STC remains most valuable brand in Saudi; Al Rajhi 'strongest'

Tadawul-listed telecom giant Saudi Telecom Company (STC) is the most valuable brand in Saudi Arabia, with a brand value of $7.1 billion in 2019, up by 6.7 percent over the past year, according to the latest report by London-based brand valuation consultancy Brand Finance.

Last year too, STC was ranked by Brand Finance as the most valuable brand in Saudi Arabia, with a brand value of $6.651 billion.

Also read: STC most valuable brand in Saudi; Etisalat tops Middle East

The report has for the first time been expanded to include 50 Saudi Arabian brands, building on last year’s report valuing 25 brands from the Kingdom.

Petrochemicals giant SABIC has been ranked as the second most valuable brand, with the brand value growing 6.5 percent from last year to $4 billion this year.

A notable performance in this year’s Saudi Arabia 50 comes from chemicals brand Petro Rabigh, growing 42.3 percent since last year with an impressive $907 million brand value and entering the Top 10 for the first time.

Retaining its fifth-place rank, Saudi Arabian food and beverage manufacturing and distribution brand Almarai is valued at $2.1 billion.

Saudi banking brands which have risen through the ranking in the past year are Alinma Bank and Albilad Bank. The fastest growing Saudi Arabian brand in the ranking is Alinma Bank, with its brand value up 55 percent since last year to $586 million.

Following closely behind, Albilad Bank has grown 50 percent to $347 million, Brand Finance report added.

Read: Saudi Arabia, UAE among world’s 25 most valuable nation brands

As the league table has expanded to accommodate 50 brands for the first time, it is interesting to take a look at the new entrants.

“These brands represent a variety of sectors, spanning across B2B sectors such as engineering (Zamil Industrial) and logistics (Bahri), to B2C sectors such as healthcare (Mouwasat), Retail Fuel (Aldrees), Restaurants (Herfy), Retail (eXtra, SACO, Farm Superstores), and Leisure (Fitness Time),” Brand Finance report maintained.

Aside from calculating overall brand value, Brand Finance also determined the relative strength of brands.

According to this criteria, Riyadh-headquartered banking brand Al Rajhi Bank is ranked as the strongest brand in the Brand Finance Saudi Arabia 50 2019 ranking, with a brand strength index (BSI) score of 82.6 out of 100.

“Saudi Arabian brands have continued to excel and in turn grow their brand values this year, giving this league table impetus to expand into a rank of 50 brands for the first time,” David Haigh, CEO of Brand Finance, said.

“As these brands work towards the common goal of Vision 2030, the results show just how crucial the role of brands is in realizing a sound economic future for the Kingdom,” he added.