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Dubai: Analytical and consulting firm Kantar has released the latest BrandZ ranking of the 30 most valuable brands in Saudi Arabia and the UAE.
The combined value of Saudi and Emirati brands has more than doubled in the past two years, growing faster than any other global Kantar BrandZ ranking. The value of the ranking of the most valuable Saudi and Emirati brands increased by 110%, driven by continued investment in infrastructure and economic diversification in both countries.
This growth rate is well ahead of the second-best performing market, India, which has seen an 82% increase in brand value over the past two years.
“The two largest economies in the Arab world, the UAE and KSA, have not lost their ambition to diversify their economies,” Amol Ghate, managing director, Middle East, North Africa and Pakistan, Kantar Insights, told Arab News.
He added: “Indeed, both parties have increased the scale of these ambitions as they emerge from the uncertainty of the pandemic. We are seeing this reflected in the significant growth in Kantar BrandZ’s Top 30 Most Valuable Emirati and Saudi Brands. In the BrandZ rankings, its growth has outpaced its global and national peers by an astonishing 110%.”
Telecom giant STC, the most valuable brand in the UAE and the Kingdom and Saudi Arabia, increased its brand value to US$16 billion (+66%). Kantar said the brand has benefited from the rollout of 5G, as well as the major diversification of services it offers, including digital payments and entertainment services.
The company’s “DARE” strategy – digitize, accelerate, reinvent and expand – provides a strong sense of direction and rapid transformation.
The UAE’s No. 1 brand is also telecommunications company Etisalat, which changed its name to e& earlier this year. The group repositioned itself as a global conglomerate, increasing its brand value by 129% from 2020 to $11.8 billion.
Online food delivery platform Jahez was the 18th new entrant with a brand value of $1.4 billion. The brand has expanded into new cities and categories, partnering with grocery and non-food retailers to create new markets. It has also established PIK, a direct commerce platform that allows local merchants to reach more consumers.
Earlier this year, Jahez was listed on the Saudi Stock Exchange, becoming the first publicly traded startup in the Kingdom of Saudi Arabia.
Other newcomers to the ranking include the newly merged National Bank of Saudi Arabia, formed from the merger of the National Commercial Bank (NCB) and Samba; real estate brand Aldar and banking brand ADIB.
The ranking highlights the expansion of both economies, new entrants in lifestyle categories, banking and real estate, and the rise of travel brands after the pandemic ends.
Banking was the most prominent in the ranking, accounting for nearly half (47%) of the top 30 brands’ total value after a 187% rise in total category value.
Saudi Arabia’s banking sector is the fastest growing in the 2022 ranking, with banks such as Al Rajhi Bank (3rd) posting triple-digit growth, up 234%; Alinma Bank (14th) up 139%, Al Bilad Bank (16th) rose 211%.
The new addition, the National Bank of Saudi Arabia (SNB), further boosted the category’s ranking, taking second place with a brand value of $15.9 billion.
In the UAE, local banks lead, with FAB at 5th, ADCB at 19th, Emirates NBD at 20th and Dubai Islamic Bank at 26th, witnessing impressive growth of 97%, 94%, 39% and 96% since ranking in 2020 percentage.
Significant growth in several categories, including real estate, reflects the government’s long-term view of investment, such as Saudi Arabia’s Neom Sustainable City, and the UAE’s efforts to become the region’s arts and cultural hub, according to the report.
This stability increases the attractiveness for foreign investors, whose continued investment helps create a positive economic outlook, which bodes well for businesses and brands, the report added.
Ghate said: “By investing in their assets and creating meaningful differentiation for their brands, they (UAE and Saudi Arabia) have expanded their prominence to win more in today’s fast-paced and competitive branding world. favored by consumers.”
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