Saudi Aramco, UAE’s Adnoc top list of most valuable brands in Middle East

Saudi Aramco, UAE’s Adnoc top list of most valuable brands in Middle East

Saudi oil giant Aramco has retained its status as most valuable Middle Eastern brand, according to a new global ranking, despite the world’s biggest oil producer witnessing a slight decrease in valuation, largely triggered by revenue changes following the voluntary cuts in output in recent months. According to the 2024 list by Brand Finance, a brand valuation consultancy based in London, Aramco’s brand value dipped to $41.6 billion, down from $45.2 billion in the previous year. Yet, despite the downward curve, the company retained the top spot in the region by a significant margin. The Abu Dhabi state-owned ADNOC took second place as the most valuable Middle Eastern brand, growing in value by 7% to $15.2 billion, based on the company’s strategic investments in low-carbon solutions and its commitment to achieve Net Zero targets by 2045. During last month’s UN climate conference COP28, hosted in Dubai, ADNOC partnered with State Oil Company of Azerbaijan Republic (SOCAR) to collaborate on the potential development of low carbon energy technologies. The deal followed up on ADNOC taking the lead as a founding signatory of the Oil and Gas Decarbonization Charter, signed at COP28, that set targets to eliminate routine flaring and zero out