Middle East 150: The Report On The Most Valuable and Strongest Middle Eastern Brands March 2022

Middle
East
150
2022
The report on the most valuable and strongest Middle Eastern brands
March 2022
Contents.
About Brand Finance 3
Foreword 7
David Haigh, Chairman & CEO, Brand Finance
Executive Summary 9
Sector Rankings & Analysis 16
Oil & Gas 17
Banking 18
Telecoms 20
Airlines 22
Chemicals 23
Food 24
Insurance 25
Retail 26
Healthcare 27
Logistics 28
Mining, Metals & Minerals 29
Real Estate 30
Utilities 31
Exchanges 32
Brand Value Ranking 33

Brand Guardianship Index 36
Brand Spotlights 42
ADNOC 43
Interview with His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry
and Advanced Technology and ADNOC Group CEO
DP World 45
Interview with Daniel Van Otterdijk, Chief Communications Officer, Group
Communications, DP World
Etisalat 47
Interview with Hatem Dowidar, Group CEO, e&
Ma'aden 50
Interview with Turki Abdullah AlToaimi, Senior Director, Corporate Communication,
Ma'aden
Mashreq 52
Interview with Ahmed Abdelaal, Group CEO, Mashreq Group
QNB Group 55
Feature
SABIC 57
Feature
Saudia 59
Interview with Khaled Tash, Chief Marketing Officer, SAUDIA Group
stc 62
Interview with Mohammed Abaalkheil, Corporate Relations VP, stc
Methodology 64
Our Services 71
© 2022 All rights reserved. Brand Finance Plc.
Brand Finance Middle East 150 2022 brandirectory.com/middle-east 2
About Brand Finance.
Brand Finance is the world's leading brand
valuation consultancy.
We bridge the gap between marketing and finance

Brand Finance was set up in 1996 with the aim of 'bridging
the gap between marketing and finance'. For 25 years, we
have helped companies and organisations of all types to
connect their brands to the bottom line.
We quantify the financial value of brands

We put 5,000 of the world’s biggest brands to the test
every year. Ranking brands across all sectors and
countries, we publish nearly 100 reports annually.
We offer a unique combination of expertise

Our teams have experience across a wide range of
disciplines from marketing and market research, to
brand strategy and visual identity, to tax and accounting.
We pride ourselves on technical credibility

Brand Finance is a chartered accountancy firm regulated
by the Institute of Chartered Accountants in England and
Wales, and the first brand valuation consultancy to join
the International Valuation Standards Council.
Our experts helped craft the internationally recognised

standards on Brand Valuation – ISO 10668 and Brand
Evaluation – ISO 20671. Our methodology has been
certified by global independent auditors – Austrian
Standards – as compliant with both, and received
the official approval of the Marketing Accountability
Standards Board.
Get in Touch.
For business enquiries, please contact:
Andrew Campbell
linkedin.com/company/brand-finance
Managing Director
[email protected]
For media enquiries, please contact: twitter.com/brandfinance

Konrad Jagodzinski
Communications Director
[email protected]
facebook.com/brandfinance
For all other enquiries:
[email protected]
+44 207 389 9400 youtube.com/brandfinance
www.brandfinance.com

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Brand Finance Group.

Brand Finance Institute
Brand Finance Institute is the educational division of
Brand Finance, whose purpose is to create and foster
a professional environment for knowledge-sharing and
networking among practitioners and experts in the
market. BFI organises events, in-company training, and
corporate educational initiatives around the world. In the
quest for marketing excellence and with the purpose
to equip the brand valuation and strategy practitioners
with the necessary skills and tools, we have developed
a wide range of programmes and certifications in
collaboration with the most coveted business schools,
universities and thought leaders in the field.
Brand Dialogue
Brand Dialogue is a public relations agency developing
communications strategies to create dialogue that drives
brand value. Brand Dialogue has over 25 years of experience
in delivering campaigns driven by research, measurement,
and strategic thinking for a variety of clients, with a strong
background in geographic branding, including supporting
nation brands and brands with a geographical indication
(GI). Brand Dialogue manages communications activities
across Brand Finance Group's companies and network.
VI360
VI360 is a brand identity management consultancy
working for clients of all sizes on brand compliance, brand
transition, and brand identity management. VI360 provide
straightforward and practical brand management that
results in tangible benefits for your business.

Global Brand
Equity Monitor
Original market research on over 5,000 brands
36 countries and 29 sectors covered
Over 100,000 respondents surveyed annually
We are now in our 6th consecutive year conducting the study
Visit brandirectory.com/consumer-research
or email [email protected]
[email protected]
Foreword.
What is the purpose of a strong brand: to attract customers, to build loyalty, to
motivate staff? All true, but for a commercial brand at least, the first answer must
always be ‘to make money’.
Huge investments are made in the design, launch, and ongoing promotion of
brands. Given their potential financial value, this makes sense. Unfortunately, most
organisations fail to go beyond that, missing huge opportunities to effectively make
use of what are often their most important assets. Monitoring of brand performance
should be the next step, but is often sporadic. Where it does take place, it
frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly
understood by non-marketers.
David Haigh As a result, marketing teams struggle to communicate the value of their work and
Chairman & CEO, boards then underestimate the significance of their brands to the business. Sceptical
Brand Finance finance teams, unconvinced by what they perceive as marketing mumbo jumbo,
may fail to agree necessary investments. What marketing spend there is, can end up
poorly directed as marketers are left to operate with insufficient financial guidance
or accountability. The end result can be a slow but steady downward spiral of poor
communication, wasted resources, and a negative impact on the bottom line.
Brand Finance bridges the gap between marketing and finance. Our teams have
experience across a wide range of disciplines from market research and visual
identity, to tax and accounting. We understand the importance of design, advertising,
and marketing, but we also believe that the ultimate and overriding purpose of
brands is to make money. That is why we connect brands to the bottom line.
By valuing brands, we provide a mutually intelligible language for marketing and

finance teams. Marketers then have the ability to communicate the significance of
what they do, and boards can use the information to chart a course that maximises
profits. Without knowing the precise, financial value of an asset, how can you know
if you are maximising your returns? If you are intending to license a brand, how can
you know you are getting a fair price? If you are intending to sell, how do you know
what the right time is? How do you decide which brands to discontinue, whether
to rebrand and how to arrange your brand architecture? Brand Finance has
conducted thousands of brand and branded business valuations to help answer
these questions.
Brand Finance’s research revealed the compelling link between strong brands and
stock market performance. It was found that investing in highly-branded companies
would lead to a return almost double that of the average for the S&P 500 as a whole.
Acknowledging and managing a company’s intangible assets taps into the hidden
value that lies within it. The following report is a first step to understanding more
about brands, how to value them and how to use that information to benefit the
business.
The team and I look forward to continuing the conversation with you.

Aramco is
Middle East’s
Most Valuable
Brand,
Etisalat is
Strongest
+ With a brand value of US$43.6 billion, Aramco
retains top spot on Brand Finance Middle East 150
ranking, as oil prices bounce back after pandemic
+ ADNOC is second most valuable brand in Middle

East, #1 in UAE
+ Etisalat is Middle East’s strongest brand, and

world’s strongest telecoms brand, leveraging
Dubai Expo to promote its world-leading 5G
infrastructure deployment
+ QNB cashes in as Qatar’s most valuable brand
+ Ma'aden is Middle East’s fastest-growing brand
+ KPC makes its debut in ninth place with brand

value of US$4.0 billion

Executive
Summary.
Executive Summary.
Aramco retains top spot ADNOC is second most valuable

brand in Middle East, #1 in UAE
Oil and gas giant Aramco has once again been
crowned the Middle East’s, and therefore also Saudi Abu Dhabi National Oil Company (ADNOC) has
Arabia’s, most valuable brand. retained its position as UAE’s most valuable brand and
second most valuable brand in the Middle East region with
This year, Saudi Arabia’s national oil company saw its brand value increasing 19% to US$12.8 billion. ADNOC’s
its brand value increase by 16% to US$43.6 billion, impressive performance was also reflected in being ranked
which sees the brand account for almost as much 159th in the Brand Finance Global 500 2022 ranking.
value as the next five most valuable brands combined
in the Brand Finance Middle East 150 2022 ranking. With an eye on the future, and in line with the UAE leadership’s
Following a difficult period for the oil and gas sector 2050 net zero strategy, ADNOC is also embracing the energy
at the start of the COVID-19 pandemic, oil prices transition through several strategic initiatives including its
rebounded in 2021, buoyed by the natural gas crisis global clean energy joint venture with TAQA and Mubadala on
that saw businesses turn to crude products. renewable energy and green hydrogen.
The increase in demand saw Aramco’s third-quarter QNB cashes in Qatar

profits more than triple year-on-year, helping push
its market valuation to US$2 trillion. In a sign of QNB has retained the title of Qatar’s most valuable
confidence and ambition for continued growth, Aramco and strongest brand, with a healthy brand value growth
announced plans to increase its production capacity of 16% to reach US$7.1 billion, QNB’s impressive
from 12 million barrels a day to 13 million by 2027. The performance was also reflected in the Brand Finance
company has continued to invest heavily in its brand Banking 500 2022 ranking, where it moved up to 45th.
to support growth in both core and growth businesses The brand’s growth outpaced the top 50 banking brands
through a global campaign as well as investments in in the world, as it consolidated its position as the most
sports – from Formula 1 to golf. valuable banking brand across the Middle East.

Executive Summary.
Top 10 Most Valuable Middle Eastern Brands © Brand Finance Plc 2022
10 1
z 2 02
z 3 03
H 4 04
H 5 05
g
$43.6bn $12.8bn $10.6bn $10.1bn $7.1bn

+16% +19% +16% +18% +16%
60 6
b7 07
j 8 2 10
g 9 NEW
z 10 18
g
$5.0bn $4.7bn $4.3bn $4.0bn $3.6bn

+7% +16% +24% - -4%
QNB’s growth reflects the hard

Ma’aden is regions fastest-growing brand
work put behind the brand and
business over the last few years. Ma’aden is the fastest-growing brand in the Middle East,
The brand has acted as a unifying with its brand value increasing 69% to US$503 million over
the course of 2021. The impressive growth has consolidated
force across its operations, which the brand’s position as the most valuable mining, minerals &
have benefitted from the metals brand in both Saudi Arabia and the wider MENA region.
significant investment in digital The growth is the continuation of a positive trend for Ma’aden,
services for retail and corporate which was also the second fastest-growing brand in the Brand
clients and has helped Finance Saudi Arabia 50 ranking over the course of the COVID-19
pandemic, with its brand value up 91% in the last two years.
consolidate QNB’s position as
the most valuable banking brand This year’s growth was driven by record sales, which saw a
44% year-on-year increase for Ma’aden. The company is the
in the Middle East. third pillar of Saudi industry, alongside oil and petrochemicals,
Andrew Campbell and its growth has seen it named among the top 20 largest
Managing Director, Brand Finance Middle East global mining companies by market capitalisation.
Despite the challenges posed by the pandemic, QNB KPC and portfolio of its brands
continued to provide high level service to its customers included for first time
alongside investing heavily into the development of the
brand’s digital offering. This focus has allowed QNB to KPC, the Kuwait Petroleum Company, is the most
continue delivering successful campaigns, products, and valuable Kuwaiti brand of 2022, and ninth in the Middle
services and build a strong portfolio which will prime the brand East, with its brand valued for the first time at US$4.0
for future growth opportunities and international exposure. billion. KPC maintained a valuable brand through the

Executive Summary.
Brand Value Change 2021-2022 (%) © Brand Finance Plc 2022
69%
54% 53% 52% 49% 49%

42% 40% 40% 39%
-17% -15% -15% -12% -12%

-19% -19% -17%
-27%
-47%
pandemic, despite the significant reduction in oil demand built a leading European petroleum refining and
during the second half of 2020 and much of 2021. Prior marketing brand in Europe, Q8.
to the pandemic, KPC had long-term plans to increase
production from around 2.5 million barrels per day to
4.75 million barrels per day by 2040. Revised targets stc is Saudi Arabia's strongest brand
of 4 million barrels per day by 2040 will ensure that the
company continues to operate a very strong brand in the stc is Saudi Arabia’s strongest brand, with a Brand
global oil market. Strength Index (BSI) score of 85.7 out of 100 and a
corresponding AAA brand strength rating.
KPC’s brand architecture is hybrid in nature while its
peers in the region and internationally have moved to
a branded house approach to build a strong global stc’s brand has continued to
brand to appeal to their unique set of stakeholders go from strength-to-strength
as key enablers of the global transition to renewable
energy in the medium to long term while delivering in the wake of its successful
optimal value to their shareholders. rebrand in 2019, and through
The other KPC owned brands that feature in the strategic expansions the
analysis are KOC (20th), KNPC (38th), KUFPEC brand has evolved to become
(88th), Q8, KGOC, KPPC, Kafco, PIC, KOTC, and
KARO. As part of KPC’s long standing strategy to more than a telecoms
exploit the most value for its hydrocarbon resources
it is building the largest refinery in the Middle East
company. stc continues to be a
(Al Zour refinery) to be managed by KIPIC and has leader in the digital

Executive Summary.
Top 10 Strongest Middle Eastern Brands © Brand Finance Plc 2022
10 1
H 2 02
H 3 24
g 4 1 3
g 5 2 17
B
89.2 +1.8 85.7 +1.7 84.3 +2.7 83.5 +1.8 82.5 +7.8
AAA AAA AAA- AAA- AAA-
62 7
j7 15
b 8 16
g 9 2 11
o 10 18
H
81.1 +1.6 80.1 -0.4 79.9 +0.4 79.9 +1.6 79.4 -0.1
AAA- AAA- AAA- AAA- AA+
transformation in Saudi strength score of 89.2 out of 100, corresponding to a

