Saudi Aramco has been named the most valuable brand in the Middle East and North Africa, with a brand value of $46.8bn. It was ranked 24th globally, and was the second most valuable oil and gas brand, within striking distance of Shell.
The release of its financials for the company's initial public offering allowed it to be included in Brand Finance's annual global study and ranking for the first time. The IPO raised $25.6bn, making it the world's largest to date.
The report by Brand Finance noted that Saudi Aramco should focus on developing international perceptions of the brand to unlock further partnerships and investment opportunities.
“Some might argue that the end is nigh for big oil, but many sectors will be difficult to decarbonise and will likely need oil and gas for decades to come," said David Haigh, CEO of Brand Finance. "The challenge at hand for the industry is to make the production and use of oil and gas as efficient as possible throughout this transition, while actively preparing for the future by investing in renewables.”
ADNOC was the Middle East's fastest growing brand, breaking into the top 10, and the first UAE brand with a valuation above $10bn. It grew 29% since the previous ranking, with a value of $11.4bn. Meanwhile, French oil major Total saw a dent in its ranking and valuation, down eight spots with a value of $23.2bn.
“The Middle East, and in particular the Gulf region, is home to more and more world class brands, as we have observed these powerhouses making their way up our rankings since Brand Finance undertook its first Global 500 study back in 2007," Haigh said.
"The leadership of these brands are to be commended, especially since both ADNOC and Saudi Aramco’s CEOs are new entrants to our Brand Guardianship Index study of the world’s top 100 CEOs. Etisalat’s role as the official Telecommunication and Digital Services Partner to the upcoming Expo2020 in the UAE is to be commended alongside its recent rollout of the fastest and most robust 5G network in the region,” Haigh added.
Amazon was the world's most valuable brand for the third consecutive year, valued at $220.8bn.