The Emirati multinational logistics company DP World became the fastest-growing brand of the UAE, the latest report by London-based consultancy Brand Finance revealed.
The global ports operator got into the Brand Finance UAE 25 2021 list, gaining 17 percent in ‘brand value’ during 2020 to $1.1 billion, as it showed strong performances in markets including India, the UK, Netherlands, Belgium and Egypt.
“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 industry, in general, has showcased itself to be resilient to the pandemic turmoil, with the meteoric rise in eCommerce maintaining demand,” Brand Finance said.
Last month, DP World stated that it is on track to mark a “relatively stable” financial performance for 2020 but the outlook for this year remains uncertain due to the COVID-19 pandemic.
UAE’s state-owned oil company Abu Dhabi National Oil Company (ADNOC) claimed the title of the UAE’s most valuable brand and the second in the Middle East with a brand value of $10.8 billion. Meanwhile, the UAE’s telecom giant Etisalat emerged as the country’s strongest brand for the first time, overtaking Emirates, the report said.
Saudi Arabia’s brands dominated the rankings for the Middle East’s most valuable brands, with 45 made into the list representing 56 percent of the total brand value. The UAE came in second with 25 brands, accounted for 36 percent of the total brand value while Qatar got the third position with its 12 brands and 11 percent of the total brand value.
The Brand Finance Middle East ranking has been expanded to include 100 brands for the first time, with brands from nine Middle Eastern countries including Saudi Arabia, the UAE, Qatar, Kuwait, Oman, Bahrain, Jordan, Lebanon and Iraq.
According to the report, oil and gas brands dominated the Middle East’s list. Six oil and gas brands in the Brand Finance Middle East 100 ranking accounted for 38 percent of the total brand value, making it the most valuable sector, with banking and telecoms following in second and third, respectively.
“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.”
The region’s telecom industry has seen mixed fortunes. Across the industry, the key trends that have emerged from the crisis included an increase in data consumption, network pressure, 5G deployment, cybersecurity and the enhanced 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 $9.2 billion, the report states.