AAA rating. Expo 2020 offered Etisalat the platform to
Arabia, with the success of stc demonstrate itself as a strategic enabler of the UAE's
Pay being a standout highlight. digital transformation. Etisalat’s focus on enhancing
customer experience and living the ethos of “Together
Andrew Campbell Matters” helped the brand to increase its BSI score by
Managing Director, Brand Finance Middle East 1.8 points, breaking into the top 20 strongest brands
globally, claiming 18th place.
Etisalat is Middle East’s strongest Etisalat has subsequently released a new brand
brand strategy related to the launch of broader group
identity under the name e&. The group now faces the
In addition to calculating brand value, Brand challenge of transferring equity to the new brand over
Finance also determines the relative strength of the course of 2022.
brands through a balanced scorecard of metrics
evaluating marketing investment, stakeholder
equity, and business performance. Certified by ISO Etisalat’s brand strength is
20671, Brand Finance’s assessment of stakeholder
equity incorporates original market research data
driven by product innovation
from over 100,000 respondents in more than 35 and delivering on customer
countries and across nearly 30 sectors.
needs. Delivering the fastest
According to these criteria, Etisalat (brand value mobile network in the world is a
up 18% to US$10.1 billion) is the Middle East’s
strongest brand, and the strongest brand in the massive achievement by
telecommunications sector globally with a brand

Executive Summary.
Etisalat, and their core

stakeholders recognize the
brand’s ability to deliver
impressive performance.
David Haigh
Chairman & CEO, Brand Finance
In addition to being the nation’s strongest brand, stc also

saw its brand value increase by 16% to US$10.6 billion,
which saw it consolidate its position as Saudi Arabia’s 2nd
most valuable brand for the 3rd consecutive year.
The impressive results come off the back of particularly

strong growth in the business and enterprise sector. The
brand also continues to play a key role in KSA’s 2030
vision through continued investment and diversification.
Last year stc announced it would be investing US$400
million to build the largest cloud enabled data centre in
the MENA region and saw its subsidiary stc Pay awarded
one of the first digital banking licenses in Saudi Arabia.
SABIC has retained its position as the 3rd most valuable

brand in Saudi Arabia and the 7th most valuable brand in
Brand Value by Sector © Brand Finance Plc 2022
Brand
Value % of Number of
Sector (USD bn) total Brands
● Oil & Gas 67.2 37.3% 14
● Banking 41.7 23.1% 45
● Telecoms 30.8 17.1% 10
● Airlines 8.5 4.7% 6
● Chemicals 7.1 4.0% 11
● Food 4.7 2.6% 10
● Other 20.2 22.4% 54

Total 180.2 100% 150

Executive Summary.
andMiddle
the blendsEast.
in the
This
industry,
year, it saw
whichits are
brandcreated
value increase
by
by 16% to US$4.7
upcycling mixed plastic.
billion, meaning it is now more
valuable than it was before the COVID-19 pandemic. The
chemicals
Last year, also
brand marked
saw itsthe
profits
strategic
rebound evolution
last year,
of with
their
revenues
brand presence
up 56%inyear-on-year
the agricultural
thankssector
to increased
with the sales
volumes and higher
implementation of aaverage
focusedproduct
strategy prices.
utilising the
established equity of the SABIC brand to launch the
SABICestablished
newly is keenly aware
SABIC of Agri-Nutrients
the important part Company.
its brand
plays in helping it achieve its vision of becoming the
preferred world leader in chemicals.
Last year saw increased synergies between SABIC
and Aramco, following the announcement that SABIC
would be taking responsibility for the marketing and
sales of several Aramco petrochemicals and polymers
products. At the same time, Aramco took responsibility
for the offtake and resale of a number of SABIC
products. These changes will help to strengthen both
brands through improved customer offerings, as well
as increasing operational efficiencies.
In line with its purpose of ‘Chemistry that Matters™’,

SABIC reaffirmed its commitment to sustainability
following its announcement at the Saudi Green
Initiative Summit that it plans to achieve carbon
neutrality by 2050 and reduce greenhouse gas
emissions by 20% by 2030. This year saw SABIC
launch the first certified circular polycarbonate resin
Brand Value by Country © Brand Finance Plc 2022
Brand
Value % of Number of
Sector (USD bn) total Brands
● Saudi Arabia 89.1 49.4% 60
● UAE 54.7 30.4% 37
● Qatar 18.5 10.3% 19
● Kuwait 12.7 7.1% 15
● Egypt 2.8 1.5% 8
● Bahrain 0.9 0.5% 5
● Other 1.4 0.8% 6

Total 180.2 100% 150

Sector
Rankings &
Analysis.
Oil & Gas.
🇸🇦
Top 10 Most Valuable Oil & Gas Brands State owned Oil & Gas groups continue their
transformation by positioning themselves as
1 enablers of the energy transition.
2022: $43,637m +16% Aramco remains the most valuable brand of all
🇦🇪
2021: $37,479m brands in the Middle East, and naturally dominates
the Oil & Gas sector. Saudi Arabia’s national
2 oil company increased its brand value by 16%,

consistent with the restoration of oil prices after the
2022: $12,760m +19% COVID-19 pandemic-affected years of 2020 and 2021.
🇰🇼
2021: $10,763m
ADNOC, the Middle East’s second-most valuable
3 brand, grew its brand value by 19% based on

the same underlying fundamental factors. While
2022: $3,956m NEW ADNOC doesn’t have the same scale as Aramco it
🇰🇼
2021: - is instead focussing on being the strongest brand in
its category. The ADNOC brand continues to be the
4 strongest Oil & Gas brand in the region.
2022: $1,890m NEW ADNOC is one of a handful of brands in the sector
🇦🇪
2021: - to see its BSI score rise by +2.0 points, as a
result of its stellar reputation and trust amongst
5 international investors and stakeholders.
2022: $1,420m +2% KPC is the 3rd most valuable Oil & Gas brand in the
🇶🇦
2021: $1,395m region with a brand rating of A+. KPC Group’s brand
architecture is hybrid in nature while its peers in the
6 region have moved to a branded house approach to
build a strong global brand to appeal to their unique set
2022: $1,259m NEW of stakeholders as key enablers of the global transition
🇰🇼
2021: -
to renewable energy in the medium to long term while
delivering optimal value to their shareholders.
7 The other KPC owned brands that feature in the
2022: $718m NEW analysis are; KOC (4th), KNPC (7th), KUFPEC (10th), Q8,
🇸🇦
2021: -
KGOC, KPPC, Kafco, PIC, KOTC, KARO. As part of
KPC’s long standing strategy to exploit the most value
8 for its hydrocarbon resources it is building the largest
refinery in the Middle East (Al Zour refinery) to be
2022: $568m 0% managed by KIPIC and has built a leading European
🇶🇦
2021: $568m
petroleum refining and marketing brand in Europe, Q8.
9 Qatargas has entered the ranking in 6th, with a

brand value of US$1.3 billion. Qatargas is part of
2022: $279m
© Brand Finance Plc 2022
-27% the QatarEnergy portfolio, which recently rebranded
🇰🇼
2021: $381m
from Qatar Petroleum to reflect the brand’s evolved
10
identity as part of the global energy transition.
Qatargas is the world’s largest supplier of Liquefied
Natural Gas (LNG), with an annual production
2022: $243m NEW
2021: - capacity of 77 million tonnes a year.

Banking.
🇶🇦
The top 10 most valuable banking brands in the Middle
Top 10 Most Valuable Banking Brands
East have an aggregate brand value of $28,981m. This
1
represents an increase of 9% on value of the previous top
10 in 2021 which had an aggregate value of $26,625m.
2022: $7,056m +16%
🇸🇦
There are two broad reasons of the increase in aggregate 2021: $6,107m
value. Firstly, the banking industry in the region (and
2
indeed globally) has benefitted from the widespread
economic recovery post the peak of COVID-19, with the
likes of QNB, Al-Rajhi, Dubai Islamic Bank and Riyad Bank 2022: $4,279m +24%
🇦🇪
all posting double digit growth in Brand Value vs the 2021 2021: $3,449m
figures. The second reason for the increase in aggregate
value is the inclusion of Saudi National Bank for the first
time because of the merger and subsequent rebrand of
National Commercial Bank and Samba Financial Group.
3
2022: $3,585m -4%
🇦🇪
2021: $3,730m
4
2022: $3,312m -9%
🇸🇦
2021: $3,621m
5
2022: $3,172m NEW
🇦🇪
2021: -
6
2022: $2,347m +9%
🇦🇪
2021: $2,148m
7
2022: $1,834m +15%
🇸🇦
2021: $1,598m
8
2022: $1,236m +25%
🇰🇼
2021: $992m
9
2022: $1,224m
-12%
🇰🇼
2021: $1,387m
10
2022: $936m +3%
2021: $910m

Banking.
The new brand SNB joins the ranking as the 5th most valuable banking brand in the region, observing a
valuable banking brand in the Middle East with a value healthy brand value growth of 16% to reach US$7.1
of US$3.2 billion. The inclusion of SNB comes at the billion and cementing its 5th rank in the region overall.
expense of Abu Dhabi Islamic Bank, who falls outside Despite the challenges posed by the pandemic,
of the top 10 Most Valuable banks in the region with a QNB continued to provide a high level of service for
brand value of $816m. its customers alongside investing heavily into the
development of the brand’s digital offering. This focus
Brand Strength among the group of banks has has allowed QNB to continue delivering successful
increased by an average of 3.5 points out of 100, as campaigns, products, and services and build a strong
measured by the Brand Strength Index. To an extent the portfolio which will prime the brand for future growth
increase in Brand Strength reflects the ongoing trend opportunities and international exposure.
of improved consumer perceptions among banking
brands globally. ADCB had a particularly impressive 11.9 Al Rajhi continues to be strongest banking brand in
point increase in Brand Strength, which is largely due the region followed closely by QNB. It is also the clear
to improved scores in the Brand Finance Global Brand leader amongst Islamic banks in the region.
Equity Monitor. For example, ADCB improved brand
reputation from 7.1 to 7.7 year-on-year (out of 10), and Emirates NBD and FAB’s brand value continues to
increased brand consideration from 74% to 83%. stagnate for another year and its very likely that the
recently rebranded 5th placed SNB will overtake both
The largest financial institution in the Middle East and next year as it continues to invest heavily to build
Africa, QNB has consolidated its position as the most brand strength.

Telecoms.
🇸🇦
Top 10 Most Valuable Telecoms Brands Telecoms in the region has been brand driven especially
so in the retail/consumer space. More recently, brand in the
1 Enterprise segment is becoming much more important and is

also becoming a key driver of business growth.
2022: $10,572m +16%
🇦🇪
2021: $9,150m Brands in the region are also repositioning beyond the
core telecoms business to move up the value chain. stc
2 rebranded last year and has spun out stc solutions while
stc pay has recently been granted a full banking license.
2022: $10,101m +18% Etisalat Group has recently restructured and rebranded to
🇶🇦
2021: $8,533m e& group allowing the Etisalat brand to focus on Telecoms
while freeing up resources for the other divisions to grow.
3 stc (brand value up 16% to US$10.6 billion) retains its

2022: $3,412m +6% position as the most valuable single telecoms brand in the
🇰🇼
2021: $3,222m Middle East and Africa. The Saudi-based brand grew its
brand based on particularly strong growth in the business
4 and enterprise sector and is primed for further growth as it
expands to new jurisdictions with acquisitions. STC is also
2022: $2,401m +10% expanding into new product sectors with its investment in
🇦🇪
2021: $2,190m data hosting operations.
5 Meanwhile, Etisalat not only retains its title as the strongest

brand in the Middle-East and North Africa across all sectors,
2022: $1,974m +7% but also topped the table as the strongest telecoms brand
🇸🇦
2021: $1,840m globally. This has been achieved in the year of Expo 2020
following heavy investment in both brand and service
6 offering, as evidenced by also becoming the fasted mobile
network provider in the world verified by Ookla.
2022: $1,511m +18%
🇴🇲
2021: $1,280m
e&, the recently rebranded Etisalat Group, also operates
a portfolio of brands across North Africa and the Middle
7 East, including the fast growing Moov. When aggregated
together, the value of e&’s portfolio of brands exceeds
2022: $303m -17% US$13 billion this year, making it the most valuable portfolio
🇪🇬
2021: $366m
of telecom brands in the Middle East.
8
2022: $283m NEW
🇮🇶
2021: -
9
2022: $144m
-2%
🇧🇭
2021: $147m
10
2022: $125m +4%
2021: $119m

Telecoms.
Ooredoo held on to its position as the third most

valuable telco brand in the Middle East with a
brand value of US$3.4 billion and BSI score of
78.6. The COVID-19 pandemic pushed telecoms
brands into the spotlight, with people relying on
their services more than ever. Ooredoo’s previous
investment in its network ensured it was able to
meet the surge in demand, and it continued to
upgrade its network to boost reliability, capacity
and internet speeds throughout the pandemic.
Ooredoo operates across 10 countries and serves

over 120 million customers and has ambitions to
increase its global footprint moving forward. In
2021, Ooredoo announced it would be the title
sponsor of the first ever Formula 1 race to be
held in Qatar, which helped improve the brand’s
exposure on a global scale. Ooredoo expects to
build upon this during the FIFA World Cup Qatar
2022, where it will be the official Middle East
& Africa telecommunications operator for the
competition.
Zain’s brand value is up 8% to US$2.4 billion as it

continues to consolidate its presence in its current
markets. It’s brand value and strength is based on
its strong position in Kuwait, Jordan, Iraq, Bahrain
and Sudan while it continues to challenge stc
and mobily in Saudi Arabia. Zain is executing its
strategy to be asset light and focus on incremental
growth drivers such as it's Tamam Fintech arm.
Mobily has successfully retained its brand

strength rating of AA+ and recorded a brand value
growth of 18% over the last year which makes
it the fastest growing telecoms brand in Saudi
Arabia.
In 2021, the telecoms brand continued to improve

its 5G network coverage, in addition to strong
growth in its fiber-to-the-home segment. The B2B
segment has also achieved excellent results by
growing customer relationships and facilitating key
government projects, including the Kingdom-wide
health information system. Looking to the future,
Mobily has announced its ambition to venture into
offering mobile financial service (MFS). The foray
into MFS aims to accelerate cashless payments in
the country, in line with KSA’s Vision 2030 ambition
of 70% payments done digitally by 2030.

