UAE's etisalat by e& named strongest Middle Eastern brand
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UAE’s etisalat by e& named strongest Middle Eastern brand

UAE’s etisalat by e& named strongest Middle Eastern brand

Tech giant Amazon regained top spot from Apple to become the world’s most valuable brand

e& enterprise

Etisalat by e&, the telecom arm of tech conglomerate e&, has been named the strongest brand in the Middle East.

The e& group, present across 16 countries, boasts the most valuable portfolio of telecom brands in the Middle East and Africa, exceeding $14bn, according to a report by global consultancy Brand Finance, which appraises the world’s biggest brands annually.

Saudi oil giant Aramco, valued at $43.6bn, was named the most valuable brand in the Middle East region, and 29th most valuable brand in the world, according to the Brand Finance Global 500 2023 rankings.

Meanwhile, UAE-based energy producer ADNOC secured the second most valuable brand’s title in the Middle East region, with a brand value of $14.1bn. It also maintained its position as the UAE’s most valuable brand for the fifth consecutive year.

ADNOC’s brand’s value has grown 11 per cent over the past year, with the company embracing the energy transition, committing $15bn to low-carbon solutions, new energies and decarbonisation technologies, the report revealed.

“While the world’s top global brands have taken a hit to their values, the leading Middle East brands have grown in value. This reflects the on-going success of local brands to step up from being strong regional players to becoming brands with global aspirations,” commented David Haigh, CEO and chairman of Brand Finance.

Qatari bank QNB remains the most valuable banking brand in the Middle East since 2013 and has entered the top 300 brands globally for the first time. Meanwhile, Saudi Arabia’s Al-Rajhi Bank is the newest Middle Eastern brand to enter the Global 500 ranking and remains the largest Islamic bank in the world by assets and market capitalisation.

Global brands

Amazon has taken over the top crown as the world’s most valuable brand despite its brand value falling 15 per cent this year from $350.3bn to $299.3bn, according to the new report. It routed Apple, which has become the world’s second most valuable brand at $297.5bn in value.

“Technology brands across the world have lost significant value in response to shifting demand patterns. Inflation has affected brands across many sectors, but as consumer habits partially revert to pre-pandemic patterns, demand for the services of tech brands has been hit particularly hard. Additionally, disrupted supply chains, labour shortages, and greater obstacles to financing have left their mark,” noted Haigh.

There was a total of 48 global tech brands that featured in the ranking, two down from the 50 in 2022, after Snapchat and Twitter dropped out.

Other tech-focused brands to lose value include Samsung Group (brand value down 7 per cent to $99.7bn), (brand value down 56 per cent to $10bn), Facebook (brand value down 42 per cent to $59 bn) and WeChat (brand value down 19 per cent to $50.2bn).

Instagram grew in brand value to reach $47.4bn, while LinkedIn’s brand value also spiked 49 per cent to $15.5bn. Tesla and BYD are amongst the world’s fastest-growing brands as demand grows for electric vehicles.

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