Aramco And Etisalat By e& Lead The Way For Middle Eastern Brands In New Global Ranking

Aramco retains status as most valuable Middle Eastern brand in global ranking, followed by ADNOC and stc

Aramco’s brand value has witnessed a slight decrease to USD41.6 billion in 2024. While largely influenced by revenue changes, this decrease is also associated with a dip in perceived quality and reliability. That said, Aramco remains the most valuable Middle Eastern brand by a significant margin.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest global brands are included in the annual Brand Finance Global 500 2024 ranking.

ADNOC, the second most valuable Middle Eastern brand, has grown its brand value by 7%  to USD15.2 billion, driven by a 1-point improvement in its 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 has also improved due to its commitment to decarbonisation; it is one of 50 founding signatories of the Oil and Gas Decarbonisation Charter (OGDC) that is a global commitment to speed up climate action across the industry, launched at COP28.

David Haigh, Chairman and CEO of Brand Finance, commented:

“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.”

etisalat by e&, e&’s telecoms brand, is strongest Middle Eastern and African brand, and strongest telecoms brand in the world

e& group’s telecom vertical, etisalat by e&, has retained its position as strongest brand in the Middle East and Africa as well as the strongest telecom brand in the world, scoring 89.4 in the Brand Strength Index. The telecom operator has benefited from being part of a larger technology group, e&. This also means that e& has retained its ranking as the most valuable portfolio of TMT brands in the Middle East and Africa, with an increase of 15% on last year to a total brand value of USD17 billion. Key contributing factors include its ongoing Manchester City Football Club partnership, 5G network leadership, innovative customer experience initiatives, and participation in global events like the Formula 1 Grand Prix in Abu Dhabi and COP28.

stc breaks into top 150 brands globally

stc (brand value up 12% to USD13.9 billion) has shown impressive growth and entered the top 150 within the Global 500 ranking this year. This achievement makes stc the first consumer brand in the Middle East to enter the 150 most valuable brands globally. stc has taken significant strides in its expansion strategy, integrating specialized subsidiaries in digital infrastructure, IoT, cloud computing, cybersecurity, business outsourcing, telecommunications, and fintech. stc’s acquisition of an interest in Telefonica, one the largest telecommunications companies in the world marks a key milestone in stc’s growth journey in 2024.

Banking brands QNB and Al-Rajhi Bank see solid brand value and strength growth

QNB, (brand value up 10% to USD8.4 billion) has increased its brand value and strength in this year’s ranking, maintaining its AAA rating. As the region’s largest financial institution, the brand’s growth success stems from a combination of robust financial performance, and a strong reputation amongst consumers both internationally and abroad.

Al-Rajhi Bank, the region’s second strongest brand, has grown its brand value by 13% to USD6.4 billion. 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.

Apple achieves remarkable 74% growth in brand value, reclaiming its title as the world’s most valuable brand by huge margin

Apple has achieved exceptional brand value growth this year, increasing by USD219billion (74%) to USD517 billion, reclaiming its title as the world’s most valuable brand by a huge margin. Apple has achieved a remarkable brand value increase, even as iPhone volume share has largely plateaued, as its strategy of finding new markets, expanding its ecosystem, and encouraging upgrades to higher-value iPhones has been highly effective. Apple has maintained its position as the dominant player in the premium smartphone market, with 71% value share.

Artificial Intelligence sector booms as NVIDIA becomes world’s fastest growing brand

Brand Finance research found significant gain amongst brands that have heavily invested in AI, seeing NVIDIA (brand value up 163% to USD44.5 billion) become the world’s fastest-growing brand. A key supplier of chips in the AI space, NVIDIA is perceived as highly innovative while familiarity, consideration, and recommendation levels all increased year-on-year, according to Brand Finance research.

Tesla drops out of top 10, falling to 18^th place

Tesla (brand value down 12% to USD58.3 billion) has dropped out of the top 10, falling to 18^th place in the ranking. Tesla has been harmed by its large exposure to the Chinese EV market, and BYD (brand value up 20% to USD12.1 billion) has now overtaken Tesla to become the world’s largest EV maker. While Tesla’s brand strength remains high overall, rated AAA-, Brand Finance research shows a significant fall in reputation. Tesla’s close association with Elon Musk, a controversial leadership figure, creates added reputational risk for the brand.