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World Cup win for Qatari brands

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

View the full Brand Finance Qatar 10 2023 report here

QNB is the most valuable, valued at US$7.7 billion

QNB (brand value up 9% to US$7.7 billion) is the most valuable Qatari 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. Qatar’s top 10 most valuable and strongest are included in the annual Brand Finance Qatar 10 2023 ranking.

QNB has grown strongly this year and retained its position (45th globally) as amongst the most valuable banking brands in the world. This reflects the success of the bank’s continued efforts to expand its international presence and offering to an increasingly diverse customer base. QNB’s sponsorship of the 2022 FIFA World Cup has likely raised its awareness and familiarity amongst consumers and may in turn help to boost its brand value further in the future.

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

“The FIFA World Cup brought huge attention from across the world to Qatar. This was an unprecedented opportunity to showcase Qatari brands to the world and to consumers, with brands such as QNB and Qatar Airways trying to take advantage of the situation. At the same time, the contested geo-strategic situation allows business-to-business brands such as Qatargas to be a trusted energy supplier to the world.”

Qatargas is fastest-growing Qatari brand, up 147%

Qatargas (brand value up 147% to US$3.1 billion) is the fastest growing Qatari, and Middle Eastern brand in 2023. It is one of the world’s leading gas producing brands and is owned by QatarEnergy. This year it has seen significant growth due to the increase in global demand for their product following the embargo of Russian gas by many countries. This has effectively constrained supply for many gas users and improved sales for Qatargas. An increased capacity is enabling the company to capitalize on the hike in gas prices and the increasing demand for Qatar LNG.

Qatar Airways continues to rebound from pandemic restrictions and is fastest growing airline brand in the region

Qatar Airways (brand value up 23% to US$2.5 billion) is the fastest growing Middle Eastern airline brand and the second most valuable. The airline has rebounded from pandemic restrictions and has now surpassed its pre-pandemic brand valuation of US$2.3 billion. Qatar Airways played a very high-profile role in the World Cup, with the flag carrier of Qatar an obvious transportation option for visitors, players, and officials for the event.

In addition to being most valuable, QNB is also the strongest Qatari brand, earning upgrade to 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.

QNB earned the highest-rating in the Qatar 10 ranking for brand strength, a reflection that it is held in high regard by its key stakeholders. QNB’s association with the patriotic fervour connected to local sporting events has strengthened its position as a national champion brand of Qatar. As the largest financial institution in the Middle East and Africa, the QNB brand is in a powerful regional leadership position.

View the full Brand Finance Qatar 10 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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