Nokia is one of the world's Top 10 most valuable brands

Valued at more than US$26.4 billion, 10% more than last year's estimate, Nokia moved up two spots within the top 10 from eighth to sixth place.

The Finnish mobile device manufacturer, whose vision is "Life goes mobile!" was described in the study published in the August 1 issue of the magazine as "looking to take on Apple's iPod as cell phones and MP3 players converge into one device".

Nokia was both the only mobile phone manufacturer and the only European brand to make it into the top 10. The company has publicly committed itself to developing the widest portfolio of mobile communications devices to meet the broadest scope of consumer needs.

"Nokia is the leader in mobile communications, an industry that is growing in importance to a wider and wider audience in all parts of the world. This brand ranking is a reflection of this and our commitment to getting closer to our customers and understanding - better than anyone else - their needs, no matter what segment," said Eddy Rizk, Senior Communications Manager, Nokia Middle East and Africa.

The company launched more than 34 new handsets in just the first six months of 2005 with features ranging from handheld gaming to MP3 players to enterprise smartphones for the office.

"By delivering what our customers want and what the many global markets demand, we add value to the consumer experience every time one of our devices is used. By constantly developing new technologies to support the increasing convergence of work and play on mobile devices, Nokia is both reinforcing its leadership and helping shape the wireless future," Rizk added.

Nokia's brand value was assessed at US$26.45 billion in 2005, 10% higher than the US$24.04 billion valuation for 2004. The BusinessWeek study ranking the world's top 100 brands only looked at companies that met certain criteria, among them: having a brand value of at least US$1 billion, deriving about a third of earnings outside the home country and having publicly available marketing and financial data.