The Middle East's 20 most valuable brands | companies

International research from Brand Finance has shed light into the Middle East’s largest companies in terms of brand value, with the top 20 brands in the region worth a combined $140 billion.

Brand value is a critical part of any company’s intangible assets. For instance, a 2020 analysis found that intangibles made up 90% of the S&P 500’s market value, an increase of 22 percentage points since 1995. Meanwhile, a 2023 study found that the role of brand perception within the consumer decision process has increased over the past decade.

In its analysis of brand value in the Middle East, Brand Finance looked at a number of factors, including brand strength, brand revenues, and brand equity. Notably, brand value is different to market capitalization, which assesses a company’s value based on its stock performance.

An overview of the Middle East’s 20 most valuable brands:

1. Saudi Aramco

Brand Value: $45,227 million
Headquarter City: Dhahran, Saudi Arabia
Category: Oil and Gas
Year Founded: 1933

Aramco is the largest integrated oil and gas company in the world, and retains its position as the most valuable brand in the Middle East. As a Saudi Arabian oil and gas behemoth, the national oil company of Saudi Arabia has benefitted from the recent increase in oil and gas prices and demand. Saudi Aramco’s IPO in 2019 raised $25.6 billion, making it the largest IPO in history, surpassing the previous record held by Alibaba.

Aramco's brand value alone accounts for over a third of the total brand value of the top 20 companies in the Middle East.

2. ADNOC

Brand Value: $14,209 million
Headquarter City: Abu Dhabi, United Arab Emirates
Category: Oil and Gas
Year Founded: 1971

Abu Dhabi National Oil Company (ADNOC) is a prominent oil and gas company headquartered in the United Arab Emirates, with operations spanning across the entire hydrocarbon value chain. ADNOC's integrated approach to its business has resulted in the company being recognized as one of the most efficient and technologically advanced oil and gas producers in the world.

This has helped ADNOC maintain its position as the second most valuable Middle Eastern brand and a leading player in the global energy market.

3. STC

Brand Value: $12,338 million
Headquarter City: Riyadh, Saudi Arabia
Category: Telecom
Year Founded: 1998

Saudi Telecom Company (STC) is the largest telecommunications provider in Saudi Arabia, offering a wide range of services including mobile, internet, and digital TV. STC has a strong presence in the Middle East and is one of the fastest-growing telecommunications companies in the world.

The company has made significant investments in expanding its network infrastructure and in the development of innovative digital services. As a result, STC has earned a reputation for its high-quality services, advanced technology, and strong commitment to customer satisfaction.

4. Etisalat by e&

Brand Value: $10,457 million
Headquarter City: Abu Dhabi, United Arab Emirates
Category: Telecom
Year Founded: 1976

Etisalat, also known as Emirates Telecommunications Corporation, is a multinational telecommunications company headquartered in Abu Dhabi, United Arab Emirates. With operations in over 15 countries across the Middle East, Africa, and Asia, Etisalat ranks as one of the largest telecommunications service providers in the world.

The company offers a wide range of services including mobile and fixed-line telephony, broadband internet, and digital TV, and has invested heavily in the development of advanced technologies such as 5G and IoT. Etisalat's commitment to innovation and customer satisfaction has earned it a reputation as a leading player in the telecommunications industry.

5. QNB

Brand Value: $7,666 million
Headquarter City: Doha, Qatar
Category: Banking
Year Founded: 1964

Qatar National Bank (QNB) is the largest financial institution in Qatar and one of the leading banks in the Middle East. The bank offers a comprehensive range of financial services including corporate and investment banking, retail banking, and wealth management. QNB has a strong presence in the Middle East and North Africa region, with operations in more than 31 countries across the globe.

The bank has won numerous awards for its financial products and services, and its commitment to customer satisfaction and innovation has helped to solidify its position as a leading player in the banking industry.

6. Al-Rajhi Bank

Brand Value: $5,658 million
Headquarter City: Riyadh, Saudi Arabia
Category: Banking
Year Founded: 1957

Al-Rajhi Bank is one of the largest Islamic banks in the world, with its headquarters in Riyadh, Saudi Arabia. The bank offers a range of financial products and services that comply with Islamic Shari’ah principles, including personal and corporate banking, investment, and brokerage services.

