Abu Dhabi National Oil Company (ADNOC) has been named as the UAE’s most valuable brand after the company successfully sheltered during an incredibly challenging year for its industry.
According to the latest study by Brand Finance, ADNOC’s brand value lost six percent in 2020, falling to $10.8 billion, making it the most resilient of all national oil companies (NOC) globally.
Under the leadership of group CEO Dr Sultan Ahmed Al Jaber, ADNOC has has attracted some of the world’s leading institutional investors as partners across its business and has raised more than $64 billion since the start of its transformation in 2016.
Due to ADNOC’s competitive advantage in cost and carbon efficiency per barrel of oil produced, it is a likely contender to be “the last barrel standing” in the ongoing transition to a low carbon economy, the study said.
Andrew Campbell, managing director, Brand Finance Middle East, said: “ADNOC has been the principal enabler of the UAE and Abu Dhabi success story since its inception just under 50 years ago… Today, ADNOC plays a critical role driving local industry growth, supporting Abu Dhabi’s soft power position globally and advancing the UAE’s sustainable economic development goals.”
Apart from calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance.
According to these criteria, Etisalat has been crowned the UAE’s strongest brand for the first time, overtaking Emirates, with a Brand Strength Index (BSI) score of 87.4 out of 100, putting Etisalat among the top 25 brands globally for BSI.
Etisalat Group, the most valuable telecoms portfolio of brands in the region which has recently broken the $11 billion mark, is turning its sights on transforming into a truly global player, according to Brand Finance.
David Haigh, CEO, Brand Finance, said: “When Covid struck in 2020, Etisalat led from the front ensuring business continuity, robust e-governance, enablement of smart cities and remote learning, to help drive the digital future of the UAE. Staying relevant and enabling the nation with the fastest network on the planet, Etisalat has earned its place as the region’s strongest brand.”
Despite relinquishing the top spot, Emirates is still one of the UAE’s strongest brands (80.5 out of 100), with genuinely global appeal, the report said, adding that its reputation score (7.9/10) is the highest for airlines in its home market but also in a number of other markets including, Germany, Canada, India and the UK.
According to the study, DP World is the fastest growing brand, up 17 percent to $1.1 billion. The logistics giant recorded solid growth last year, as the brand celebrated strong performances in key markets including, India, the UK, the Netherlands, Belgium, and Egypt.
As with all banking brands globally, Emirati banks have struggled to maintain brand value as profits and interest rates took a hit last year.
Leading the pack is Dubai-based Emirates NBD which sits in fourth position overall for the UAE but has suffered a 10 percent brand value loss last year to $3.7 billion.
First Abu Dhabi Bank (brand value down 10 percent to $3.6 billion) and Abu Dhabi Commercial Bank (down 19 percent to $2.1 billion) were the UAE’s second and third most valuable banking brands.
Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
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