The United Arab Emirates has been recognised as the top nation for 'brand performance' in 2022, with the country's management of COVID-19 and the manner in which it has opened up the travel and tourist sector mentioned as the primary reasons. With a score of 80.5 out of a possible 100, the UAE accomplished remarkable advances while the larger economies are still a considerable ways from pre-Covid levels.
The UAE is the most valuable nation brand in the MENA
The rankings were published by the prominent UK-based Brand Finance, which also publishes an annual list of the world's strongest corporate brands. This year, the UAE began to realise the full benefits of its major economic changes and initiatives introduced in 2021.
The UAE has preserved its position as the strongest and most valuable ($773 billion) country brand in the Middle East and Africa by retaining the strongest brand performance score and increasing brand perceptions (76.7 out of 100).
According to the Brand Finance report, the UAE drew more commerce, tourism, investment, and talent than other country brands.
The Brand Finance rankings come at a time when the United Arab Emirates has just lifted its ban on the public wearing of face masks. The changes and improved ties with regional economies have made the UAE a top destination for talent, according to a Brand Finance representative.
Residency reforms
The scope of the UAE's several revisions to the long-term residence.
Particularly those related with the Golden Visa on property investments over Dh2 million will take effect in October. Concurrently, visa changes that maintain and recruit expertise in specific fields, such as healthcare, technology, and R&D.
According to a marketing expert located in Dubai, "The importance of these rankings is equivalent to that of consumer brand preference rankings. Because this enables the UAE reach a larger worldwide audience on what it has done during the Covid era, as well as what it plans to achieve in the future."
How do other countries compare?
The worth of the world's Top 100 "country brands" is $97.2 trillion, up 7% year-over-year and "just below the pre-pandemic figure of $98 trillion in 2019." However, just fifty national brands have increased in value throughout this period.
The US remains the leader in 'brand value'
The United States is the most valuable nation in terms of brand value, with a 7 percent increase to $26.5 trillion, retaining its lead over China (up 8 percent to $21.5 trillion). The combined brand value of the United States and China is equivalent to that of the other 98 country brands in the Top 100, according to the Brand Finance Nation Brands 2022 study.
The situation between Russia and Ukraine has eroded their respective standings. Regarding the United Kingdom, 'although brand perceptions are likely to increase following a period of unprecedented global attention due to the passing of Queen Elizabeth II, the looming recession and the drop in the value of sterling – if sustained – may undermine the UK's brand value in the future.
Setting a value to a Nation's Brand power
A balanced scorecard is used to examine brand investment, brand perceptions, and brand performance in order to determine the relative strength of country brands.
The United States, France, the United Kingdom, and Japan all returned to The Top 10 Brand Strength list following an astounding one-year decrease in their worldwide views due to the COVID-19 epidemic, states Brand Finance. China joins the top 20 for the first time, ranking 15th, while Italy and Spain return to the top 25.
The most recent Brand Finance rankings were compiled before the current financial volatility that has gripped the globe.