ALBAWABA - Saudi Arabia's public oil and gas group Aramco moved up 5 places in the global market ranking and was dubbed the most valuable brand in the Middle East according to a Kantar BrandZ report issued on Wednesday.
Based on the Most Valuable Global Brands report, ARAMCO's brand value has increased by 7 percent, year on year.
Aramco was also dubbed the top oil company in the world by Forbes.
In the meantime, American gas and oil corporation Exxon Mobil, Aramco's closest competitor, reportedly made $62 billion last year in profits. Whereas Aramco made a whopping $105 billion in profits, and has turned in positive results in the first quarter of 2023.
Apple is the most valuable brand in the market, according to Kantar's report, as carried by Arabian Business.
Meanwhile, Google and Microsoft came in second and third, respectively.
Martin Guerrieria, the head of Kantar Brandz revealed that: “this year’s results – despite the fall in aggregate value – are, in fact, a continuation of the long-term growth trend for brands, which began following the global financial crisis of 2008 and continued up until the start of the pandemic in 2020."
Aramco was founded in 1933 when Saudi Arabia and the Standard Oil Company of California signed an oil concession agreement.
