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Banking and Oil & Gas brands lead growth for UAE brands

28 February 2023
This article is more than 1 year old.

View the full Brand Finance UAE 50 2023 report here

ADNOC maintains its status as the most valuable UAE brand, valued at US$14.2 billion

ADNOC is the most valuable brand in the UAE with a brand value of US$14.2 billion, a 11% year-on-year increase. This also makes it the 2nd most valuable Middle Eastern brand. It is also the strongest Oil & Gas brand in the Middle East with a Brand Strength Index (BSI) score of 79.4 out of 100 and a corresponding brand strength rating of AA+.

Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The United Arab Emirate’s top 50 most valuable and strongest brands are included in the annual Brand Finance UAE 50 2023 ranking.

The company has continued to expand its operations in 2023, primarily through successful acquisitions and collaborations. It has also accelerated its investment in renewable energy and pioneering work in developing potential opportunities in Hydrogen. In 2022, ADNOC sent its first low-carbon Ammonia shipment to Germany, highlighting its strategic energy partnerships across the hydrogen value chain.

Andrew Campbell, Managing Director, Middle East, Brand Finance commented:

“ADNOC is seen as a role model in the UAE for attracting global capital and has grown significantly because of its high-profile partnerships. The brand is also actively embracing and leading the way in the UAE’s energy transition, committing to low-carbon solutions, in support of their Net Zero by 2050 ambition.”

Etisalat by e& is the strongest Middle Eastern brand from any sector, with AAA BSI rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

Etisalat by e& (brand value up 4% to US$10.5 billion) has a Brand Strength Index (BSI) score of 89.1 out of 100, making it the strongest brand in the Middle East, and therefore, also the UAE. Etisalat by e& is a telecoms brand of the global technology group e&. Evolved through a brand identity change last year, Etisalat by e& reflects a tech-driven telecoms brand enabled by superior 5G connectivity; elevated NPS scores due to richer personalised customer interactions; and increased employee satisfaction on account of vigorous company culture making it an attractive employer.

FAB is the most valuable banking brand in the UAE at US$3.9 billion

FAB (brand value up 19% to US$3.9 billion) has overtaken Emirates NBD to become the most valuable banking brand in the UAE, and 4th most valuable bank in the Middle East. The bank’s continued growth highlights its role as a key contributor to the UAE’s economic prosperity. Since the creation of the brand in 2016 the bank has become one of the largest and safest banks with a diversified and client centric business model. It has been in the news for its expansion in retail banking in Egypt, but more importantly has grown its international presence in Investment Banking and Corporate & Commercial Banking as it aims to become the gateway to investment into the region. It is recognised as an ESG leader powering the regional sustainability agenda.

Sharjah Islamic is fastest growing UAE brand, up 57%

Sharjah Islamic is the fastest growing brand in the UAE with a significant brand value increase of 57%, taking it to US$163 million. Its Brand Strength also witnessed considerable growth to 62.5 driven by stronger consumer perceptions in the UAE. The bank has successfully diversified its financing portfolio and offering to stakeholders, providing a broad range of Sharia'a compliant retail, corporate & investment services across extensive UAE networks. In 2022 it adopted a more adaptive strategy to face global economic challenges.

Mashreq grew 35% to a brand value of US$1 billion. This made it the 4th fastest growing brand in the UAE. The brand’s new brand identity, launched in 2022, was part of a wider strategy to realign its offerings as a digital-first financial institution. The phrase ‘Rise every day’ was used as the slogan for its new identity. This is said to exemplify the bank’s own history and future growth plans, which will be centred on a transition to a more digital and customer-centric world.

Emirates remains the most valuable Middle Eastern Airline, at US$5.1 billion

Global airline, Emirates (brand value up 2% to US$5.1 billion), remains the most valuable Middle Eastern Airline. The airline brand played a key role in facilitating the rebound in travel and tourism to the UAE. The Emirates brand is intricately tied to the UAE and Dubai nation brand and continues to contribute to building these perceptions globally. Given the importance of Emirates there continues to be significant investment behind the brand and business which should help it reclaim its Brand strength rating of AAA in the near term. Its current Brand Strength is 76.9 (AA+)

DP World is the Middle East’s most valuable logistics brand at US$1.8 billion

DP World (brand value up 15% to US$1.8 billion) is the most valuable logistics brand in the Middle East and maintained steady year-on-year growth in 2023. Despite difficult operating conditions, the global logistics brand has continued to deploy technology to create efficient and innovative trade solutions for stakeholders. DP World has also looked to further synergise its whole operation around a strong brand identity. The combination of this strong brand and diverse and innovative customer offering has proved vital in sustaining brand value growth within a difficult macroeconomic climate.

Utilities brand DEWA grows to reach US$1 billion

DEWA (brand value up 30% to US$1 billion), also performed well and is the second most valuable Middle Eastern utilities brand following it’s IPO in April 2022 which saw huge global demand and became Dubai’s biggest record listing at US$6.1 billion. The brand saw an increase in net profits in 2022 as it continued to supply Dubai’s rapid increase in demand for its services. The brand has a key goal to enhance its leadership in the areas of sustainability and innovation to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 per cent of Dubai’s total power production capacity from clean energy sources by 2050.

Du is the 3rd strongest brand in the UAE with a AAA- rating

Du is ranked 8th in the UAE with a brand value of US$2.2billion and has regained its AAA- rating, which it last held in 2021. The brand is on a journey to become a leading telecom and digital services provider in the UAE.  It is taking a digital first approach to offer cutting edge products and services to retail and enterprise customers that will enable it to offer best in class customer experience to drive differentiation, trust and loyalty in the brand.

Borouge, Burjeel and EDGE Group are highest ranked new entrants

ADNOC affiliated brand Borouge features for the first time since its IPO with a brand value of $483 million and a Brand Strength Index (BSI) score of 72.9. It has performed well in challenging market conditions for the petrochemical industry and is a strong contributor to UAE’s industrial growth and national sustainability goals.

Burjeel, valued at US$$419 million ranks 24th in the UAE with a Brand Strength Index (BSI) score of 62.4 following its IPO in October 2022. The healthcare services brand caters to a wide range of patients in the UAE and is fast developing its tertiary care capabilities.  It has plans to leverage its strong brand to expand into the large and fast growing Saudi Arabian market.

EDGE group ranks 26th in the UAE with a brand value of US$ 335 million and a brand strength of 64.6. Launched it 2019, the Aerospace & Defense brand is the umbrella for the UAE’s various Aerospace and Defence companies, it has come a long way by building partnerships with established global brands in the sector and focussing on exporting its products outside its core markets in GCC and Africa.

View the full Brand Finance UAE 50 2023 report here

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Penny Erricker
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Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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