Oil giant Adnoc is the UAE’s most valuable brand while e& Group’s telecom vertical etisalat by e& is the strongest brand in the Middle East and globally, according to a new report by Brand Finance.
Abu Dhabi-based Adnoc’s brand value rose 7 per cent to $15.2 billion and saw a one-point improvement in its Brand Strength Index score to 80.2, driven by its decarbonisation and diversification efforts.
While telecom firm etisalat by e& recorded its Brand Strength Index score of 89.4/100 and an AAA rating, making it the world’s strongest telecoms brand.
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“Adnoc and etisalat by e& continue to assert their dominance as the UAE’s leading brands.
Despite operating in distinct sectors, both brands showcase remarkable strategic prowess through relentless diversification and investment strategies to fortify their positions and expand within rapidly evolving markets,” said Andrew Campbell, managing director, Brand Finance Middle East.
Meanwhile, the resurgence of post-pandemic travel has propelled airline brand flydubai up 65 per cent to $260 million, positioning it as the UAE’s fastest-growing brand, primarily attributed to a 23 per cent revenue increase in 2023 and driven by a 31 per cent rise in passenger numbers year-on-year.
Emirates’ brand value grew 30 per cent to $6.6 billion on the back of solid growth, positioning it as the Middle East’s most valuable airline brand and the fourth most valuable globally. Emirates brand value was $6.9 billion in the pre-pandemic period.
Mashreq Bank’s strong financial performance and investment in its digital Banking platform, Mashreq Neo, have driven its 44 per cent brand value growth to $1.4 billion, making it the fastest-growing banking brand in the Middle East. Its brand value has also tripled since 2021, now featuring in the top 165 banking brands globally.
PureHealth Group is a new entrant in the ranking with a brand value of $434.2 million. 2023 was a transformative year for the PureHealth brand, in which it posted strong revenue growth and completed its initial public offering on the Abu Dhabi Stock Exchange. The company also expanded its global footprint, investing in US-based Ardent Health Services, and acquiring the UK’s largest private healthcare group, Circle Health Group. Additionally, three of PureHealth’s subsidiary brands, SEHA, Sheikh Shakhbout Medical City (SEHA), and Daman secured positions among the UAE’s most valuable brands.
Aramco maintained its status as the Middle East’s most valuable brand, despite an 8 per cent drop in brand value to $41.6 billion. This decrease is primarily revenue-driven, due to a fall in crude oil prices and lower volumes sold, however, Aramco’s falling brand strength also contributed to this.
“In an era defined by change, the Middle East’s leading brands are embracing diversification strategies to drive growth and safeguard their futures amid evolving market conditions. From Adnoc’s forward-looking investments in alternative fuels, e& Group and STC’s telecom transformations, and top healthcare brands’ growth and innovation, the region’s brands’ adaptability reflects a commitment to fortifying their market positions, while also propelling the Middle East towards a future of progress and prosperity,” said Andrew Campbell.
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