European Union's flags wave at the head office in Brussels, Belgium. File photo
The Abu Dhabi National Oil Company, Adnoc, has been named the UAE’s most valuable brand for a second consecutive year by Brand Finance, the world’s leading brand valuation and strategy consultancy.
Adnoc’s $11.39 billion (Dhs41.83 billion) 2020 brand value, a 28.6% increase over the previous year and a 145% increase since the launch of its transformation strategy in 2017, makes it the fastest-growing brand in the Middle East for 2020 and the first UAE brand to surpass $10 billion in value.
For the first time, Adnoc also ranks among the world’s top ten most valuable oil and gas brands and Dr. Sultan Bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, received the highest ranking among both MENA region CEOs and national oil company CEOs for brand stewardship and brand value creation.
Over the past 12 months, the most significant drivers of Adnoc’s brand value growth included consistency of best practice across the organisation, a strong HSE track record and focus on safety, success facilitating local economic growth and FDI, and heightened domestic and international awareness through initiatives such as ADIPEC, Adnoc’s Formula 1 sponsorship, and the recent launch of the Group’s first-ever creative campaign "Energy for Life."
Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is assessed through a balanced scorecard of factors, including marketing investment, stakeholder equity, and business performance, and is used to determine what proportion of a business’s revenue is contributed by the brand.
Founded in 1996, Brand Finance is the world’s leading independent branded business valuation and strategy consultancy. Headquartered in the City of London, the firm is present in over 20 countries. Every year Brand Finance values over 3,500 brands - across all sectors and geographies. The 500 most valuable brands are included in the Brand Finance Global 500 2020 league table.
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