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Saudi brands achieve 13% growth in aggregate brand value

28 February 2023
This article is more than 1 year old.

View the full Brand Finance Saudi Arabia 50 2023 report here

Aramco maintains dominance as the most valuable Middle Eastern brand

Saudi Arabian Oil & Gas giant, Aramco (brand value up 4% to US$45.2 billion), remains the most valuable Middle Eastern brand, according to a new report from leading brand valuation consultancy, Brand Finance.

Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. Saudi Arabia’s top 50 most valuable and strongest brands are included in the annual Brand Finance Saudi Arabia 50 2023 ranking.

Saudi Arabia’s national oil company has benefited from a surge in prices and demand for Oil & Gas this year. Aramco has looked to expand its global presence and reach, launching Aramco Trading Americas in 2022. A collaboration with Chinese Shandong Energy Group is also in the pipeline, exploring potential integrated refining and petrochemical opportunities in China. ESG considerations have also been emphasised by the brand as it looks to become a key player in Saudi Arabia’s energy transition.

Andrew Campbell Managing Director, Middle East, Brand Finance commented:

Sustainability has been at the forefront of Aramco’s communications with stakeholders this year as the brand looks to substantiate its claim that it can provide the ‘lowest carbon’ oil in the industry and become a key player in the regions energy transition.”

stc is strongest brand in Saudi Arabia, earning AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

stc is the strongest brand in Saudi Arabia with a Brand Strength Index (BSI) score of 87 out of 100 and a corresponding AAA rating. With a brand value of US$12.3 billion it is also the most valuable telecoms brand in the Middle East. The brand’s value was positively affected by stc’s technological investments to keep delivering on its ambitious strategy and increased focus on the expansion of the brand in adjacent sectors such as ICT and IT.

Mobily is the fastest growing telecoms brand in the Middle East

Mobily, the fastest growing telecoms brand in the Middle East, (brand value up 18% to US$1.8 billion) maintained its status as the 2nd most valuable Saudi Arabian telecoms brand. Mobily provides integrated telecommunications services, leveraging its modern wireless network, which is among the largest by coverage in Saudi Arabia and the Middle East

Afia is the fastest growing brand, up 117% to US$260 million

Cooking oil brand Afia (brand value up 11% to US$260 million) is Saudi Arabia’s fastest growing brand. The brand has a leading position in its market throughout the Middle East and North Africa and has complemented its premium positioning with an emphasis on its proposition as an important part of a heart-healthy diet. The focus on health in its communication campaigns and as a central pillar of its brand has been well received amongst consumers in the region and has benefited Afia’s brand considerably. The brand has seen revenues grow in its key markets and segments. It has contributed to its impressive growth and 5-point Brand Strength Index Score increase to 73/100, and corresponding AA rating.

Saudi Arabian banking brands Riyad Bank and Al-Rajhi Bank continue to excel

Al-Rajhi Bank (brand value up 32% to US$5.7 billion) is the most valuable Saudi Arabian banking brand. It is also the strongest bank in the Middle Eastern region with a Brand Strength Index (BSI) score of 85.5 out of 100 and corresponding AAA rating. Al-Rajhi Bank saw record net profits in 2022, attributing its success to digitalisation and its growth strategies based on customer loyalty, investor confidence and the professionalism of its employees.

Riyad Bank saw an impressive brand value increase, up 42% this year to a brand value of US$1.8 billion, well above the overall average for Saudi banks. Riyad bank undertook a rebranding effort in September 2022 reflecting its commitment to becoming a bank for a new generation that will focus on technology and innovation in line with Saudi Vision 2030. This new customer-centric identity signals opportunities for further brand strength growth, which is currently 74 out of 100 with a corresponding AA rating. 

SABIC continues to pursue status as the world’s leading chemicals brand

Chemicals Company SABIC (brand value up 1% to US$4.7 billion) saw marginal growth and remains the most valuable chemicals brand in the Middle East. The brand continues to pursue its ambition of becoming the world’s leading chemicals brand and adapt to volatile changes of raw material prices and manufacturing trends that it is operating in. It has also confirmed a long-term sponsorship partnership with Formula E in which it becomes innovation partner, potential boosting the brand’s awareness.

Saudia remains one-to-watch as it maintains healthy brand value growth

Saudia’s brand value increased 14% year-on-year to US$650 million, further securing itself as a leading Middle Eastern airline brand. It is the second fastest growing airline brand in the region as it continues to play a vital role to support the kingdoms ambitious travel and tourism targets. As the flag carrier for the Kingdom, it also has a role to play in contributing to building Saudi Soft Power and Nation Brand Value.

King Faisal Specialist Hospital and Research Center (KFSH&RC) entered the ranking for the first time

KFSH&RC entered the ranking for the first time with a brand value of US$1.1 billion. The Riyadh based Academic Medical Centre provides specialized healthcare in an integrated educational and research setting. Its patient-centric offering and world-class facilities have allowed the hospital to build a strong brand perception amongst patients within the Middle East as one of the premier choices for healthcare. This was clearly demonstrated in Brand Finance’s Global Top 250 Hospitals 2023 report in which KFSH&RC was the highest ranked Academic Medical Centre (AMC) in the Middle East and North Africa region, and 20th in the global ranking.

View the full Brand Finance Saudi Arabia 50 2023 report here


Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined 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 Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

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 Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. 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 score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based 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 publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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