Saudi Aramco remains the most valuable brand in the Mideast

Saudi Aramco remains the most valuable brand in the Mideast

JEDDAH: Saudi Aramco has maintained its position as the Middle East's most valuable brand, with the Brand Finance Global 500 2021 report valuing the Kingdom's oil giant at $37.5 billion. "Aramco is the hidden giant of the oil industry whose brand has finally emerged into the light of public attention. It has always been known as a b2b (business to business) brand but has aspirations to become a well-known consumer brand,“ said David Haigh, CEO of Brand Finance. The Abu Dhabi National Oil Company (ADNOC) was the second-most valuable brand in the region, confirming the dominance of the oil sector, despite governments' ambitions to diversify GCC economies away from a reliance on hydrocarbons. While Aramco retained its number one spot “” despite a 20 percent drop in brand value “” according to the study, ADNOC has managed to successfully maintain its brand value during a challenging year, with only a 6 percent decline to $10.8 billion, making it the most resilient of all national oil companies in the rankings. Haigh said: "ADNOC plays a critical role driving local industry growth, supporting Abu Dhabi's soft power position globally and advancing the UAE's sustainable economic development goals. ADNOC's enduring brand strength