As per the Brand Finance ranking, Oil as well as Gas sector powers out the Middle Eastern best valuable brands.
As per a report compiled in via the London-based consultancy Brand Finance, DP World, global port operator having its terminals from Australia to Peru, has been now tagged as UAE’s swiftest progressing brand.
On Monday, the consultancy stated within its report that: The Dubai-based firm has surged up in Brand Finance’s UAE 2021 rating to 25th ranking, with their overall brand net value of progressing 17 percent to $1.1Billion, with robust performances recorded in emerging markets like India, the UK, Netherlands, Belgium, as well as Egypt.
Brand Finance stated that: “DP World continues to set its sights on extending its global reach, with expansion plans underway at several of its terminals to increase capacity. The container sector in general has showcased itself to be resilient to the pandemic turmoil, with the meteoric rise in e-commerce maintaining demand.”
The preceding month the DP world stated that they are back on the track for announcing a “hugely stabilized” financial performance during the preceding year 2020, however, as such, the overview for the prevailing year still remains uncertain all due to COVID-19 Pandemic issue.
The report further added that Abu Dhabi National Oil Company (ADNOC) has tagged as UAEs most valuable brand as well as Middle East’s second highest rated valuable brand with a net worth of over $10.8Billion. Etisalat has overtaken Emirates for the initial ever time to have emerged as UAEs strongest brand.
The Brand Finance Middle East position has been progressed and is inclusive of 100 brands for the initial time, with brands out of nine Middle Eastern nations inclusive of Saudi Arabia, Qatar, UAE, Oman, Kuwait, Jordan, Lebanon, Bahrain, as well as Iraq.
As per the ranking, around 45 Saudi Arabian brands accounted for the list and overall, it accounted for 56 percent of overall brand net worth within the ranking. The UAE came in distant second alongside 25 brands, depicting around 36 percent of overall brand net value, while Qatar emerged out in the third spot with its 12 brands that accounted in for 11 percent of the overall brand net worth.
As per the report, Oil as well as gas brands domineered the Middle East most valuable brands as six of the overall Oil and Gas brands within the Brand Finance Middle East 100 ranks have accounted in for over 38 percent of overall brand worth, thereby creating it as one amongst the efficient valuable sector, with banking and telecoms following in second and third, respectively.
Andrew Campbell, Managing Director of Brand Finance Middle East, stated that: “As we are witnessing nations across the region focus on diversification – including Saudi Arabia’s Vision 2030, the UAE Vision 2021, Qatar’s National Vision 2030, and Kuwait’s Vision 2035 – no doubt we will be seeing the rise of other sectors in the coming years to rival the traditional oil & gas brands’ dominance.”
“We overview a big growth potential for telecoms brand in cyber security, collaboration tools, cloud and IoT – 5G is, of course, is the pivotal enabler of these investments,” Mr Campbell said. “The challenge for Middle Eastern telcos is to manage the successful deployment of 5G, while maintaining a focus on leveraging other growth opportunities.”
Oil and gas major Saudi Aramco reserved its top brand ranking in the Middle East, surveyed by ADNOC. The region’s telecoms industry has witnessed a lot “mixed fortunes,” the report added.
Average brand value progression for the topmost 10 Middle Eastern telcos had plummeted six per cent, it stated.
Across the industry the core trends that have occurred from the crisis included an upsurge in data consumption, network pressure, 5G deployment, cyber security and the boosted speed of transition towards a digital telecom model.
Saudi Telecom Company is the most valuable telecom company across the region with a brand value of $9.2bn, according to the report.
Despite being the second most valuable sector in the region, the aggregate brand value for the banking industry fell 9 per cent annually due to the impact of the pandemic.