Leading brand valuation consultancy Brand Finance, which annually reviews and rates 5,000 of the biggest global brands, has released its Brand Finance Global 500 2024 ranking.
The ranking revealed that Saudi’s Aramco retained its status as the most ‘valuable’ Middle Eastern brand in global ranking, followed by ADNOC and stc.
Aramco’s brand value dipped slightly to $41.6bn this year. While mainly impacted by revenue changes, the decrease is also related to a drop in perceived quality and reliability.
ADNOC, the second most valuable Middle Eastern brand, saw its brand value rise by 7 per cent to $15.2bn, driven by a 1-point improvement in its brand strength index (BSI)to 80. It is also now an AAA- rated brand. ADNOC recently made a strategic investment in Storegga, a company that focuses on the development of global carbon capture and storage projects.
ADNOC’s brand strength was attributed to its commitment to decarbonisation. It is one of 50 founding signatories of the Oil and Gas Decarbonisation Charter, a global commitment to speed up climate action across the industry that was launched at COP28.
etisalat by e& named strongest MEA brand
etisalat by e& maintained its position as strongest brand in the Middle East and Africa. It was also ranked as the strongest telecom brand in the world, scoring 89.4 in the BSI.
The telecom operator retained its ranking as the most valuable portfolio of technology, media and entertainment, and telecommunications brands in the Middle East and Africa, with a growth of 15 per cent on last year to a total brand value of $17bn.
Factors supporting its ranking include its Manchester City Football Club partnership, 5G network leadership, customer experience initiatives, and participation in global events like the Formula 1 Grand Prix in Abu Dhabi and COP28.
stc among top 150 brands globally
Telecom brand stc showed strong growth in the ranking, with its brand value rising 12 per cent to $13.9bn. It entered the top 150 within the Global 500 ranking this year and is the first consumer brand in the Middle East to enter the global list.
QNB increased its brand value (by 10 per cent to $8.4bn) and strength in this year’s ranking, maintaining its AAA rating.
Al-Rajhi Bank has raised its brand value by 13 per cent to $6.4bn. It also has a brand strength index of 85.07, along with a AAA rating. Brand Finance research found that customers were considering Al-Rajih more frequently and were more willing to pay higher prices for premium services from the bank.
Top global brands
Apple achieved a 74 per cent growth in brand value, maintaining its title as the world’s most valuable brand by a huge margin. It achieved robust brand value growth this year, increasing by $219bn to $517bn.
Brand Finance research found significant gain among brands that have heavily invested in AI, seeing tech company NVIDIA (brand value up 163 per cent to $44.5bn) become the world’s fastest-growing brand.
Tesla dropped out of the top 10, falling to the 18th position in the ranking. Its brand value dipped 12 per cent to $58.3bn.
The company has been hit by Chinese EV competitors. BYD has now overtaken Tesla to become the world’s largest EV maker. BYD’s brand value was up 20 per cent to $12.1bn.
While Tesla’s brand strength remains high overall, rated AAA-, Brand Finance research shows a significant fall in reputation.
David Haigh, chairman and CEO of Brand Finance, said: “We are witnessing several brands from a wide array of sectors on the cusp of breaking into the top 500.
“The region is investing heavily in tangible and intangible away from the oil industry and as such many brands are making the step up from being strong regional players to becoming brands with global aspirations.”