Dubai airline Emirates has seen more than $1.5 billion wiped off the value of its brand in the past year, according to the latest Brand Finance Global 500 report.
Last year, the airline's brand value grew 17 percent to reach $7.7 billion, making it the most valuable brand in the Middle East.
But the 2017 Brand Finance Global 500 showed the value of Emirates brand had fallen to $6.1 billion and the Dubai-based carrier had been overtaken in the region by Saudi Telecom Company (STC).
STC moved up to 252nd place in the rankings with its brand value rising 11 percent during 2016 to $6.2 billion compared to Emirates which fell from 171st place to 264th in the rankings.
Etisalat, the biggest of two telecom providers in the UAE, rose to 293rd place, up from 404th place in 2016. The company’s brand value increased 45 percent on last year to $5.5 billion.
Qatar National Bank, the Gulf region’s largest bank by assets, entered the Brand Finance Global 500 for the first time securing 441th place with a brand value of $3.8 billion.
Globally, Google replaced Apple as the world’s most valuable brand, with a brand value of $109.5 billion compared to Apple’s $107.1 billion.
The Global 500 ranks brands by monetary value and also calculates the most “powerful” brands, as defined by the companies whose enterprise value is most positively impacted by the strength of their brand.
Andrew Campbell, managing director of Brand Finance Middle East, said: “Middle Eastern brands continue to make their mark in the Global 500. The brand value of the four companies from the region represented in our 2017 ranking grew on average by 23 percent year-on-year, which reflects the scale of their achievements when it comes to driving brand awareness, recognition and advocacy.
"We expect more brands from the Middle East to enter our Global 500 in time as oil prices readjust and companies from the region continue to expand into new geographic markets.”For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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