Adnoc maintained in 2022 its position as the UAE's most valuable brand for the fourth consecutive year, according to a new report from Brand Finance, the world's leading independent brand valuation consultancy.

Adnoc's $12.76 billion (AED47 billion) brand value witnessed a 19 percent increase over the previous year and a 174 percent increase since 2017, reported state news agency Wam, citing an Adnoc statement.

Adnoc ranked the first valuable brand in the UAE, the second in the Mena region, and the ninth on the top ten most valuable brands in the Oil &Gas (O&G) sector.

Brand Finance also ranked Dr. Sultan bin Ahmed Al Jaber, Managing Director and Group CEO of Adnoc, number one among all O&G CEOs globally for the second consecutive year, and number one in the UAE and the Middle East.

Over the past 12 months, the most significant drivers of Adnoc's brand value growth included consistency to grow responsibly and achieving many accomplishments within its new energy strategy to strengthen its partnerships in clean and renewable energy and hydrogen.

Also, its commitment to best practices and its track record in the field of Health, Safety and Environment (HSE) and the success of its programme to enhance the local added value, attract foreign direct investment and improve the country's position as a preferred destination for investment.

This paradigm shift witnessed several development initiatives in the company, including the development of a new approach to smart partnerships, creating investment opportunities to attract foreign capital, launching a successful programme to enhance in-country value, implementing three successful IPO subscriptions to Adnoc Distribution, Adnoc Drilling, and Fertiglobe, among other programmes.

In line with the leadership directives, Dr. Al Jaber, in his capacity as the UAE's Special Envoy for Climate Change, is working to promote the country's proactive approach and its effective contribution to global efforts to reduce climate change, adapt to its repercussions, and consolidate the country's leading position in the field of climate action.

According to Brand Finance, brand value is the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand value is determined through a balanced scorecard of factors, including marketing investment, stakeholder equity, and business performance.