DUBAI: Telecom giant STC leads the 2023 Kantar BrandZ ranking of the top 30 most valuable Saudi and Emirati brands, retaining its number one position overall for the third year with a brand value of $13.7 billion.

Etisalat by e& is the most valuable Emirati brand, worth $9.5 billion, with its brand value growing by 69 percent in the past year. 

Collectively, the top 30 Kantar BrandZ Emirati and Saudi brands are worth more than $94.2 billion, equivalent to 5.8 percent of the two countries’ combined GDPs. 

Kantar is an analytics and consulting company.

“Our region is seeing rapid growth … the Kantar BrandZ Top 30 account for nearly 6 percent of the GDP of the UAE and KSA, (which is) a huge testament to the power of strong brands,” Amol Ghate, managing director, MENAP, Insights Division, Kantar, told Arab News. 

The ranking remains largely stable with 29 of last year’s 30 ranked Saudi and Emirati brands returning in 2023.

The only newcomer is pharmacy retailer Nahdi, which entered at No. 7 in the Saudi ranking with a brand value of $2 billion.

In the Kingdom, real estate brand Dar Al Arkan and Saudia Dairy have both grown their value by 34 percent. 

The former, valued at $573 million, recently constructed the world’s tallest 3D-printed building in Riyadh, while the latter, valued at $547 million, rebranded earlier this year.

The financial services and telecom providers categories dominate the rankings, together accounting for nearly three-quarters of the total brand value. 

The financial services category has the highest representation, with 13 brands, and is the most valuable category, contributing to 44 percent of the overall value. 

The categories that have seen significant growth this year are travel services (69 percent), retail (30 percent), real estate (16 percent), energy (14 percent) and food and beverages (7 percent).

Ghate said: “The importance of brands in consumer decision-making has increased in the last four years, and brands that are creating meaningfully different offers and experiences, while ensuring that they stay salient in consumers’ minds, have seen more than a 500 percent growth in value compared to other brands.”