Saudi oil major Aramco claimed the title of the most valuable brand in the Middle East, followed by UAE’s ADNOC, according to a report from London-based consultancy Brand Finance.
Aramco’s brand value rose by 4% to $43.6 billion, making it the most valuable brand in the Middle East, the report by showed.
Brand Finance assesses the strengths of global brands, quantifies their value and ranks them annually across sectors and countries.
Aramco’s brand expanded its operations significantly in 2022 as it pledged to meet sustainability goals through partnerships and recently formed a strategic alliance with Chinese petrochemicals company Sinopec to promote the use of hydrogen and renewables, as well as carbon capture in China.
Meanwhile, UAE’s ADNOC recorded an 11% increase in brand value to $14.1 billion, making it the second-most valuable brand in the Middle East, according to the Brand Finance Global 500 2023 rankings.
Globally, ADNOC climbed 28 places to 138th place from 167th in 2022. Within the oil and gas industry, ADNOC rose to 8th place, overtaking Petronas which has dropped to 10th.
In terms of brand strength, ADNOC is now the 10th strongest oil and gas brand globally, up two places from 12th in 2022.
“ADNOC’s commitment to make today’s energy cleaner, while investing in the clean energies of tomorrow, continues to strengthen our position as a reliable and responsible global energy provider while enhancing the strength and value of our brand,” the company said in a statement.
ADNOC has expanded its areas of operations via acquisitions, including the purchase of Mubadala Investment Company’s 25% stake in Austrian chemicals producer Borealis as it pushes to expand its international footprint in the fast-growing chemicals and petrochemical sector.