Airlines.
On average, the top five Middle Eastern airline SAUDIA was followed by Qatar Airways (brand
brands have seen their brand values increase by value up 12.5% to US$2.0 billion), and FlyDubai
7.3% over the last year, however, when compared (up 6.8% to US$141 million). If the trend continues,
to pre-pandemic valuations, the overall brand value it is likely that majority of global airlines, including
for the sector is 16.5% below 2020. Nonetheless, those in the Middle East, will recover their brand
this is a positive sign for the sector and a signal that values to their 2020 levels by 2024.
the gradual recovery of the industry is underway, as
countries continue to ease travel restrictions. Emirates retained the title of the Middle East’s
most valuable and strongest airline brand, with
The fastest growing airline brand in the Brand a brand value of US$5.0 billion, and BSI score
Finance Middle East 150 2022 ranking is Saudi of 80.1. For brand strength, Emirates is followed
Arabia’s SAUDIA, which saw its brand value by Qatar Airways (74.4) and Air Arabia (69.8).
rise by 13% to US$572 million. As part of Vision The increase in BSI scores is primarily driven by
2030, Saudi Arabia plans to increase the number a marginal rise in brand investment and brand
of tourists to 100 million a year by 2030, and the performance measures that outline the magnitude
number of religious visitors to 30 million by 2025. of brand investment decisions and financial
SAUDIA is due to play a key role to achieve these performance of the respective brands.
targets, and has already announced plans to
expand both the number of routes it serves, and the All of the airline brands featured in the ranking
size of its fleet. saw their reputation score increase over the last
year both on a domestic and international level.
SAUDIA was the only brand from the sector to seen
an improvement in its consideration and familiarity
Top 5 Most Valuable Airlines Brands scores in addition to reputation.
1
2022: $4,985m
🇦🇪
+7%
🇶🇦
2021: $4,669m
2
2022: $2,014m +13%
🇦🇪
2021: $1,790m
3
2022: $625m -7%
🇸🇦
2021: $670m
4
2022: $572m +13%
🇦🇪
2021: $506m
5
2022: $141m +7%
2021: $132m

Chemicals.
🇸🇦
Top 5 Most Valuable Chemicals Brands
1
2022: $4,670m +16%
🇸🇦
2021: $4,017m
2
2022: $713m +25%
🇶🇦
2021: $571m
3
2022: $672m NEW
🇶🇦
2021: -
4
2022: $211m NEW
🇸🇦
2021: -
5 Amongst brands in the chemical industry, SABIC

(brand value up 16% to US$4.7 billion) is the biggest
2022: $196m +39% brand in the entire region – by a significant margin. The
2021: $141m value of the SABIC brand is approximately equal to
double the value of the next nine Middle East chemical
brands combined.
SABIC aims to become the world’s leading brand

in chemicals, and its cooperation with Aramco is a
core part of that long-term vision. In addition, SABIC
launched a new brand campaign immediately prior
to the pandemic as it seeks to keep pace with the
changing trends in the world. With industrial demand
for SABIC products likely to grow in coming years,
SABIC is seeking new ways to leverage its its brand
equity, and the newly established SABIC Agri-Nutrients
Company is likely to be just one channel to grow the
brand globally.
The second most valuable chemicals brand in the

Middle East, Petro Rabigh (brand value up 25% to
US$713 million) is closely linked to SABIC. Last year,
SABIC agreed to market a large share of Petro Rabigh
petrochemical products, which leads to significant
opportunities for both Petro Rabigh and also SABIC
itself. This agreement aims to increase supply chain
efficiency in the petrochemical industry, and offers
benefits for both brands.

Food.
🇸🇦
Top 10 Most Valuable Food Brands Almarai is the most valuable and strongest food
brand in the Middle East, with a brand value of US$2.7
1 billion and BSI score of 79.9. The brand’s wide

presence across the region is a strong contributing
2022: $2,733m +24% factor to its success. Additionally, Almarai’s scores for
🇸🇦
2021: $2,203m Reputation in Oman, UAE and Saudi Arabia are higher
than those achieved by any other Middle Eastern food
2 brand in any country.
2022: $415m +32% In addition to the flagship brand’s success, the
🇸🇦
2021: $315m Almarai portfolio of brands has increased in value by
25%, from US$2.9 billion to US$4.6 billion. Given the
3 changing nature of food trends, a strong portfolio of

brands sets Almarai in good stead. This growth of
2022: $303m +21% 25% is far greater than the growth in value of the 100
🇸🇦
2021: $251m most valuable Food brands globally, which grew at
just 16% in the past year.
4 One brand of note in this portfolio is Alyoum, which is
2022: $268m +23% the fastest-growing food brand in the Brand Finance
🇸🇦
2021: $218m Middle East 150 2022, with its brand value growing
32% US$415 million. Poultry retailer Alyoum was one
5 of very few brands to sustain growth in both 2021
and 2022, demonstrating the resilience of staple food
2022: $266m -2% products, with many food items perceived as luxury
🇸🇦
2021: $271m suffering during the past two years dominated by
recessions and lockdowns.
6 Across the food industry, sales suffered in 2020 but we
2022: $180m NEW observed these picking up in 2021. Sales of food and
🇸🇦
2021: -
drink for home consumption in Middle East & Africa
increased just 1.9% in 2020 but this grew to 15.8% in
7 2021. This is reflected in the brand value of the top 10
Middle Eastern food brands, which saw cumulative
2022: $174m -12% growth of 18% in this year’s ranking, having declined
🇸🇦
2021: $199m
by 5% last year.
8
2022: $149m -2%
🇸🇦
2021: $152m
9
2022: $122m
+19%
🇸🇦
2021: $103m
10
2022: $120m -7%
2021: $128m

Insurance.
🇸🇦
Top 10 Most Valuable Insurance Brands Bupa Arabia remains the most valuable and strongest
insurance brand in both Saudi Arabia and the entire
1 Middle East region. The brand has continued to

see year-on-year growth in brand value, with an 8%
2022: $664m +7% increase to US$664 million this year, and retained its
🇶🇦
2021: $618m AA+ brand strength rating.
2 In addition to BUPA Arabia’s reported revenue

increasing, Brand Finance market research also
2022: $509m -5% suggests that the brand has highly satisfied
🇸🇦
2021: $535m customers, with strong results in measures
pertaining to both customer service and
3 recommendation. The brand is perceived to offer

the best ‘value for money’ compared to any other
2022: $496m +16% insurance brand in the region. When asked about
🇶🇦
2021: $429m momentum of the brand, 60% of customers also
believed it is ‘on the way up’ revealing they are
4 expecting even more from Bupa Arabia in the future.
2022: $193m -8% Although smaller than BUPA Arabia in terms of brand
🇦🇪
2021: $209m value, Tawuniya was the fastest-growing Saudi
insurance brand this year with16% increase in brand
5 value to US$496 million. The Saudi insurer also
managed to improve its brand strength rating from
2022: $113m +49% AA- to AA following a 4.0-point increase in its BSI
🇦🇪
2021: $76m score to 71.6. The jump sees it join other reputable
Saudi brands such as Aramco, Riyad Bank and SNB.
6 Brand Finance's Global Brand Equity Monitor (GBEM)
revealed the brand improved customer consideration,
2022: $111m +20% overall reputation and various other perceptions around
🇦🇪
2021: $93m
innovation and customer service over the 12-month
period. Higher business forecasts also shows that the
7 financial community expect an increasingly positive
outlook for the brand over the next three years.
2022: $105m +32%
🇰🇼
2021: $79m
8
2022: $75m +6%
🇴🇲
2021: $71m
9
2022: $70m
-8%
🇦🇪
2021: $77m
10
2022: $34m -9%
2021: $37m

Retail.
🇸🇦
Top 10 Most Valuable Retail Brands The retail sector in Middle East saw an overall growth
of 64% in brand value this year, from US$2.4 billion
1 to US$3.9 billion. Supermarket group BinDawood

(brand value US$127 million), and its sub brand
2022: $742m +23% Danube (brand value US$245 million), saw the
🇸🇦
2021: $605m fastest growth in brand value in the sector with 40%
increases. Both these brands experienced numerous
2 pandemic-related headwinds, but saw an increase

in brand value mainly driven by an increase in their
2022: $612m +15% Brand Strength Index (BSI) scores year on year.
🇸🇦
2021: $531m
Despite the inability to carry out promotional
3 campaigns such as Back to School, year-end and food

festivals due to the pandemic, Danube managed to
2022: $587m +24% strengthen its promotional activities on its e-commerce
🇸🇦
2021: $471m and social media platforms, which led to an increase
in the promotion metric which strengthened its brand
4 investment pillar. They also expanded their operations
in 2021 internationally through their home improvement
2022: $537m NEW division, Danube Homes, by opening new showrooms
🇸🇦
2021: - in Uzbekistan and Nepal, and are planning to take
Danube Homes to more than 50 countries worldwide.
5 Jarir Bookstore continues to be the most valuable
2022: $385m +36% retail brand in the Brand Finance Middle East 150
🇦🇪
2021: $282m ranking this year with a brand value of US$742
million. The partial reopening of schools, and the
6 release of the new iPhone 13, helped the brand to
maintain its position.
2022: $322m NEW
🇸🇦
2021: -
eXtra operates in the electronics and home
appliances segment and saw a 37% increase in
7 brand value to US$385 million, which was driven
by higher revenues and a stronger BSI score. Many
2022: $245m +39% changes have affected the size of this segment in
🇸🇦
2021: $176m
Saudi Arabia throughout the pandemic, such as
an increase in the sale of screens and large home
8 appliances during lockdown periods and curfews,
an increase in demand for products before the
2022: $127m NEW implementation of the value-added tax (VAT), and
🇸🇦
2021: -
the transformation of remote learning. These have all
9
had a huge positive impact on the brand’s sales.
At the same time, Saco, which operates in the

2022: $127m
+40% household improvement products segment, saw a
🇸🇦
2021: $91m
15% drop in brand value due to lower revenues and a
10
drop in its BSI score. The delay in receiving imported
goods, coupled with higher freight and shipping costs
because of the supply chain crisis, has had a negative
2022: $118m -15%
2021: $139m impact for the brand.

Healthcare.
Top 5 Most Valuable Heathcare Brands
1
2022: $499m
🇸🇦
+28%
🇸🇦
2021: $391m
2
2022: $178m NEW
🇸🇦
2021: -
3
2022: $134m NEW
🇸🇦
2021: -
4
2022: $111m +35%
🇸🇦
2021: $82m
5
2022: $46m NEW
2021: -
The importance of healthcare has been highlighted

throughout the COVID-19 pandemic, and it is reflected
in the Brand Finance Middle East 150 2022 ranking,
where the sector has seen an 82% year-on-year rise in
brand value to US$922 million.
Dr. Sulaiman Al Habib Medical (brand value up

28% to US$499 million) continues to be the most
valuable and strongest healthcare brand in both Saudi
Arabia and the across the Middle East. The brand’s
impressive growth can be attributed to its 23% year-on-
year increase in sales the hospital segment, and the
higher rate of patient in occupancy seen throughout brand value up 35% to US$111 million. The brand
the year. Dr. Sulaiman Al Habib Medical enjoys strong made investments in its Dallah Al Nakheel Hospital
brand equity in Saudi Arabia, as well as in the UAE and in Riyadh to elevate patient experience, as well as
Bahrain thanks to historic investment. Looking forward, expanding the hospital’s capacity - enabling it to
the brand plans to continue to expand its operations, provide services to more patients than before.
announcing an US$8 million land lease investment in
Al-Madinah, where it plans to build a new hospital to This year also saw two new entrants in the
increase patient capacity in the future. ranking from the healthcare sector, with
Mouwasat (brand value US$178 million) and
The fastest-growing Middle Eastern brand in the Saudi German Health (brand value US$134 million)
healthcare sector was Dallah Healthcare, with its entering in 104th and 118th respectively.

Logistics.
Whilst COVID-19 continues to dramatically alter the Abu Dhabi Ports is a new entrant to the ranking
industry globally, logistics brands have benefitted and the second most valuable in the sector, with
from surging demand for freight and goods due to a brand value of US$440 million and A+ brand
continued growth of online shopping, and increased strength rating. It is part of ADQ’s portfolio which
consumer spending on goods rather than services. consists of a wide variety of brands across energy,
However, at the same time, supply chain disruptions healthcare, hospitality, financial services, and real
and increasing ocean freight rates have been a key estate. The brand recently completed its initial
challenge for logistics providers. public offering and began trading on the Abu Dhabi
Exchange, and with several ongoing expansion
DP World (brand value US$1.5 billion) is the projects at Khalifa Port, Abu Dhabi Ports is well
most valuable and strongest logistics brand positioned to accelerate its growth both locally and
across the Middle East. The brand also saw the internationally to drive integrated global trade to the
fastest growth in the sector in this year’s ranking United Arab Emirates and Abu Dhabi.
with its brand value up by 38% year-on-year. The
brand leveraged key capabilities to deliver end-
to-end connectivity, drove efficiencies in major
trade through providing leading tech solutions,
and focused on faster growing markets – such as
Asia, the Middle East and Africa. All of these were
key contributors to DP World’s growth in both
brand value and strength.
🇦🇪
Top 5 Most Valuable Logistics Brands
1
2022: $1,529m +38%
🇦🇪
2021: $1,109m
2
2022: $440m NEW
🇦🇪
2021: -
3
2022: $258m +18%
🇸🇦
2021: $218m
4
2022: $234m -1%
🇰🇼
2021: $237m
5
2022: $232m -47%
2021: $435m

Mining, Metals & Minerals.
Saudi Arabia has a state-backed vision to diversify 150,000 tonnes per year aluminium recycling facility
from the oil and gas sector into other industries and market recycled aluminium under the product
and is the only gulf country to have access to its name EternAL. With sustainability being a hot topic
own substantial mineral reserves. As Saudi Arabia’s in the mining industry, this has led to EGA having
national mining champion, Ma’aden is the most the strongest BSI of 65.4. Alba is the world’s largest
valuable mining brand in the Middle East at $503m, aluminium smelter ex-China with a production of
a 69% improvement from the year before driven by more than 1.561 million metric tonnes per annum,
a record year in 2021 which saw their sales increase and comes in 3rd at $191m.
44% year on year, consolidating their position as the
most valuable mining & metals brand in both Saudi Another by-product of the region’s
Arabia and the wider MENA region. The company is significant natural gas reserves is steel, and
the third pillar of Saudi industry, alongside oil and Emirates Steel ($108m) and Qatar Steel ($92m)
petrochemicals, and its growth has seen it named are both featured in the top 150 most valuable
among the top 20 largest global mining companies brands. Furthermore, steel production in this region
by market capitalization. emits far less CO2 than the global average as it
is generally produced using natural gas rather
Emirates global aluminum (EGA) comes in 2nd than coal-fire, and this could provide the Middle
at $258m and is the number 1 ‘premium aluminum’ East with the opportunity to reposition itself as a
producer in the world and contributes 4% of world competitive global exporter of green steel while
aluminum production. EGA also plans to build a attracting greater investment from global steel
producers in the future.
Top 5 Most Valuable Mining, Metals &

