Aramco and Etisalat by e& lead Middle east domination in Global Brand Rankings
Mita Srinivasan
10x Industry

Aramco and Etisalat by e& lead Middle east domination in Global Brand Rankings

Middle Eastern brands' transition from strong regional players to global contenders, attributed to the region's strategic diversification of investments beyond the oil industry.

In the latest insights from Brand Finance's Global 500 2024 ranking, Middle Eastern giants, Aramco and Etisalat by e& are leading the charge in asserting regional brand strength on the global platform. Despite a minor setback, Aramco, the oil behemoth, continues to be the most valuable Middle Eastern brand with its value slightly decreased to USD 41.6 billion. This marginal drop is attributed to a combination of revenue fluctuations and a slight dip in its perceived quality and reliability.

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ADNOC, another key player in the oil sector, has demonstrated an impressive seven percent increase in its brand value, now standing at USD 15.2 billion. This surge is powered by its strategic investment in Storegga and a steadfast commitment to decarbonisation, notably being a founding signatory of the Oil and Gas Decarbonisation Charter at COP28. Notably, ADNOC has earned an AAA- rating, reflecting its growing influence in the market.

Etisalat by e&, under the umbrella of the e& group, retains its title as the strongest brand in the Middle East and Africa, and also as the world's top telecom brand, with a remarkable score of 89.4 on the Brand Strength Index. This achievement stems from its integration into the larger e& technology group, lucrative partnerships like with Manchester City Football Club, leadership in 5G technology, and active participation in global events such as the Formula 1 Grand Prix in Abu Dhabi and COP28.

The telecommunications sector also saw stc make a monumental leap into the top 150 of the Global 500 ranking, with its brand value increasing by 12 percent to USD 13.9 billion. stc's growth trajectory is fuelled by its expansive strategy, encompassing areas such as digital infrastructure, IoT, cloud computing, and fintech, highlighted by its acquisition stake in Telefonica.

In the banking sector, QNB and Al-Rajhi Bank have shown robust growth, with QNB's brand value climbing by ten percent to USD 8.4 billion, maintaining its AAA rating. Al-Rajhi Bank, with a thirteen percent increase in brand value to USD 6.4 billion and a Brand Strength Index of 85.07, has also maintained its AAA rating. Both banks have bolstered their positions through solid financial performance and enhanced customer perception.

David Haigh, Chairman and CEO of Brand Finance, attributes the success of Middle Eastern brands transitioning from strong regional players to global contenders to the region's strategic diversification of investments beyond the oil industry, indicating a significant shift in the global branding landscape and underscoring the growing influence of Middle Eastern brands in the international arena.

Globally, Apple reclaimed its crown as the world’s most valuable brand with a staggering seventy-four percent growth in brand value, now at USD 517 billion.