brand’s new brand identity, launched in 2022, was part of a wider strategy to realign its offerings as a digital-first financial institution.

Global ports operator DP World's brand value also expanded by 15 per cent to $1.8 billion, thanks to sustained healthy growth and is the most valuable logistics brand in the Middle East.

“Despite difficult operating conditions, the global logistics brand has continued to deploy technology to create efficient and innovative trade solutions for stakeholders,” it said.

Among regional firms, Saudi Arabian oil and gas giant Aramco remains the most valuable in the Middle East as its brand value rose four per cent to $45.2 billion, helped by a surge in prices and demand for oil and gas this year.

Saudi chemicals company Sabic’s brand value went up one per cent to $4.7 billion; Al-Rajhi Bank’s brand value grew by 32 per cent to $5.7 billion); and Qatar National Bank’s brand value was up nine per cent to $7.7 billion.

— waheedabbas@khaleejtimes.com

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