Minerals Brands
1
2022: $503m
🇸🇦
+69%
🇦🇪
2021: $298m
2
2022: $258m NEW
🇧🇭
2021: -
3
2022: $191m NEW
🇦🇪
2021: -
4
2022: $108m NEW
🇶🇦
2021: -
5
2022: $92m NEW
2021: -

Real Estate.
🇦🇪
Reflecting the global property market recovery in the past Top 5 Most Valuable Real Estate Brands
year, the total brand value of Middle Eastern real estate brands
has grown by 28% this year, a US$676 million increase year
on year. The growth marks a stark contrast to previous years 1
- between 2020 and 2021 the five Middle Eastern real estate 2022: $2,070m +33%
🇦🇪
brands saw a collective brand value loss of US$321 million. 2021: $1,552m
The most valuable real estate brand in the Middle East,

Dubai’s Emaar Properties, has extended its lead in the 2
sector with a 33% increasing in brand value to US$2.1 2022: $535m +20%
🇸🇦
billion. Emaar Properties achieved impressive property sales 2021: $446m
growth in 2021, due to the combined success of domestic
development and international operations. Domestically,
sales of villas and beachfront properties were particularly
3
strong, as buyers are seeking more outdoor space following 2022: $215m +28%
🇦🇪
periods of lockdown. Internationally, the brand is expanding 2021: $167m
its community impact and brand reach via projects such as
the Emaar Square Mall in Turkey, and the Uptown Cairo Mall,
which will be Egypt’s largest shopping centre.
4
2022: $178m +16%
🇶🇦

Emaar and the second most valuable real estate brand in 2021: $154m
the region, Aldar (brand value up 20% to US$535 million),
represent Dubai and Abu Dhabi respectively. Both brands
have been built on the foundations of national economic
5
growth, which has fueled local housing demand, as well 2022: $84m -2%
as government-backed developments to fulfil national 2021: $85m
growth ambitions. Unlike its peers, Aldar’s brand value
has remained stable over the past two years, as the brand As well as being the most valuable real estate brand in the
was buoyed by government contracts in Abu Dhabi during Middle East, Emaar is also the sector’s strongest. In the UAE,
2020 and 2021. At the beginning of 2021, Aldar launched a real estate brands have the highest average reputation among
new operating model to decentralize governance and drive consumers compared to other industries, according to Brand
the next phase of company growth. The operating model Finance’s research. The Brand Finance Global Brand Equity
distinguishes the development and investment businesses Monitor (GBEM) found that over 90% of consumers in the
into two arms of the brand. Aldar Investment is expanding UAE are aware of the Emaar and Damac brands, compared
its international partnerships, and taking on more asset to just 70% of consumers in Saudi Arabia being aware of their
management projects. Simultaneously, Aldar Development country’s strongest real estate brand, Dar Al Arkan. Again, the
is building communities to support the economic and close relationship between UAE real estate brands and the
social fabric of Abu Dhabi. government provides benefits to the positioning and outlook
of these brands. In Saudi Arabia, real estate brands do not
The region’s third most valuable real estate brand is the currently enjoy the same advantage.
only brand in the sector from the region which is less
valuable than it was before the pandemic. All other real Regional real estate players are increasingly looking
estate brands have recovered this loss, except for Saudi to international markets for growth and collaboration
Arabia’s Dar Al Arkan. The company is making significant opportunities, in tandem with local national mandates.
strides to drive future growth. In late 2021, the company As regional brands grow their international presence,
announced several international projects in the lucrative and brands face greater scrutiny over the sustainability
Dubai property market, in Doha, Europe and China. To of their operations, it will be increasingly important for
support these growth ambitions, Dar Al Arkan has unveiled regional real estate brands to be perceived as sensitive
a new office in Beijing to promote collaboration and to local communities and the environment on their
partnerships within the tech and real-estate sectors. exponential construction growth path.

Utilities.
With a brand value growth of 32% and 4.0-point Though TAQA is more valuable, DEWA achieved
jump in its BSI score, Saudi Electricity Company the fastest brand value growth in the sector this
(brand value US$902 million) continues to remain year, with a 53% year on year increase to US$526
the most valuable and strongest utilities brand million. DEWA is rapidly catching up in terms of
in the region. Though the implementation of the value, and also has higher brand strength than
comprehensive regulatory and financial reforms set TAQA.
out by Saudi government largely drove the financial
performance, major strides in digitalization through DEWA has made significant progress towards
investments in projects such as the installation of Dubai’s Clean Energy Strategy 2050. DEWA is
smart meters have positively contributed towards viewed as a key contributor towards Dubai’s
the performance of the brand. growth and is expected to be listed soon to
increase the size of the stock market in the
TAQA, the second most valuable brand emirate. With its portfolio of diversified projects,
experienced a growth of 26% in its brand value DEWA plays a key role in transforming Dubai into a
this year, its brand value now standing at US$698 global hub for clean energy.
million. Heading towards an ambitious growth
strategy of achieving sustainable and profitable
growth, TAQA has actively taken steps to execute
its strategy through initiatives such as the strategic
alliance with ADNOC to decarbonise Abu Dhabi’s
energy industry.
Top 5 Most Valuable Utilities Brands
1
2022: $1,189m
🇸🇦
+32%
🇦🇪
2021: $902m
2
2022: $882m +26%
🇦🇪
2021: $698m
3
2022: $806m +53%
🇸🇦
2021: $526m
4
2022: $149m NEW
🇦🇪
2021: -
5
2022: $87m +1%
2021: $86m

Exchanges.
The Middle East’s IPO market is driving increasing The Tadawul brand is well placed to reap the benefits
interest in its local stock exchanges driven by a need of this activity.
to diversify their economy, raise capital from foreign
investors and professionalise their businesses. Fear of being left behind has stirred the UAE into
action. Dubai Financial Market has a strong brand
One of the key inputs into evaluating the strength of with an AA rating and has seen an eyewatering 105%
the Stock exchange brands is the perceptions of the growth in brand value. Dubai Inc,’s plans to launch a
nation brand it is associated with. Stock Exchanges are market-maker fund to boost trading on the DFM. The
traditionally strongly linked to a city or country, a strong DFM has also announced a healthy pipeline of IPO’s(10
nation brand and soft power can have beneficial effects to state and state-related firms) with an aim to double the
that exchange by working to convince companies listing, financial markets size to over 3 trillion dirhams which
or traders using the exchange that it is stable, efficient, has brightened the outlook for the DFM brand. Abu
and well connected. According to our annual Soft Power Dhabi Inc is also pushing its firms to list on tis local
Index study, the UAE has the strongest soft power in the exchange; the past year has seen ADNOC drilling,
region with a score of 48.4, Saudi Arabia follows with 44.2, Fertiglobe and Yahsat list on the exchange. the Abu
Qatar with 42.3, Egypt with 38.3 and Egypt completes the Dhabi Supreme Council for Financial and Economic
top 5 with a rating of 35.8. It is therefore no surprise that Affairs unveiled a $1.4 billion IPO fund to incentivize
the DFM is the strongest Exchange brand in the region private companies to list on the ADX.
while Tadawul is the most valuable
Boursa Kuwait is the 3rd most valuable exchange
Tadawul is the most valuable Exchange brand in the brand with a brand value $37m of is also ramping
Middle East buoyed by a strong stream of IPO’s over up its efforts to encourage more IPO’s and attract
the last 2 years and a healthy pipeline for the coming foreign capital. As part of this push it is planning to add
years. The strategic approach to economic policy derivatives and futures products to boost liquidity and
such as Saudi’s Vision 2030 goals is driving increased has recently signed a MoU to enhance market liquidity
economic activity in the region. The growing interest that would enable dual listings in Kuwait and UAE.
of the local sovereign wealth funds to monetise their
assets to free up capital for new investments is a
major driver. Encouragingly several private businesses
are also tapping the public markets in a drive to
professionalise and become competitive.
Top 3 Most Valuable Exchanges Brands
1
2022: $103m
🇸🇦
NEW
🇦🇪
2021: -
2
2022: $86m
+105%
🇰🇼
2021: $42m
3
2022: $37m NEW
2021: -

Brand Value Ranking (USDm).
Top 150 most valuable Middle Eastern brands 1-50
2022 Brand 2021 2022 2021
2022 2021 Brand Value Brand Brand Brand
Rank Rank Brand Sector Value Change Value Rating Rating
1 1 0 Aramco Oil & Gas $43,637 +16.4% $37,479 AA AA
2 2 0 ADNOC Oil & Gas $12,760 +18.6% $10,763 AA+ AA+
3 3 0 STC Telecoms $10,572 +15.5% $9,150 AAA AAA-
4 4 0 Etisalat Telecoms $10,101 +18.4% $8,533 AAA AAA
5 5 0 QNB Banking $7,056 +15.5% $6,107 AAA- AAA-
6 6 0 Emirates Airlines $4,985 +6.8% $4,669 AAA- AAA-
7 7 0 SABIC Chemicals $4,670 +16.3% $4,017 AAA- AAA-
8 10 2 Al-Rajhi Bank Banking $4,279 +24.1% $3,449 AAA- AAA-
9 - 3 KPC Oil & Gas $3,956 - - A+ -
10 8 1 Emirates NBD Banking $3,585 -3.9% $3,730 AAA- AAA-
11 11 0 Ooredoo Telecoms
12 9 1 FAB Banking
13 - 3 SNB Banking
14 13 1 Almarai Food
15 14 1 Zain Telecoms
16 15 1 ADCB Banking
17 19 2 Emaar Properties Real Estate
18 17 1 Qatar Airways Airlines
19 16 1 Du Telecoms
20 - 3 KOC Oil & Gas
21 18 1 Dubai Islamic Bank Banking
22 23 2 DP World Logistics
23 22 1 Mobily Telecoms
24 20 1 Enoc Oil & Gas
25 - 3 Qatargas Oil & Gas
26 24 1 Riyad Bank Banking
27 21 1 NBK Banking
28 26 1 Saudi Electricity Company Utilities
29 25 1 Kuwait Finance House Banking
30 29 1 TAQA Utilities
31 28 1 Abu Dhabi Islamic Bank Banking
32 43 2 DEWA Utilities
33 32 1 SABB Banking
34 44 2 Mashreq Banking
35 35 0 Jarir Bookstore Retail
36 40 2 Alinma Bank Banking
37 31 1 Qatar Islamic Bank Banking
38 - 3 KNPC Oil & Gas
39 36 1 Petro Rabigh Chemicals
40 - 3 QChem Chemicals
41 33 1 Bupa Arabia Insurance
42 39 1 Banque Saudi Fransi Banking
43 30 1 Etihad Airways Airlines
44 42 1 Panda Retail
45 50 2 Commercial bank Banking
46 45 1 Othaim Markets Retail
47 34 1 Gems Education Commercial Services
48 - 3 SAUDIA Airlines
49 49 0 Bank Albilad Banking
50 37 1 Satorp Oil & Gas

Brand Value Ranking.

2022 Brand 2021 2022 2021
51 - 3 Orascom Engineering & Construction
52 - 3 Nahdi Retail
53 46 1 Aldar Real Estate
54 41 1 Qatar Insurance Insurance
55 62 2 Ma'aden Mining, Metals & Minerals
56 52 1 Dr. Sulaiman Al Habib Medical Healthcare
57 48 1 Tawuniya Insurance
58 38 1 Arab National Bank Banking
59 51 1 Masraf Al Rayan Banking
60 - 3 National Bank of Egypt Banking
61 - 3 Abu Dhabi Ports Logistics
62 61 1 Alyoum Food
63 - 3 Eastern Co Tobacco
64 65 2 eXtra Retail
65 66 2 Bank Muscat Banking
66 59 1 Ahli United Bank Banking
67 60 1 Commercial Bank Of Dubai Banking
68 58 1 Arab Bank Banking
69 55 1 Doha Bank Banking
70 - 3 Banque Misr Banking
71 56 1 Emirates Islamic Bank Banking
72 - 3 Majid Al Futtaim Retail
73 - 3 CIB Banking
74 64 1 Bank Al-Jazira Banking
75 54 1 OmanTel Telecoms
76 69 1 Saudia (Dairy & Foodstuff) Food
77 57 1 RAKBANK Banking
78 - 3 Elm Tech
79 - 3 Telecom Egypt Telecoms
80 53 1 Woqod Oil & Gas
81 72 1 L'Usine Food
82 67 1 Nadec Food
83 63 1 Saudi Investment Bank Banking
84 71 1 Aramex Logistics
85 - 3 Emirates Global Aluminium Mining, Metals & Minerals
86 75 1 QIIB Banking
87 82 1 Danube Retail
88 - 3 KUFPEC Oil & Gas
89 - 3 Elswedy Electric Engineering & Construction
90 70 1 Bahri Logistics
91 47 1 Agility Logistics
92 83 1 Dar Al Arkan Real Estate
93 - 3 Qatar Vinyl Company (QVC) Chemicals
94 68 1 NBF Banking
95 78 1 Gulf Bank Banking
96 81 1 Seera Group Leisure & Tourism
97 89 1 Saudi Kayan Chemicals
98 74 1 Qatar RE Insurance
99 80 1 Boubyan Banking
100 - 3 Alba Mining, Metals & Minerals

Brand Value Ranking.

