Oil and gas giant Aramco has once again been crowned the most valuable brand in Saudi Arabia and the Middle East, with a remarkable increase of 16% to $43.6 billion, according to a leading valuation consultancy.

In Brand Finance’s latest report Brand Finance Middle East 150, this means Aramco’s brand now accounts for almost as much value as the next 5 companies combined in the ranking.

It was also the only Arab company in the top 100 of the world’s 500 most valuable brands, according to the report.

The increasing demand saw Aramco’s 3rd quarter profits more than triple year-on-year, helping push its market valuation to $2 trillion. In a move that is reflective of its growth and optimistic outlook, Aramco announced plans to increase its production capacity from 12 million barrels a day to 13 million by year 2027.

The company has continued to invest heavily in the brand to support both core and other businesses through a global campaign as well as investments in sports such as Formula 1 and golf.

Abu Dhabi National Oil Company retained its position as the UAE’s most valuable brand and 2nd most valuable brand in the Middle East region with its brand value increasing by 19% to $12.8 billion.

Ma’aden retained its position as the most valuable mining, metals and minerals brand in both Saudi Arabia and across the Middle East. With a 69% increase in value to $503 million, it is also the fastest-growing brand this year in the Middle East.

“Across the Middle East, we see a strong rebound of ‘physical’ brands after the pandemic, and Saudi brands are taking advantage of this,” Andrew Campbell, managing director of Brand Finance Middle East, told Arab News.

He added: “SABIC is the most valuable chemicals brand, Almarai is the most valuable food brand, Ma’aden is the most valuable mining brand, Aramco is far and away the most valuable oil and gas brand, and stc is the most valuable telecoms brand. These brands are not just leading Saudi Arabia, they are leading the Middle East on their way to becoming major global players.”

Honing in on the Kingdom, Aramco accounted for nearly 50% of the total brand value in the Brand Finance Saudi Arabia 50 2022 ranking.