The UAE has been named the world’s 11th strongest nation brand, ranking above the likes of the United States and the United Kingdom.
According to the latest Brand Finance Nation Brands 2021, the UAE has broken the Western monopoly at the top of the brand strength ranking – along with Singapore in fourth position.
The UAE climbed three spots since last year following a 2.5-point increase in its Brand Strength Index (BSI) score to 79.1 out of 100.
Brand Finance determines the relative strength of nation brands through a scorecard of metrics evaluating brand investment, brand equity, and brand performance.
Overseas perceptions of the UAE’s prowess in the education and ccience pillar are particularly high, with the successful Emirates Mars Mission clearly a major factor.
The UAE also stands out for its Covid-19 response, and scores high for the influence and business and trade pillars, both of which should see a further boost from Expo 2020 inaugurated in Dubai this month.
The UAE has also improved its position in the nation brand value ranking, claiming 17th position, compared to 18th last year, following an 11 percent increase in nation brand value to $749 billion.
Mohammed Abdullah Al Gergawi (pictured above), Minister of Cabinet Affairs, said: “The rise in the economic value of the UAE’s national brand this year is a clear indication of the country’s global reputation and competitiveness in various fields.
“There is no doubt that achieving 11 percent brand value growth, from $672bn to $749bn, is a major achievement in the 50th year of the UAE and underlines how quickly our nation has established its name and global identity as a developed and pioneering country. It is an exceptional success story that will be told to all generations.”
Andrew Campbell, managing director, Brand Finance Middle East, said: “The United Arab Emirates punches well above its weight in terms of nation brand strength and challenges the Western status quo in the ranking. As the UAE celebrates its Golden Jubilee year, it continues to fly the flag high, promoting the nation’s achievements across the world through ground-breaking initiatives like the Emirates Mars Mission (pictured below) and serving as the gateway to the region by hosting the world for 182 days at Expo 2020.”
According to the report, the top 100 most valuable nation brands in the world recorded a 7 percent increase in brand value since 2020, signalling that recovery is underway from the Covid-19 pandemic.
Although this is a positive sign, uncertainty lingers and nation brand values have not reached pre-pandemic levels yet. At $90.8 trillion, this year’s total brand value of the top 100 ranking is still 7 percent lower compared to 2019.
David Haigh, chairman and CEO, Brand Finance, said: “Unlike previous economic crashes, recovery is uneven and is pinned on the combination of initial Covid-19 response strategies and a successful vaccination rollout. We are starting to turn a corner, as the world’s most valuable nation brands begin to return to pre-pandemic brand values. But results are varied, and it may take years for some to recoup lost brand value, creating even greater disparity between the most and least valuable nation brands.”
Globally, there has been no movement in the top 10 this year, with each nation retaining its rank from last year.
The United States and China remain in a league of their own, claiming the first and second spot in the ranking, respectively. The US recorded a 5 percent brand value increase to $24.8 trillion in a year that has been marked by great political and economic change with President Joe Biden taking the helm.
Similarly, China saw a 6 percent uptick in nation brand value to $19.9 trillion.
Switzerland was named the world’s strongest nation brand with a Brand Strength Index (BSI) score of 83.3 out of 100.
Haigh added: “Small size is no barrier to occupying a solid position for nation brand strength and Switzerland securing the top spot this year is the perfect example. Switzerland has held firm whilst other nations have faltered over the course of the pandemic.”
Last year’s strongest nation, Germany, dropped down to fifth position in the brand strength ranking, following a 2.3 point drop in BSI to 82.6 out of 100.
At the same time, the UK, US, Japan, and France have all fallen out of the top 10 strongest nation brands ranking due to the perception of how they handled Covid-19.
The UK, falling from second to 14th with a BSI score of 77.4, and France, falling from ninth to 16th with a score of 75.4, recorded average Global Soft Power Index scores for overseas perceptions of their handling of the pandemic, but perceptions domestically were particularly low.
Japan, falling from seventh to 15th with a score of 76.7, saw a similar story with the perception at home that the pandemic was mishandled.
The US, dropping from fourth to 17th with a score of 75.1, saw poor scores at home and abroad, and was also one of the lowest ranked nations by the specialists.
Despite their brand strength taking a hit, these nations all still feature in an unchanged top 10 when ranked by nation brand value.
Haigh said: “It will be important for the world’s largest economies to focus on making up the ground they have lost in brand strength, in order to protect their brand value. The UK, US, Japan, and France have all scored poorly domestically for their handling of Covid and they need to rebuild this trust with their respective populations.”
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