2022 Brand 2021 2022 2021
101 - 3 GB Auto Automobiles
102 - 3 Tanmiah Food
103 77 1 Burgan Bank Banking
104 84 1 Damac Real Estate
105 - 3 Mouwasat Healthcare
106 76 1 Al Osra Food
107 - 3 KGOC Oil & Gas
108 94 1 Zamil Industrial Engineering & Construction
109 95 1 Fitness Time Leisure & Tourism
110 79 1 Al Tijari CBK Banking
111 - 3 ACWA Power Utilities
112 85 1 Herfy Food
113 - 3 Fertiglobe Chemicals
114 - 3 DAE Aerospace & Defence
115 86 1 Asiacell Telecoms
116 93 1 Blom Bank Banking
117 92 1 FlyDubai Airlines
118 96 1 Mezzan Commercial Services
119 - 3 Saudi German Health Healthcare
120 - 3 Air Arabia Airlines
121 - 3 Al Dawaa Retail
122 - 3 BinDawood Retail
123 - 3 QAPCO Chemicals
124 91 1 Al Baraka Banking
125 99 1 Batelco Telecoms
126 - 3 Jahez Logistics
127 - 3 Halwani Bros Food
128 97 1 Afia Food
129 90 1 Saco Retail
130 88 1 Bank Audi Banking
131 - 3 ADNIC Insurance
132 - 3 Orient Insurance Insurance
133 - 3 Dallah Health Healthcare
134 - 3 Al Ahli Bank Banking
135 - 3 Emirates Steel Mining, Metals & Minerals
136 100 1 Aldrees Oil & Gas
137 - 3 Safco Chemicals
138 - 3 Oman Insurance Company Insurance
139 - 3 Sharjah Islamic Banking
140 - 3 Al Ahli Bank of Kuwait Banking
141 - 3 Tadawul Exchanges
142 - 3 Yansab Chemicals
143 - 3 Qjet Oil & Gas
144 - 3 Nakilat Oil & Gas
145 - 3 Sipchem Chemicals
146 - 3 Qatar Steel Mining, Metals & Minerals
147 - 3 Farm Superstores Retail
148 - 3 National Bank of Bahrain Banking
149 - 3 Natpet Chemicals
150 - 3 Empower Utilities

Brand
Guardianship
Index.
Brand Guardianship Index.
What do we mean by Brand Ultimately, the role of a brand
Guardianship?
guardian is to build brand and
+ Chief Executives today need to do more than simply business value. Our ranking
grow a business and make money for their investors. recognises those who are
+ Good CEOs are those who nurture relations with all
building business value in a
stakeholders, and enhance the reputation of their sustainable manner, by
brands as a result. Even investors increasingly care
about corporate social responsibility about balancing the needs of all
environmental, social and governance issues. stakeholders – employees,
+ The role of the CEO has evolved as we navigate the
investors, and the wider
era of personality CEOs where public scrutiny can society. More and more, the
be equal to that of a celebrity figure.
CEOs ranked in the Brand
+ It is no longer enough to have a vision for the business’s Guardianship Index must work
future. It is about forging an authentic public profile and
reacting earnestly to reputational crises.
in partnership to build a
sustainable future, redefining
+ The Brand Guardianship Index represents the CEOs who the role of a CEO from ultra
balance the needs of commercial success, long-term
brand building and personal reputation management. competitive entrepreneur to
Every year, Brand Finance releases the ranking of the
collaborative diplomat.
world’s top brand guardians – the Brand Guardianship
Index, which has been expanded to the top 250 this year. David Haigh
CEO & Chairman, Brand Finance
Brand Finance has researched and evaluated the
brand guardianship score of over 500 CEO’s this year.
Please see the methodology section for further details.
Amongst the sample of 500 the top 20 CEO’s of Middle

Eastern Brands are revealed overleaf.

🇦🇪 z
Top 20 CEOs in the Middle East
1 78.1
Dr. Sultan Ahmed Al Jaber
🇦🇪 b
ADNOC
2 74.2
Sheikh Ahmed Bin Saeed Al Maktoum
🇦🇪 H
Emirates
3 69.7
Hatem Dowidar
🇦🇪 w
e&
4 68.9
Sultan Ahmed bin Sulayem
🇶🇦 g
DP World
5 68.1
Abdulla Mubarak Al-Khalifa
🇸🇦 H
QNB
6 67.7
Olayan Mohammed Al Wetaid
🇦🇪 z
STC
7 67.5
Saif Humaid Al Falasi
🇸🇦 z
ENOC
8 66.9
Amin Nasser
🇦🇪 L
Aramco
9 66.0
HE Saeed Mohammed Al Tayer
🇸🇦 j
DEWA
10 64.3
Yousef Al-Benyan
SABIC

🇶🇦 H
Top 20 CEOs in the Middle East
11 63.4
Aziz Aluthman Fakhroo
🇦🇪 g
Ooredoo
12 63.0
Ala’a Eraiqat
🇸🇦 g
ADCB
13 62.3
Waleed A. Al-Mogbel
🇸🇦 g
Al-Rajhi Bank
14 62.2
Tareq Al Sadhan
🇦🇪 g
Riyad Bank
15 60.8
Hana Al Rostamani
🇦🇪 L
FAB
16 60.7
Jasim Husain Thabet
🇦🇪 g
TAQA
17 59.6
Shayne Nelson
🇦🇪 y
Emirates NBD
18 59.0
Abdulnasser Bin Kalban
🇸🇦 t
Emirates Global Aluminium
19 58.7
Tal Nazer
🇶🇦 b
Bupa Arabia
20 58.5
Akbar Al Baker
Qatar Airways

Brand Guardianship
Index Methodology.
Just like the Brand Strength Index, the Brand These pillars are informed by various sub-
Guardianship Index is comprised of three pillars, measuresweighting reflected by slice size.
Investment, Equity and Performance.
CEO
Tenure
es
pir (Years)
Ins itive Overall Reputation
g pos nge
r on cha
st y
a teg g-
as ra n
H st d lo m
r
an te ion
s
vi
In
ve
st
m
Net en
t
positive Governance
online Score
coverage
Equity
Focuses
erm
on long-t
in a b le value
sus ta
et
Mark wth
G r o
Cap Employee
Approval
ce
2022 Brand an
m
Portfolio value or
rf
Pe
Average Brand s
nd e
r sta tanc
Value Growth de or d
Un imp d an the
e n o r
th f bra on f ion
o tati zat
pu ni
Average BSI re orga
Familiarity

Brand Guardianship Index Methodology.
Market Analyst and Journalist Sample market analysts and journalists- two stakeholder
groups who have informed and influential views on
For the 2022 Brand Guardianship Index, Brand Finance chief executives’ reputation. Fieldwork was conducted
commissioned a survey among a panel of over 1,000 in November-December 2021.
A global view: respondent country of residence
Economy
● USA 258 ● Canada 57
● China 203 ● Spain 55
● UK & Ireland 101 ● France 53
● Japan 63 ● Middle East 50
● India 59 ● Germany 45
● Italy 57 ● South Korea 37
Balanced between analysts and journalists: respondent curent occupation
Business analyst/
● Market analyst
555
● Journalist (Text/Video) 484
A sample of experienced professionals: respondent time in profession
● 2.1 to 5 years 333
● 5.1 to 10 years 512
● More than 10 years 194

Brand
Spotlights.
ADNOC. 🇦🇪 z
Rank Brand Value
2 0 US$12.8bn +19%
Rank Brand Strength
12 2 79.1 +2.0

Interview with His Excellency
Dr. Sultan Ahmed Al Jaber.
What role can and should the oil and gas industry play alongside the entire
energy industry in the global energy transition?
I think it is vital to leverage the expertise of the entire energy industry, including
the hydrocarbon industry in ensuring the success of the global energy transition,
because, if there is one thing that the history of every energy transition tells us, it
is that they take time. You cannot simply flip a switch. To successfully navigate a
complex transition to the energy system of tomorrow, we can’t just unplug from
the energy system of today. We must remain pragmatic, while being progressive.
We should look for the solutions where the energy expertise exists. And we should
always remember that our goal is to hold back emissions, not progress. In line with
this thinking, the UAE has taken an integrated approach to the energy transition
and built on its experience as a reliable oil and gas supplier to become a center of
excellence for all forms of energy. I have been fortunate to have had the opportunity
to play an active role in this diversified model as the founding CEO of Masdar - the
His Excellency Dr.
renewable energy company - alongside my current role as ADNOC’s CEO. As a
Sultan Ahmed Al Jaber result of this integrated approach, the UAE is one of the world’s leading suppliers
UAE Minister of Industry of oil and gas, whilst also being home to the world’s largest and lowest cost solar
and Advanced plants, as well as the host of the International Renewable Energy Agency - IRENA.
Technology and ADNOC We believe that by taking a progressive approach to climate action and a proactive
Group CEO approach to the energy transition, we can create new industries and new economic
opportunities, while remaining a reliable supplier of all forms of energy to the world.
How is ADNOC specifically contributing to helping this transition?

As long as the world relies on hydrocarbons during the energy transition, it is critical
that they are as low carbon as possible. So one of the key contributions ADNOC
is making, is ensuring we supply the least carbon intensive barrels to the world.
By virtue of geology and design, our signature grade, Murban, has less than half
the carbon intensity of the industry average. And we are building on a legacy of
environmental responsibility that our founding father Sheikh Zayed set when our
company was founded 50 years ago. As such, we introduced a zero intentional
flaring policy before many of the majors and have reduced flaring by over 90 percent
since 1971. We maintain one of the lowest methane intensities of any hydrocarbon
producer in the world at 0.01 per cent and we constantly apply new technologies
and innovations to build on this position. For instance, we were the first oil and gas
company to introduce carbon capture and storage technology to the region.
Against the backdrop of COP 26, what are the other key technologies and
innovations of the future? What is ADNOC doing in this space?
As I mentioned, we are always looking for innovative ways to reduce our carbon
footprint, and as of January 1st 2022, in what is a first for our industry, we transferred
100% of ADNOC’s grid power to zero carbon energy sources, by plugging into
nuclear and solar energy. In addition, we are proactively moving into the clean
energy supply chain space, taking advantage of the massive growth potential of this
sector. Globally, at least 3 trillion dollars will be spent on renewable energy over this
decade, as countries enact plans against net zero commitments. ADNOC recently
co-invested alongside a consortium of Abu Dhabi’s energy giants to transform
Masdar into the region’s pre-eminent renewable energy powerhouse. The new
Masdar has almost doubled its capacity overnight to 23 GW and our ambition is to
expand its portfolio to at least 100 GW. And in addition to wind and solar, ADNOC
has taken significant steps in building the foundations of the global hydrogen
market, using the advantages of our existing gas infrastructure. We have already
completed demonstration shipments to Japan and South Korea, using ammonia
as a carrier fuel, and, as the global hydrogen market develops, ADNOC, Abu Dhabi
and the UAE will become a significant hub for hydrogen production and supply. In
short, ADNOC will remain at the forefront of energy solutions throughout the energy
transition, working across the entire diversified energy landscape.

DP World. 🇦🇪 w
Rank Brand Value
22 2 $1.5bn +38%
Rank Brand Strength
13 1 78.6 +1.0

Interview with
Daniel Van Otterdijk.
The DP World brand has grown 38% this year, faster than the average for the
logistics sector and one of the fastest in the Middle East. What has been the
secret to this success?
Now more than ever, it is imperative that our brand and communications activities evolve
to support the businesses by giving our stakeholders a clear and compelling picture of
who we are, what we do and where we are going.
Significant progress has been made in developing the building-blocks to enable DP

World to become a powerful global Masterbrand. These include a refreshed and updated
articulation of brand purpose; a new global system of brand architecture and modern
visual identity; an integrated global reputation and brand plan and a systematic approach
to tracking and measuring progress in repositioning the brand and building the value of
the brand asset.
Daniel Van Otterdijk
Chief Communications Imperial Logistics and Syncreon have been DP World’s star acquisitions over
Officer, Group the past year. How is DP World using these and its other acquisitions to bring
Communications, better service to its clients?
DP World DP World is a vast company in 69 countries with over 71,000 people and developing all
the time. We are continually looking at ways to optimise our customer value propositions.
Our acquisition of Imperial Logistics and Syncreon significantly accelerates our strategic
transformation into a fully integrated logistics company, offering end to end supply chain
services to the owners of cargo.
Last year, DP World started its process of “Brand Transformation”, updating its
brand identity and rationalising some of its brand architecture. How important
do you think this process is for the development of the brand and its brand
value?
We are on a journey of global transformation towards our aspired future as a provider
of data –driven logistics solutions across the end-to-end cargo owner supply chain. The
profile of our business is changing rapidly under the impetus of game-changing digital
innovations and significant acquisitions alongside continuing infrastructure development
in our core ports and terminal business.
That’s why we have developed and agreed a succinct and compelling statement of DP
World’s brand purpose. We aim to make the world flow and change what’s possible for
everyone through fast, sustainable movement of products through a single platform for
trade. Explaining what the brand consistently stands for, why we exist, reflecting ways
which are relevant today and in the future, and uniting the entire global organisation
behind a common rallying cry will add to awareness, understanding and value of our
brand over time.
Sponsorship is a key part of DP World’s communications strategy. How do you

plan to use your sponsorship of the DP World Tour, the Royal Challengers
Bangalore, and any other sponsorships to strengthen and position the brand?
Modern communications techniques and new channels enable brand strategy to
be brought to life on a consistent global basis. Sponsorships and events can create
compelling platforms for engagement across the full range of an organisation's key
stakeholders and are part of our overall partnerships strategy, not only in sports but with
other organisations.
Our objective is to build DP World as a global brand and condition the market for its
evolution. We will enable direct engagement with high priority stakeholders and cement
customer relationships giving our brand greater recognition and stand out awareness.

