The Abu Dhabi National Oil Company (ADNOC) has been named the UAE’s most valuable brand for a second consecutive year by brand valuation and strategy consultancy Brand Finance
The state-owned oil firm’s brand value jumped to US$11.39bn in 2020, a 28.6 per cent increase over the previous year and a 145 per cent increase since the launch of its transformation strategy in 2017.
This makes ADNOC the fastest-growing brand in the Middle East for 2020 and the first UAE brand to surpass US$10bn in value.
ADNOC Group CEO Dr Sultan Ahmed Al Jaber 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.
The company has also 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 Finance has stated that 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.
