Aramco is still the most valuable brand in the Middle East: Soft Power Index

 

Aramco continues to be the most valuable Middle Eastern brand, according to Brand Finance's 2023 Soft Power ranking,

The research released on Tuesday claims that over the previous year, the Saudi Arabian oil and gas giant's brand worth increased by 4% to $45.2 billion.

Aramco, which has held the top rank since the index's inception in 2020, has benefited from a recent rise in oil and gas prices as well as increased demand.

Aramco has continued to invest extensively in its brand to support growth in both its core and growth industries through a worldwide campaign and investments in sports, including Formula One and golf, in what Brand Finance's study referred to as "a statement of confidence and ambition for continued growth."

The Brand Finance Middle East 150 2023 is a specialized regional ranking that includes the 150 most valuable and powerful brands in the Middle East.

The economic benefit a brand owner could derive from licensing their brand on the open market determines valuation.

The "efficacy of a brand's performance on intangible criteria, relative to its competitors," is known as brand strength. The index considers variables such as a brand's level of customer trust, loyalty, retention, market share, and awareness to assess its competitiveness.

Middle Eastern oil and petrochemical businesses are leading this year's table for the Middle East area, driven by a rise in demand for energy supply caused by the crisis between Ukraine and Russia.

With a brand value of $14.2 billion, an increase of 11% over the previous 12 months, Abu Dhabi National Oil Company also kept the top spot as the strongest oil and petrol brand in the area and the second most valuable Middle Eastern brand.