Etisalat. 🇦🇪 H
Rank Brand Value
4 0 US$10.1bn +18%
Rank Brand Strength
1 0 89.2 +1.8

Interview with Hatem Dowidar.
This year Etisalat has become the Strongest Telecoms Brand in the world,
and in doing so retained its place as the Strongest Brand in MEA and
entered the ranks of the Top 20 Strongest Brands globally. To what would
you attribute this success?
Being recognised as the strongest telecoms brand in the world amongst the most
outstanding brands is an extraordinary achievement for Etisalat, and one that we are
very proud of and thankful for.
First and foremost, this outcome is a result of a long journey and relentless
effort by Etisalat team over years to build the brand through consistency and
world class customer experience. Our operations have led the way to achieve
digital transformation and stood out in meaningful ways by exemplifying
resilience, continuity, and digital connectivity. Etisalat Group has undertaken
Hatem Dowidar numerous impactful brand initiatives to ensure togetherness and connectivity
Group CEO, as we continue to drive the digital future. The profound relevance and Etisalat’s
growing role in today’s world contributed to ranking Etisalat as the world’s
e&
strongest telecoms brand and helped us retain the title of the strongest brand
in MEA region across all sectors for 2nd year in a row. Our keen focus on
sustainability initiatives, demonstrating the ethos of “Together Matters” through
our actions, community interactions and sponsorship of popular sports,
like Manchester City FC, have contributed towards this success. This win is
underpinned by the UAE leadership’s support, vision and encouragement, which
have helped Etisalat achieve this significant milestone despite the headwinds
posed by today’s market dynamics.
The telecommunications industry is facing huge disruption as the fourth

industrial revolution changes the landscape of customer experience. What
can brands around the world learn from Etisalat’s mantra to the digital
future and what have you done to further that goal?
At Etisalat, digital transformation has been a momentous journey during which we
reinvented business models that improved productivity and customer experience.
This has been transformational, both internally and externally.
Moving ahead, in the context of ‘Metaverse’ technologies changing so many

things in our lives, Etisalat is gearing up for the next phase of communications,
where virtual technologies will dramatically change experiences with the
coexistence of the physical and digital world. With our advanced 5G
network, futuristic use cases get a platform to combine multiple technologies
to bring the internet to life, translating these experiences into meaningful
enhancements in our daily lives. Collaboration is key as well; along with the
network, the rest of the industry will have to develop applications and services
to enable these experiences.
Etisalat is a key partner of Expo 2020 this year. How are you taking
advantage of this opportunity to showcase the brand to the world?
Expo 2020 is probably the most important event of cultural exchange and a catalyst
for millions of people around the world, bringing national and international exposure
to numerous innovations. This unique celebration allowed people from around the
globe to witness history in the making.
The largest world expo is connected to the fastest, smartest, and most connected
places on earth. Etisalat has enabled this connectivity. We did that through a
seamless, cutting edge, immersive digital experience with a state-of-the-art network
that is highly resilient built exclusively on-premise to serve the requirements of
Expo 2020; all the participating pavilions, and visitors.

Interview with Hatem Dowidar.
As the official telecom and digital services partner, Expo through our digital marketplace platform and drive
2020 was an amazing opportunity for us to make a diversification of our business.
difference, and for our brand to shine and demonstrate our
capabilities as a telco and digital player, enhancing visitors' As part of e&'s Group’s transformation journey and the
digital experience with technologies such as AR/VR. success of the business unit Etisalat Digital, it has also
now carved out ‘e& Enterprise Digital’ with the vision
This is the first world expo to witness the 5G revolution to become the regional digital champion. This is a
and a significant breakthrough in our 5G journey continuation of its ongoing transformation journey and
providing the most advanced digital and telecoms delivery of its next phase of growth and expansion.
services with a unique and memorable experience for
e& Enterprise Digital is an extended arm of Etisalat
millions of visitors.
Group that brings agility into the business as well as
drive digital transformation in the region with a robust
Here are some representative facts for our Expo impact:
agenda to grow as a regional leader in the Internet of
+ 700km of the latest fiber optic technology (4x the things, cloud, security, edge computing, and Artificial
distance between Dubai and Abu Dhabi) Intelligence (AI). This can be achieved by capitalising
on opportunities such as megaprojects, smart city and
+ Over 8,000 wifi access points and over 8,500 mobile
Industry 4.0 projects across multiple verticals, including
access points deployed
health, education, logistics, and oil and gas.
+ Host and manager of Expo 2020’s multi-cloud
environment to enhance operational capabilities at
Expo, from ticketing to workplace and general Etisalat is crowned as the world’s
monitoring. strongest telecoms brand,
+ Smart solutions to enhance the visitor experience,
including powering the visitor website and portals
becoming the first-ever telecoms
and the mobile application. brand from MEA to achieve this
+ Over 100 expert technicians on site available to title amongst the Global 500
collaborate with expo teams to deliver the UAE’s
promise to host the best Expo in history brands. This achievement is a
Now you have had a chance to settle in as Group
result of continuous efforts and
CEO, what can we expect in regards to your plans investments in accelerating its
to continue the growth of e& and it’s broader
portfolio of brands?
value by engaging with customer
e& is at the cusp of transforming from a traditional telco segments across markets and
player to a technology conglomerate. We believe that
our major sustainable drivers of growth continue to be launching many successful global
our international portfolio and the digital space. There
are considerable future growth opportunities in the
branding initiatives. The visionary
cloud, IoT and cyber security space that will fuel digital leadership of Hatem Dowidar,
growth. In order to fuel this growth, Etisalat continues
to develop unique competencies both organically as
Group CEO, has inspired his
well as through selected mergers and acquisitions. As teams to achieve this success
part of this strategy, Etisalat Digital acquired Help AG’s
businesses in the UAE and KSA which is one of the and earned him a place among
leading cyber-security companies in the Middle East
and North Africa (MENA) region.
the elite list of 250 global brand
guardians, among a total of only 6
Similarly e&'s acquisition of elgrocer was to support its
digital ambitions by enriching its services and bringing CEOs from the region listed in the
it closer to the daily lives of the consumers and Brand Guardianship Index.
unlocking synergies that drive a diversified and
integrated product portfolio. This is in line with our David Haigh
strategy to empower consumers, enhance engagement Chairman & CEO, Brand Finance

Ma'aden. 🇸🇦 y
Rank Brand Value
55 2 $0.5bn +68.7%
Rank Brand Strength
76 2 64.6 +4.5

Interview with
Turki Abdullah AlToaimi.
Ma’aden has grown at an incredible pace over the last decade, which has
led to a 69% increase in brand value, making it the fastest growing brand
within Saudi Arabia. What do you attribute this growth to?
Ma’aden is one of the fastest growing mining companies in the world. Since
our IPO in 2008, we have transformed from a small gold-producing company
to a global mining powerhouse. Right now, we are one of the world’s top
mining companies by market capitalization.
This incredible growth is thanks to a ramp up of portfolio mines and industrial

sites across our operations in Saudi Arabia. In fact, in late 2021, Ma’aden
was ranked as one of the top 5 best performing mining companies globally
based on Q2/Q3 2021 financial results by Mining.com.
Turki Abdullah AlToaimi
Senior Director,
ESG is a growing focus area in the global mining industry. How has Ma’aden
Corporate Communication ,
incorporated ESG into its business strategy?
Ma'aden
Sustainability is a critical factor in the delivery of Ma'aden's strategy. As the
Saudi national mining champion, it is our responsibility to ensure we manage
our operations in a sustainable manner, where ESG is a major pillar towards
our growth
We have announced an ambitious target to achieve net zero emissions by

2050, as part of our long-term growth strategy. We have set specific strategic
goals to reduce CO2 emissions, reduce water, improve energy consumption
and increase waste utilization and recycling.
Additionally, we have set a goal to increase the number of Saudi

national employees in our workforce and simultaneously our community
engagement. Our currently baseline is strong - Ma’aden has made a
significant contribution to the Saudi Arabian non-oil GDP and created
thousands of direct jobs in the last 10 years. Of those, majority are filled by
Saudi nationals.
What do you see as key areas of brand growth looking ahead to the
remainder of 2022?
Our business is mine to market, we supply industries ranging from FMCG
to agriculture to aviation. Mining has emerged as the third pillar of Saudi
industry and a key pillar of Vision 2030’s economic diversification plan,
building our recognition and value across Saudi Arabia and the wider Middle
East region.
Global shifts towards electric vehicles, renewable energy and specialized

fertilizers have created opportunities for Ma’aden and increased demand for
our products.
Capitalizing on these shifts, we have set ambitious goals to continue our

growth trajectory, by leveraging the incredible natural mineral deposits
in Saudi Arabia, increasing production rates in our existing value chains,
increasing exploration, and adding new strategic minerals to our portfolio.
We look forward to increasing our brand value as we work towards our vision
of becoming a sustainable mining champion with a global presence.

Mashreq. 🇦🇪 g
Rank Brand Value
34 2 $0.7bn +54%
Rank Brand Strength
98 2 61.8 +3.1

Interview with Ahmed Abdelaal.
Mashreq Bank has seen a phenomenal increase in its brand value in the
last year. What brand initiatives have contributed to this success and how
does it differentiate itself from other banks in the UAE and the region?
The intent of adding value to everything we offer customers has been Mashreq’s
differentiation strategy since inception, giving way to our three-pronged approach
of ‘innovation, consistency and prudence’ towards customer experience. This
stems from the convergence of innovation towards futuristic value and our
approach has been to create an ecosystem that is agile enough to evolve
dynamically and incessantly to support the changing needs and wants of
our customers every day. As a result, our marquee digital solutions, such as
MashreqNeo, NeoBiz, Global Transaction banking offering, built through customer-
driven innovation, now accounts for a majority of our new business, often attracting
Ahmed Abdelaal
clients who are looking for elated experiences.
Group CEO,
Mashreq Group
We understand and acknowledge the role Mashreq will need to play to unceasingly
scale to newer heights in this evolving financial sector. Engaging with fintechs
on an open banking network to bring nimbleness has helped attain progressive
digital transformation. By leveraging our technological capabilities further, we aim
to transform into banking-as-a-service (BaaS) to provide our financial services and
solutions to our partners and serve their customers. We believe that embedded
finance will be the future of banking.
Digital banks are seeing increasing adoption in the region? How is Mashreq
banks own offering in the space positioned to capture this growth?
Mashreq’s consistent investment into technology perfectly poises us to be the
region’s digital, most progressive, and intuitive bank. Today, customers are actively
looking for simplicity, yet customisable products. The expectation from digital
banks is to integrate offerings, provide interoperable experiences which reduces
customer hassle. Think of it as a lifestyle app that offers numerous experiences on
a single platform. This requires partnerships and integration with fintechs and non-
financial brands. Mashreq has adopted a platform strategy to cut across industries
and embed its services end-to-end across all digital customer journeys. Heavy
investments into blockchain, fintechs, AI and strategic partnerships put us in a
position to not only benefit from growing acceptance of digital banking, but online
shopping and digital consumption of services.
We want our digital offerings to be true game changers. That sets the premise for
all that we do. For instance, our newly launched supply-chain finance platform
is a new value-add solution that will spur mid-market and SME growth, region
wide, enabling us to simultaneously grow as well and there are similar concepts
and products foreach of the business segments that are already well serving our
customer needs.
Going back to your vision, “To be the region’s most progressive Bank, enabling
innovative possibilities for our clients, colleagues and communities”; How has
the brand delivered to this vision over the last few years?
Pursuing opportunities to grow value and deliver superior experiences has
positioned Mashreq to be a force to be reckoned with. Our brand vision is lived
through our people who enjoy an unsurpassed level of experience and expertise,

Interview with Ahmed Abdelaal.
enabling us to manage risks and to identify and create What do you see as key growth opportunities for
unique opportunities for our customers across retail the brand over the next 5 years?
and corporate segments. The strong relationship In this dynamic environment, banking cannot be
we have in the community is also built on in-depth viewed as a standalone financial function anymore.
knowledge and understanding of needs, concerns, Increased digitalisation has blurred the lines between
and challenges of various segments. This is visible lifestyle and financial requisites. To create brand
in the diversification of our strategy –we have saliency and loyalty, banks need to connect with
collaborated with several fintechs across the world to varied audiences through partnerships in various
upgrade our business systems, having been the first segments, such as sports, entertainment, gaming,
bank in the Middle East to launch a KYC (know your etc., and to be present where the consumers are.
customer) platform underpinned by blockchain and We are focused on enabling two-way communication
thus provide the best experience for our customers. within the communities we operate in, listen with
empathy, and implement changes. Through our
Another example is the transformation of our branch people, we further unify the culture and diversity
network – which boasts of digital-only kiosks, as agenda to ensure that we are positioned as the
well as personalised flagship branches for segments employer of choice in the global markets where we
such as Mashreq Gold and Business Banking. These are operating. To this effect, we will continue to invest
offerings have been awarded numerous accolades in long-term relationships with our partners in the
from recognised industry bodies for improving value future to grow further brand consideration.
for our shareholders.

QNB Group. 🇶🇦 g
Rank Brand Value
5 0 US$7.1bn +16%
Rank Brand Strength
4 1 83.5 +1.8

Feature.
QNB Group has steadily grown to be the biggest bank QNB Group has maintained its position as the
in Qatar and the largest financial institution in the Middle highest-rated bank in Qatar and one of the highest
East and Africa region. The Group continues to be the rated banks in the world from leading credit rating
most valuable banking brand in the MEA region with a agencies including Standard & Poor’s (A), Moody’s
brand value worth US$7.056 billion, according to the (Aa3), and Fitch (A+). The bank has also been the
latest Brand Finance Banking 500 report. QNB’s brand recipient of many awards from leading international
value has grown to US$7.056 billion compared to last specialised financial publications.
year’s value of US$6.107 billion. QNB's brand ranked
at 45th in the top 50 global banking brands worldwide, The Group provides an array of investment banking
up from the 48th place in 2021, while its Brand Strength services through its subsidiary, QNB Capital, to
Index (BSI) increased to 83, up from 82 in 2021. corporate, government and institutional clients within
Qatar and globally. QNB Capital has one of the best
For the financial year ending 31 December 2021, the corporate finance teams in the GCC region offering
Group’s Net Profit reached QAR13.2 billion (US$3.6 extensive transaction experience and in depth
billion), an increase of 10% compared to the same advisory – including mergers and acquisitions, equity
period last year. and debt capital markets, and project financing
advisory. The Group also offers brokerage services
QNB recorded total assets of QAR1,093 billion (US$300 through its subsidiary, QNB Financial Services (QNB
billion), representing an increase of 7% from December 2020. FS), the first independently regulated, licensed
brokerage company launched by a bank in Qatar.
Through its subsidiaries and associate companies, QNB FS offers a multi-market, multi-currency trading
the Group extends to more than 31 countries across platform with access to several markets.
three continents providing a comprehensive range of
advanced products and services. The total number of QNB Group has an active community support
employees is 27,000 operating through 1,000 locations, program and sponsors various social, educational
with an ATM network of more than 4,500 machines. and sporting events.

