Emirates has come out on top again as the world’s most valuable airline brand, according to the 2016 Brand Finance Global 500 report, which was released yesterday.

The airline’s brand value grew 17% over last year to reach US$ 7.7 billion. For the fifth year running, the airline has steadily risen up in the global ranking of the world’s top brands to be placed at #171, 47 places above the next closest airline brand. Emirates also retains its well-established position as the most valuable brand in the Middle East. In addition, Emirates’ brand value has more than doubled since 2009, when it first appeared on the Brand Finance Global 500 report.

“We invest strategically in building our brand and it is reflected in everything we do. We have differentiated the Emirates brand not only through our marketing and sponsorships initiatives, but also through our competitive combination of quality products and services, and technology-driven customer initiatives that our teams deliver everyday both on the ground and on board.

We work hard to identify, anticipate, and meet the ever-changing needs of our diverse global audiences, as we firmly believe that this will position us to outperform in our industry now and in the future.” Boutros Boutros, divisional senior vice president corporate communications, marketing and brand.

Brand Finance CEO David Haigh said: “Emirates continues to soar, adding 17% to its brand value this year. Brand Finance’s analysis shows that Emirates is more popular than ever– its brand equity scores for consumer factors such as familiarity, consideration, preference, satisfaction and recommendation are up across the board. Emirates’ growth this year, which builds on impressive historic trends, suggests that by 2020 it could become the first Middle Eastern brand to enter the top 100 of our ranking.”