Aramco Named Middle East’s Most Valuable Brand, Apple Tops World List
Aramco has retained its position as the Middle East’s most valuable brand, despite seeing a reduction in value, according to a global report.
Aramco’s brand value has witnessed a slight decrease to $41.6bn in 2024.
While largely influenced by revenue changes, this decrease is also associated with a dip in perceived quality and reliability.
World’s most valuable brands
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 more than 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 per cent to $15.2bn, 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, said: “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.”
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 per cent on last year to a total brand value of $17bn.
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 (brand value up 12 per cent to $13.9bn) 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.
QNB, (brand value up 10 per cent 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 per cent to $6.4bn.
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 has achieved exceptional brand value growth this year, increasing by $219bn (74 per cent) to $517bn, 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 per cent value share.
Brand Finance research found significant gain amongst brands that have heavily invested in AI, seeing NVIDIA (brand value up 163 per cent to $44.5bn) 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 (brand value down 12 per cent to $58.3bn) has dropped out of the top 10, falling to 18th place in the ranking.
Tesla has been harmed by its large exposure to the Chinese EV market, and BYD (brand value up 20 per cent to $12.1bn) has now overtaken Tesla to become the world’s largest EV maker.
Want to know which global brands are the most valuable and strongest across regions? Find out below!
— Brand Finance (@BrandFinance) January 17, 2024
– @Apple overtakes @amazon to be the most valuable in the #Americas. YouTube is the strongest.
– In the #MEA, @aramco is the most valuable and @etisalatUAE is the strongest!
-… pic.twitter.com/93AcZhfFdp
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.
World’s 20 most valuable brands
- Apple, $517bn
- Microsoft, $340bn
- Google, $333bn
- Amazon, $309bn
- Samsung, $99.4bn
- Walmart, $97bn
- TikTok, $84bn
- Facebook, $75.7bn
- Deutsche Telecom, $73.3bn
- ICBC, $71.8bn
- Verizon, $71.8bn
- State Grid Corporation of China, $71.1bn
- Instagram, $70.4bn
- China Construction Bank, $65.6bn
- Starbucks, $60.7bn
- Agricultural Bank if China, $60.4bn
- Mercedes-Benz, $59.4bn
- Tesla, $58.3bn
- Oracle, $53.1bn
- Home Depot, $52.8bn