SABIC. 🇸🇦 j
Rank Brand Value
7 0 $4.7bn +16%
Rank Brand Strength
6 2 81.1 +1.6

Feature.
SABIC has retained its position as the 3rd most brands through improved customer offerings, as
valuable brand in Saudi Arabia and the 7th most well as increasing operational efficiencies.
valuable brand in the Middle East. This year, it saw
its brand value increase by 16% to US$4.7 billion, In line with its purpose of ‘Chemistry that
meaning it is now more valuable than it was before Matters™’, SABIC reaffirmed its commitment to
the COVID-19 pandemic. The chemicals brand saw sustainability following its announcement at the
its profits rebound last year, with revenues up 56% Saudi Green Initiative Summit that it plans to
year-on-year thanks to increased sales volumes achieve carbon neutrality by 2050 and reduce
and higher average product prices. greenhouse gas emissions by 20% by 2030. This
year saw SABIC launch the first certified circular
polycarbonate resin and blends in the industry,
Our global brand campaign has which are created by upcycling mixed plastic.
been at the core of our brand Last year, also marked the strategic evolution of
growth since launching in 2019 their brand presence in the agricultural sector
with the implementation of a focused strategy
and with additional focus on our utilising the established equity of the SABIC
solutions around the emerging brand to launch the newly established SABIC
megatrend of Health last year, Agri-Nutrients Company.
we have kept the campaign

relevant in the eyes of our Our brand strategy is carefully
target groups. We have designed and implemented in
achieved deeper levels of pride, partnership with the wider
passion, and commitment to business to strengthen our
our brand amongst our customer engagement and
employees, a testimony to the reach. Our leading industry
multiple brand activation position and ranking among the
programs executed over the world's most valuable global
years. brands reflect our agility and
success in navigating a
Richard Crookes
Director, Global Brand & Marketing changing world. The chemicals
Communications: industry is anticipated to grow
SABIC is keenly aware of the important part its significantly in forthcoming
brand plays in helping it achieve its vision of years and our distinguished
becoming the preferred world leader in chemicals.
Last year saw increased synergies between brand will help us compete and
SABIC and Aramco, following the announcement secure growth with new and
that SABIC would be taking responsibility for
the marketing and sales of several Aramco existing customers and
petrochemicals and polymers products. At the markets.
same time, Aramco took responsibility for the
offtake and resale of a number of SABIC products. Faisal Al-Bahair
These changes will help to strengthen both VP, Corporate Affairs:

Saudia. 🇸🇦 b
Rank Brand Value
48 NEW $0.6bn +13%
Rank Brand Strength
122 NEW 57.7 +4.0

Interview with Khaled Tash.
SAUDIA is the fastest growing airline brand in the region this year. What are
the big success stories for your brand over the last 12 months that has been
driving this growth?
The impact of Covid on the airline industry has been a topic addressed frequently over
the past two years. We have turned a challenge into an opportunity. We thought about
how we could use this time to reimagine our business.
As a result, just some of the improvements that we introduced include creating the
biggest Skyteam lounge in the world, in Jeddah - the SAUDIA AlFursan flagship lounge
- a facility which more resembles a five-star hotel. Additionally, the AlFursan lounge
was the first airline lounge in the world to be certified as part of the APEX Health Safety
Standard powered by SimpliFlying. (AlFursan is SAUDIA’s frequent flyer loyalty program).
Khaled Tash Our hubs, such as our new Jeddah terminal, now also feature touchless technologies
and all digital boarding passes.
Chief Marketing Officer,
SAUDIA Group
Through agreements with Panasonic and Inmarsat, we are introducing a state-of-the-art
IFE system with world class connectivity. Additionally, our food and beverage service has
been revamped, and SAUDIA is one very few airlines in the world who have on-board
chefs.
The many new additions that have been introduced, including mobile and web features
furthering the guest overall experience, has resulted in three major accolades. We have
once again, for the second time in five years, been the most improved airline in the
Skytrax ratings, and Apex ranked SAUDIA as a five-star airline, as well as a World Class
airline.
Saudi Arabia has undergone tremendous change in the last 5 years as it

transforms itself to achieve the Vision 2030 goals. Post-covid the world and
the region is also settling back into a new normal. How are these factors
affecting your brand and corporate strategy?
By 2030, the Kingdom of Saudi Arabia will look to attract 100 million visits a year. As the
national airline of Saudi Arabia, we have a key part to play in that.
But it is a lot more than just about getting people from A to B.  First, it is important
that our passengers feel and sense the essence of Saudi Arabia as soon as they step
onto our aircraft.  Hence we talk about ‘naturally generous’ Saudi hospitality. We are
ambassadors for our country, and our aircraft is the first experience of Saudi Arabia that
many passengers will have.  
Then we talk about ‘bringing the world to the Kingdom, and the Kingdom to the
world.’  That means introducing new areas of Saudi Arabia to the wider world. Just one
example, is the launch of the first route from Europe (Paris) to the cultural and heritage
destination of AlUla. When the new Red Sea International Airport opens, we of course
intend to run services there too.
And on that, we recognise that the pandemic has accelerated a trend in terms of
tourists looking for sustainable travel experiences.  Saudi Arabia aims to be a leader
in sustainable tourism. That means that at SAUDIA we too, have a role to play, and we
are currently working on an ambitious programme of environmental, and sustainability
initiatives.

Interview with Khaled Tash.
What do you see as key growth opportunities for Finally, the increase in sustainability is actually an
the brand over the next 5 years? opportunity. With SAUDIA and Saudi Arabia, the
We see several. Firstly, the aim of Saudi Arabia is to attract 100 focus is on sustainable travel, not just sustainable
million visits by the end of the decade.  That is a huge increase aviation. While aviation contributes 2-3% of global
in passenger traffic into the Kingdom, and a major opportunity. emissions, the tourism sector contributes 8%.  That
As well as our Jeddah and Riyadh hubs, we are opening is why travellers are starting to look at their journey
up completely new routes, such as the heritage and cultural holistically and that is why it is essential that Saudi
centre of AlUla. Arabia becomes a leader in sustainable tourism.
As a result, our country is set to become a major
Then, by drastically changing our onboard and on-the-ground destination for those looking for environmentally
product, we see scope for increasing the amount of East / responsible travel, and as the national flag carrier with
West transit traffic, via Jeddah and Riyadh. For example, our operations to 95 routes across four continents - with
brand-new Jeddah lounge is a destination. Clearly, we face ten new destinations being added this year alone - we
major competition from other regional carriers, but here we will of course be a natural enabler to bring the world to
believe we have created something special and unique. Saudi Arabia.

stc. 🇸🇦 H
Rank Brand Value
3 2 US$10.6bn +16%
Rank Brand Strength
2 2 85.7 +1.7

Interview with
Mohammed Abaalkheil.
For the second year in a row, stc is the most valuable telecoms brand in the
Middle East. What have you done over the last year to maintain the lead and
how will you make sure to maintain this status going forward?
The digitisation of the world accelerated over the last year as the world got to grips
with COVID-19. stc was determined that it would continue to lead in this digital
transformation and ensured that the scale and pace of its work did not let up as the
company’s strategy to deliver a better digital world for all was delivered.
We continued, at pace, to expand our scope of transformation as we launched the

Advanced Technology and Cyber Security Co. sirar by stc; Cyber Security company
focusing on security advisory, advanced security professional service, providing
cybersecurity platforms (i.e., threat intelligence) and managed security services.
sirar by stc helps enterprises and government entities to protect and secure digital
assets as they embark on their digital transformation. We also launched stc Play, our
Mohammed Abaalkheil eSports and gaming platform that provides casual and professional gamers access
Corporate Relations VP, to online tournaments, content, and gaming merchants in one platform.
stc
At the same time, we are reinforcing our technology leadership position in the
region. stc connected more than two million households with high-quality fiber
optic technology. We also invested heavily in IoT, cloud services, and data analytics
capabilities — all of which are strategic growth areas for stc, and each area
will continue to power the digital transformation of public services and industry
applications such as utilities, transport and logistics, security, manufacturing, retail,
health, and education.
Last year, the Solutions IPO for stc was a great milestone for its development
in the ICT space. Can you tell us how this will help consolidate your brand
further and solidify your presence in the local growing ICT market?
The digitisation of the world has accelerated over the last year. stc has matched
that speed with a scale and pace that reflects the company’s vision and strategy to
become a leading digital company of the future. After the success of the solutions
by stc IPO, the company’s market value reached, upon listing, SAR 18.1 billion
(US$4.8 billion). The total size of the offering increased to SAR 3.624 billion (US$966
million), which represents 20% of the company's capital. Based on this offering, stc
group seeks to diversify the Saudi stock market and raise its value. Solutions attracts
a large number of the international and local investors who are interested in the
digital transformation, which represents stc Group’s vision to be the world's leading
digital company. The successful IPO reflected the diversity of the Saudi economy,
the investors’ high confidence and the external funds’ interests in the Kingdom’s
information technology sector and the emerging technologies.
stc has expanded to more than telecom service , tell us more about your
fintech experience with stcPay ?
An excellent example for one of our most successful digitised products is stc Pay,
our new fintech service. stc pay became the first unicorn in the Kingdom of Saudi
Arabia and the first fintech unicorn in the Middle East when Western Union acquired
15 percent stake for US$200 million this past November, creating a valuation of over
$1.2bn. stc Pay is changing consumer behaviour regarding financial control and
making it easier and simper to use. Basically, we are enabling the customers to “simply
take control”. stc Pay enables customers to transfer funds from an app on their mobile
device, also through the Western Union partnership, users can now send money to
over 200 countries. stc Pay has already attracted more than 6 million registered users
in just two years, which is a great example of how our payment platform is evolving.
These kinds of figures will reduce dependence on cash as the economy becomes
increasingly digital. We’re already looking to roll out the service to other countries, with
stc Pay currently discussing with regulators to expand services into new territories.

Methodology.
Definitions.
Brand Value
+ Enterprise Value
The value of the entire enterprise, made
up of multiple branded businesses.
[Almarai]
Enterpr Where a company has a purely mono-
ise
Val branded architecture, the ‘enterprise value’
ue
is the same as ‘branded business value’.
Brand + Branded Business Value

ed B
us The value of a single branded business
ine operating under the subject brand.
ss
V
Bran [7 Days] A brand should be viewed in the context
dC
al
on of the business in which it operates.

ue
tri Brand Finance always conducts a branded

b business valuation as part of any brand
ut
valuation. We evaluate the full brand value

io
chain in order to understand the links

n
between marketing investment, brand-

tracking data, and stakeholder behaviour.
+ Brand Contribution
Brand The overall uplift in shareholder value
Value that the business derives from owning
the brand rather than operating
[7 Days]
a generic brand.
The brand values contained in our league

tables are those of the potentially
transferable brand assets only, making
‘brand contribution’ a wider concept.
An assessment of overall ‘brand contribution’
to a business provides additional insights
to help optimise performance.
+ Brand Value
The value of the trade mark
and associated marketing IP within
the branded business.
[7 Days]
Brand Finance helped to craft the
internationally recognised standard on
Brand Valuation – ISO 10668. It defines
brand as a marketing-related intangible
asset including, but not limited to, names,
terms, signs, symbols, logos, and designs,
intended to identify goods, services
or entities, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits.

Brand Valuation Methodology.
Definition of Brand 1 Brand Impact
e review what brands already pay in royalty
W
Brand is defined as a marketing-related intangible agreements. This is augmented by an analysis
asset including, but not limited to, names, terms, of how brands impact profitability in the sector
signs, symbols, logos, and designs, intended versus generic brands.
to identify goods, services, or entities, creating
distinctive images and associations in the minds This results in a range of possible royalties that
of stakeholders, thereby generating economic could be charged in the sector for brands (for
benefits. example a range of 0% to 2% of revenue)
Brand Value
Brand value refers to the present value of Brand Strength 2
earnings specifically related to brand reputation. We adjust the rate higher or lower for brands by
Organisations own and control these earnings by analysing Brand Strength. We analyse brand
owning trademark rights. strength by looking at three core pillars: “Inputs”
which are activities supporting the future strength
All brand valuation methodologies are essentially of the brand; “Equity” which are real current
trying to identify this, although the approach and perceptions sourced from our market research and
assumptions differ. As a result published brand other data partners; “Output” which are brand-related
performance measures such as market share.
values can be different.
Each brand is assigned a Brand Strength Index
These differences are similar to the way equity
(BSI) score out of 100, which feeds into the brand
analysts provide business valuations that are different value calculation. Based on the score, each brand
to one another. The only way you find out the “real” is assigned a corresponding Brand Rating up to
value is by looking at what people really pay. AAA+ in a format similar to a credit rating.
As a result, Brand Finance always incorporates

a review of what users of brands actually pay for
the use of brands in the form of brand royalty 3 Brand Impact × Brand Strength
agreements, which are found in more or less every
sector in the world. The BSI score is applied to the royalty range to
arrive at a royalty rate. For example, if the royalty
range in a sector is 0-5% and a brand has a BSI
This is sometimes known as the “Royalty Relief”
score of 80 out of 100, then an appropriate royalty
methodology and is by far the most widely used
rate for the use of this brand in the given sector
approach for brand valuations since it is grounded will be 4%.
in reality.
It is the basis for a public rankings but we always

augment it with a real understanding of people’s Forecast Brand Value Calculation 4
perceptions and their effects on demand – from
We determine brand-specific revenues as a
our database of market research on over 3000
proportion of parent company revenues attributable
brands in over 30 markets.
to the brand in question and forecast those
revenues by analysing historic revenues, equity
Disclaimer analyst forecasts, and economic growth rates.
Brand Finance has produced this study with an independent and unbiased analysis. The
values derived and opinions produced in this study are based only on publicly available
information and certain assumptions that Brand Finance used where such data was deficient
or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the
We then apply the royalty rate to the forecast revenues
publicly available information relied upon is subsequently found to be inaccurate. The to derive brand revenues and apply the relevant
opinions and financial analysis expressed in the report are not to be construed as providing
investment or business advice. Brand Finance does not intend the report to be relied upon for
valuation assumptions to arrive at a discounted, post-
any reason and excludes all liability to any body, government or organisation. tax present value which equals the brand value.

