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Middle East502016 The annual report on the Middle East’s most valuable brands Foreword. Contents ForewordMethodologyAnalysis - Middle East 50Understand Your Brand’s Value Andrew Campbell, MD, BrandFinance Middle East David Haigh, CEOBrand Finance As the governments of the Middle East intensifytheir drive to diversify their economies,businesses in the region will need to prepare formore challenging times – fewer subsidies, higher In recent years, there has been a growingcontroversy over the validity of brand valuations The primary point of contention rests on thesignificant variation in the published values ofbrands by the major brand valuation agencies.However, we view these variations as a sign ofhealthy debate rather than as a source of Strong brands create high brand equity withcustomers, thus enabling a business todifferentiate itself in the market, increase Successful organizations recognize theimportance of brand value and brand strength ascritical attributes; strong brands drive demand, There is now a widely accepted global brandvaluation standard (ISO 10668) and brandvaluations are regularly relied upon byaccountants, auditors, tax specialists, lawyers,licensing managers, lenders and investors whoare always financially literate and enquiring.What this points to is a renewed need to explainhow critical an understanding of brand value is Increasingly, boards of top companies aremeasuring and monitoring the financial value ofsuch a powerful asset, compelling management Methodology What do we mean by ‘brand’? BSI score applied to anappropriate sector Post-tax brandrevenues arediscounted to a net Brand strengthexpressed as a BSI Royalty rate applied toforecast revenues toderive brand values. Brand Finance calculates the values of thebrands in its league tables using the‘Royalty Relief approach’.This approachinvolves estimating the likely future sales that areattributable to a brand and calculating a royalty sourced from Brand Finance’s extensivedatabase of license agreements and other Brand Strength Brand Finance helped to craft the internationallyrecognised standard on Brand Valuation, ISO10668. That defines a brand as “a marketing-related intangible asset including, but not limitedto, names, terms, signs, symbols, logos anddesigns, or a combination of these, intended toidentify goods, services or entities, or a Brand Strength is the part of our analysis mostdirectly and easily influenced by thoseresponsible for marketing and brandmanagement. In order to determine the strengthof a brand we have developed the BrandStrength Index (BSI). We analyse marketinginvestment, brand equity (the goodwillaccumulated with customers, staff and otherstakeholders) and finally the impact of those on 3Calculate royalty rate. The brand strength scoreis applied to the royalty rate range to arrive at aroyalty rate. For example, if the royalty raterange in a brand’s sector is 0-5% and a brand 4Determine brand specific revenues estimating aproportion of parent company revenues The steps in this process are as follows: 1Calculate brand strength on a scale of 0 to 100based on a number of attributes such asemotional connection, financial performanceand sustainability, among others. This score isknown as the Brand Strength Index. However, a brand makes a contribution to acompany beyond that which can be sold to athird party. ‘Brand Contribution’ refers to the totaleconomic benefit that a business derives from itsbrand, from volume and price premiums over 5Determine forecast brand specific revenuesusing a function of historic revenues, equityanalyst forecasts and economic growth rates.6Apply the royalty rate to the forecast revenuesto derive brand revenues.7Brand revenues are discounted post tax to anet present value which equals the brand value. Middle East traffic has dropped by over 13%. They are alsoindignant about perceived unfair support theregion’s airlines receive from their nationalgovernments (US$42 billion in total), allegedly incontravention of the terms of the Open Skiesagreement. Emirates has responded robustly,stating that “instead of splurging on lobbyingcampaigns to lock out competition, instead ofblaming Gulf airlines for loss of bookings ormarket share, the Big Three should ratherconsider how they can redirect some of their and, crucially, recommendation are all up. AED in 2013 to 3.4bn the following year to 4.7 bnin 2015. Brand value growth is following thistrend; this year Emirates has added US$1.1billion to the value of its brand, far more than anycompetitor. Qatar Airways, second in terms ofbrand value growth, has added US$720 million.Though lower in absolute terms, this represents afaster year on year growth of 26%. Etihad, the The Brand Finance MENA 50, the definitive list ofthe Middle East’s top 50 most valuable brands, isnow in its seventh consecutive year. Brand valuegrowth continues apace. The total brand valuefor the Middle East’s top 50 brands hasincreased 11% betwee