Saudi Aramco has been named the most valuable brand in the Middle East and North Africa (MENA) region, with a brand value of around $46.8 billion, according to Oil and Gas Middle East.

On a global scale, Aramco ranked the 24th and was the second most valuable oil and gas brand, within striking distance of Shell, according to Brand Finance’s annual global study.

Aramco’s initial public offering (IPO) enabled the company to be included in Brand Finance’s study. The IPO raised approximately $25.6 billion, making it the world’s largest to date.

According to the report released by Brand Finance, Saudi Aramco should focus on developing international perceptions of the brand to unlock further partnerships and investment opportunities.

“The challenge at hand for the industry is to make the production and use of oil and gas as efficient as possible throughout this transition, while actively preparing for the future by investing in renewables,” David Haigh, Brand Finance CEO, said.

“The Middle East, and in particular the Gulf region, is home to more and more world class brands, as we have observed these powerhouses making their way up our rankings since Brand Finance undertook its first Global 500 study back in 2007,” Haigh added.