Brand Strength.
Brand Strength
Widely recognised factors deployed
Marketing
by marketers to create brand loyalty
Brand Strength Index

Analytical rigour and transparency are at the heart of our Investment
approach to brand measurement at Brand Finance. Therefore, and market share.
in order to adequately understand the strength of brands we
conduct a structured, quantitative review of data that reflect Perceptions of the brand among
the ‘Brand Value Chain’ of brand-building activities, leading to Stakeholder different stakeholder groups, with
brand awareness, perceptions and onwards to brand-influenced Equity customers being the most important.
customer behaviour.
To manage the ‘Brand Value Chain’ process effectively we create Quantitative market and financial
and use the “Brand Strength Index” (BSI). This index is essentially Business measures representing the success
a modified Balanced Scorecard split between the three core pillars Performance of the brand in achieving price and
of the ‘Brand Value Chain’: Brand Inputs, Brand Equity and volume premium.
Brand Performance.
Attribute Selection and Weighting

1
Although we follow a general structure incorporating the three pillars (Brand Inputs, Brand Equity and Brand
Performance), the attributes included are different depending on the sector. A brand strength index for a luxury
apparel brand will differ in structure from an index designed for a telecommunications brand. An index for luxury
apparel brand may emphasize the exclusiveness, word of mouth recommendation, and price premium, whereas
an index for a telecommunications company may emphasis customer service and ARPU as important metrics.
These attributes are weighted according to their perceived importance in driving the following pillar: Brand
Investment measures in driving Brand Equity; Brand Equity measures for Brand-Related Business Performance
measures; and finally the relevance of Brand-Related Business Performance measures for driving business value.
2
Data Collection
Brand’s ability to influence purchase depends primarily on people’s perceptions. Therefore, the majority of
the Brand Strength Index is derived from Brand Finance’s proprietary Global Brand Equity Research Monitor
research, a quantitative study of a sample of over 100,000 people from the general public on their perceptions
of over 4,000 brands in over 25 sectors and 37 countries.
However, at Brand Finance we also believe that there are other measures that can be used to fill gaps that survey
research may not capture. These include total investment levels – for example in marketing, R&D, innovation
expenditure, that can a better guide to future performance than surveys. They also include online measures –
such as ratings by review sites and social media engagement that can give a more granular understanding of
marketing effectiveness. Finally they also include real behaviour – for example net additions, customer churn and
market share, to overcome the tendency for surveys to incorporate intended behaviour rather than real.
Over a period of 3 to 4 months each year, we collect all this data across all the brands in our study in order to
accurately measure their comparative strength.
Benchmarking and Final Scoring

In order to convert raw data in to scores out of 10 that are comparable between attributes within the scorecard,
we then have to benchmark each attribute. We do this by reviewing the distribution of the underlying data and
creating a floor and ceiling based on that distribution.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value
calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar
to a credit rating.
3
Analysing the three brand strength measures helps inform managers of a brand’s potential for future success.

Global Brand Equity Monitor.
Original market research in 36 countries and across 29 sectors with over
100,000 consumers rating over 5,000 brands.
Apparel
Automobiles
Luxury Automobiles
Banks
Cosmetics & Personal Care
Food
Tier 1
Insurance
Oil & Gas
Restaurants
Retail & E-Commerce
Telecoms
Utilities
Airlines
Brand KPIs and Diagnostics
Luxury Apparel
1. Brand Funnel
Appliances
Awareness
Beers Have heard of your brand
Luxury Cosmetics Familiarity

Know something about your brand
General Retail
Consideration
Healthcare Services Would consider buying/using your brand
Hotels
2. Brand Usage
Tier 2
Household Products
3. Quality
Logistics
4. Reputation
Media
5. Loyalty
Pharma
6. Closeness
Real Estate
7. Recommendation (NPS)
Soft Drinks 8. Word of Mouth
Spirits & Wine 9. Brand Imagery
Technology 10. Advertising Awareness
Tyres 11. Brand Momentum

Highlights from the
Global Brand Equity Monitor.
Brand Finance’s proprietary market research Selected Rankings for Amazon – All
provides a robust assessment of brand health on Non-Luxury Brands
key equity measures, allowing comparison both
🇨🇦
within and across product and service categories. Great value for Excellent
Benchmarking against brands outside your sector money website/apps
is especially helpful in assessing the real strength
🇮🇹
of brand – not just the ‘best of a bad bunch’ in a 5 5
category where brands are generally weaker.
What makes a brand great?
🇲🇽
1 1
Amazon is undoubtedly one of the world’s strongest

brands, one of just a handful achieving the highest
🇬🇧
8 1
AAA+ rating. It has an extremely strong brand funnel,
with near-universal familiarity, and consideration, and
while its reputation score is not best-in-class, it is 6 1
stronger than many of its critics might think.
Every strong brand has its own winning formula,
🇮🇳
and our research highlights Amazon’s particular
advantages. Top of that list is the outstanding value
which shoppers believe Amazon delivers. Amazon
ranks on this measure in big markets such as Brazil,
USA, UK, and is #1 among retailers in many more.
Value has always been a big driver of consumer
behaviour, but Amazon also delivers a slick shopping
experience (“excellent website/apps”), and this
powerful combination is irresistible for many
consumers, even those who question Amazon’s 43% Care about the wider
values and broader corporate reputation. community (Rank #1)
Does brand purpose deliver? 88% Consideration Conversion
Argument rages among CMOs and marketing
🇸🇪
gurus over this issue. The jury is out – our data
suggests that being seen to “care about the wider
community” does correlate somewhat with higher
Consideration levels, and is an asset particularly for
local favourites such as Jio (India) or Bunnings
(Australia). But brands like McDonald's and Nike
(as well as Amazon) are liked and desired despite
somewhat moderate reputations on sustainability
and values.
8% Care about the wider
Who's the coolest cat? community (Rank #86)
92% Consideration Conversion
In categories like apparel, tech and automotive,
sustainability can make you cool, but it’s not the
only way. Porsche wins relatively few plaudits for
sustainability, but its übercoolness is very apparent.

Highlights from the Global Brand Equity Monitor.
Similarly in the apparel category (especially footwear),

the correlation between coolness and sustainability is
not especially high.
Meanwhile in France, the epitome of chic, the 2nd-

highest highest scorer among non-luxury brands is….
Burger King.
Get your brand talked-about

Cool brands get talked about, and word-of-mouth
(WOM) is another key asset some brands possess. It
has proven impact on brand growth, hence WOM’s
inclusion in our Brand Strength Index model.
In an absolute sense, big brands get talked about a lot

more than small ones – their sheer mass presence and
relevance ensures that. But deeper analysis reveals
a number of challenger brands who look set to profit
from above-expectation WOM levels and positive
consumer sentiment. Keep an eye on Tim Horton’s in
Spain, Peros Garment Factory (Canada), SAIC in,
yes, the USA and iinet in Singapore.
Top-ranked brands for being “Cool” (Among Category Users) © Brand Finance Plc 2022
🇨🇳
1st 2nd 3rd
🇫🇷
🇬🇧
🇺🇸
Our Services.
Consulting Services.
Make branding decisions using hard data
+ Brand Audits
Brand Research + Primary Research
What gets measured + Syndicated Studies
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Brand evaluations are essential for + Brand Drivers & Conjoint Analysis
understanding the strength of your + Soft Power
brand against your competitors.
Brand Strength is a key indicator of
future brand value growth whether + Are we building our brands’ strength effectively?
identifying the drivers of value or + How do I track and develop my brand equity?
avoiding the areas of weakness, + How strong are my competitors’ brands?
+ Are there any holes in my existing brand tracker?
measuring your brand is the only
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Brand Valuation + Tax & Transfer Pricing
Make your brand's business + Litigation Support
case + M&A Due Diligence
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Brand valuations are used for a + Investor Reporting
variety of purposes, including tax,
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with your eyes wide open + Sponsorship Strategy
Once you understand the value of

your brand, you can use it as tool +Which brand positioning do customers value most?
to understand the business impacts +What are our best brand extension opportunities
of strategic branding decisions in in other categories and markets?
terms of real financial returns. +Am I licensing my brand effectively?
+Have I fully optimised my brand portfolio?
+Am I carrying dead weight?
+Should I transfer my brand immediately?
+Is a Masterbrand strategy the right choice for my business?

Brand Evaluation Services.
How are brands perceived
in my category?
Brand Finance tracks brand fame and perceptions
across 30 markets in 10 consumer categories. Clear,
insightful signals of brand performance, with data
mining options for those who want to dig deeper – all at
an accessible price.
What if I need more depth

or coverage of a more
specialised sector?
Our bespoke brand scorecards help with market
planning and can be designed to track multiple brands
over time, against competitors, between market
segments and against budgets. Our 30-country
database of brand KPIs enables us to benchmark
performance appropriately.
Do I have the right brand

architecture or strategy in place?
Research is conducted in addition to strategic
analysis to provide a robust understanding
of the current positioning. The effectiveness
of alternative architectures is tested
through drivers analysis, to determine which option(s)
will stimulate the most favourable customer behaviour
and financial results.
How can I improve return

on marketing investment?
Using sophisticated analytics, we have a proven track
record of developing comprehensive brand scorecard
and brand investment frameworks to improve return on
marketing investment.
What about the social dimension?

Does my brand get talked about?
Social interactions have a proven commercial impact
on brands. We measure actual brand conversation and
advocacy, both real-world word of mouth and online
buzz and sentiment, by combining traditional survey
measures with best-in-class social listening.

With strategic planning and creative thinking, we develop communications plans to create dialogue
with stakeholders that drives brand value.
Our approach is integrated, employing tailored solutions for our clients across PR and marketing
activations, to deliver strategic campaigns, helping us to establish and sustain strong client
relationships. We also have a specific focus on geographic branding, including supporting nation
brands and brands with a geographical indication (GI).
Brand Dialogue Limited is a member of the Brand Finance Plc Group
Research, Strategy Public Relations Marketing Content Strategic

& Measurement & Communications & Events Creation Communications
Brand Media Relations Promotional Events Bespoke Crisis

& Communications Publications, Blogs & Communications
Strategy Press Trips & Events Conference Newsletters
Management Brand Positioning &
Campaign Planning Strategic Partnerships Press Releases Reputation
& Influencer Outreach Native Advertising
Market Research Marketing Collateral Geographic Branding
& Insights Social Media Retail Marketing Design
Management Corporate Social
Media Analysis Social Media Content Responsibility (CSR)
Brand Finance Institute
Learn how to build, protect and measure brand value
The Brand Finance Institute is the educational division of Brand Finance, offering expert training on
brand evaluation, management and strategy.
Our in-house training and workshops, online learning offer and webinars will help you answer key
strategic questions about your brand for different levels of seniority and development needs:
• How can I grow brand value?
• How can I build a business case to show the return on my marketing investment?
• How can I set up my marketing budget using brand research and analytics?
For more information, contact [email protected] or visit brandfinanceinstitute.com
Brand Finance Institute is a member of the Brand Finance plc group of companies
Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative:
Market Contact Email

Africa Jeremy Sampson [email protected]
Asia Pacific Samir Dixit [email protected]
Australia Mark Crowe [email protected]
Brazil Eduardo Chaves [email protected]
Canada Charles Scarlett-Smith [email protected]
China Scott Chen [email protected]
East Africa Walter Serem [email protected]
France Bertrand Chovet [email protected]
Germany/Austria/Switzerland Ulf-Brun Drechsel [email protected]
India Ajimon Francis [email protected]
Indonesia Sutan Banuara [email protected]
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Mexico & LatAm Laurence Newell [email protected]
Middle East Andrew Campbell [email protected]
Nigeria Tunde Odumeru [email protected]
Romania Mihai Bogdan [email protected]
Spain Teresa de Lemus [email protected]
Sri Lanka Ruchi Gunewardene [email protected]
Sweden Anna Brolin [email protected]
Turkey Muhterem Ilgüner [email protected]
UK Richard Haigh [email protected]
USA Laurence Newell [email protected]
Vietnam Lai Tien Manh [email protected]

Contact us.
The World’s Leading Brand Valuation Consultancy
T: +44 (0)20 7389 9400
E: [email protected]
www.brandfinance.com

Middle East 150: The Report On The Most Valuable and Strongest Middle Eastern Brands March 2022

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Middle

Brand Value Ranking 33

We bridge the gap between marketing and finance

We quantify the financial value of brands

We offer a unique combination of expertise

We pride ourselves on technical credibility

Our experts helped craft the internationally recognised

For media enquiries, please contact: twitter.com/brandfinance

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 3

Each report includes expert

+ Browse thousands of published brand values

+ Track brand value, strength, and rating across

+ Use interactive charts to compare brand values

+ Purchase and instantly unlock premium data,

Visit brandirectory.com to find out more.

Brand Finance Group.

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 5

36 countries and 29 sectors covered

Over 100,000 respondents surveyed annually

We are now in our 6th consecutive year conducting the study

By valuing brands, we provide a mutually intelligible language for marketing and

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 7

+ ADNOC is second most valuable brand in Middle

+ Etisalat is Middle East’s strongest brand, and

+ QNB cashes in as Qatar’s most valuable brand

+ Ma'aden is Middle East’s fastest-growing brand

+ KPC makes its debut in ninth place with brand

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 8

Aramco retains top spot ADNOC is second most valuable

The increase in demand saw Aramco’s third-quarter QNB cashes in Qatar

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 10

$43.6bn $12.8bn $10.6bn $10.1bn $7.1bn

$5.0bn $4.7bn $4.3bn $4.0bn $3.6bn

QNB’s growth reflects the hard

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 11

Brand Value Change 2021-2022 (%) © Brand Finance Plc 2022

54% 53% 52% 49% 49%

-17% -15% -15% -12% -12%

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 12

Top 10 Strongest Middle Eastern Brands © Brand Finance Plc 2022

transformation in Saudi strength score of 89.2 out of 100, corresponding to a

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 13

Etisalat, and their core

In addition to being the nation’s strongest brand, stc also

The impressive results come off the back of particularly

SABIC has retained its position as the 3rd most valuable

Brand Value by Sector © Brand Finance Plc 2022

● Oil & Gas 67.2 37.3% 14

● Banking 41.7 23.1% 45

● Telecoms 30.8 17.1% 10

● Airlines 8.5 4.7% 6

● Chemicals 7.1 4.0% 11

● Food 4.7 2.6% 10

● Other 20.2 22.4% 54

Brand Finance Middle East 150 2022 brandirectory.com/middle-east 14

In line with its purpose of ‘Chemistry that Matters™’,

Brand Value by Country © Brand Finance Plc 2022

● Saudi Arabia 89.1 49.4% 60

● UAE 54.7 30.4% 37

Brand Value Ranking 33