Al-Rajhi Bank has a strong presence in the Middle East and has been recognized as one of the fastest-growing banks in the region. Al-Rajhi Bank has received numerous awards for its financial products and services, cementing its position as one of the top banks in the Middle East.

7. Emirates

Brand Value: $5,104 million
Headquarter City: Dubai, United Arab Emirates
Category: Aviation
Year Founded: 1985

Emirates, based in Dubai, is one of the largest airlines in the world, renowned for its luxurious and high-quality services. With a fleet of over 270 aircraft, Emirates operates flights to over 150 destinations in more than 80 countries worldwide. The airline has received numerous awards for its exceptional customer service, in-flight entertainment, and innovation, and has been recognized as one of the most reputable airlines globally.

Emirates has been instrumental in boosting Dubai’s position as a global travel hub, contributing significantly to the country’s tourism and aviation sectors.

8. SABIC

Brand Value: $4,719 million
Headquarter City: Riyadh, Saudi Arabia
Category: Chemicals
Year Founded: 1976

SABIC, the Saudi Arabian Basic Industries Corporation, is one of the world's largest diversified chemical companies. It operates in more than 50 countries across the globe, producing a range of high-quality chemicals, plastics, and fertilizers. The company has been recognized for its innovative products and has won numerous awards for its sustainability initiatives, including reducing greenhouse gas emissions and minimizing waste.

SABIC's commitment to excellence and research & development has helped the company maintain its position as a leader in the global chemical industry. SABIC is a key contributor to the economic growth of Saudi Arabia and the country’s success in global markets.

9. SNB

Brand Value: $4,326 million
Headquarter City: Riyadh, Saudi Arabia
Category: Banking
Year Founded: 1953

Saudi National Bank (SNB) is the largest bank in Saudi Arabia in terms of assets and market capitalization. SNB offers a comprehensive range of financial products and services, including personal and corporate banking, wealth management, and investment banking. The bank has a strong presence in the Middle East and has been recognized as one of the leading banks in the region, with a reputation for its efficient and customer-focused services.

SNB's commitment to innovation and technology has helped the bank remain competitive in the digital banking era, with its mobile banking application being named one of the best in the region. The bank’s contribution to the economic growth of Saudi Arabia and its strong financial performance have made it one of the most valuable banks in the Middle East.

10. KPC

Brand Value: $4,150 million
Headquarter City: Kuwait City, Kuwait
Category: Oil and Gas
Year Founded: 1980

Kuwait Petroleum Corporation (KPC) is the state-owned oil company of Kuwait and one of the world's leading integrated energy conglomerates. With operations spanning across the entire hydrocarbon value chain, KPC is involved in the exploration, production, refining, transportation, and marketing of oil and gas products.

The Kuwaiti company has been recognized for its commitment to sustainable practices and reducing its carbon footprint, with a focus on investing in renewable energy sources such as solar and wind power. KPC has also been a pioneer in developing clean fuel technology, with its low-sulfur diesel being one of the cleanest in the world.

11. FAB

Brand Value: $3,943 million
Headquarter City: Abu Dhabi, United Arab Emirates
Category: Banking
Year Founded: 2017

First Abu Dhabi Bank (FAB) is a leading financial institution in the United Arab Emirates, providing a wide range of banking and financial services to its customers. FAB has been recognized for its innovation and digital transformation, with a focus on developing advanced digital platforms and services to meet the evolving needs of its clients. The bank has also been at the forefront of supporting the UAE's economic growth, with a strong commitment to social responsibility and sustainability.

The bank's customer-centric approach, innovative solutions, and contribution to the development of the UAE's economy make it a trusted partner for individuals and businesses in the region.

12. Emirates NBD

Brand Value: $3,899 million
Headquarter City: Dubai, United Arab Emirates
Category: Banking
Year Founded: 1963

Emirates NBD is a leading banking group in the United Arab Emirates, with a strong presence in the region and a growing international footprint. The bank has been recognized for its innovative solutions and consumer-focused, with a scope on leveraging technology to provide a seamless banking experience for its customers.

Emirates NBD has been at the forefront of digital transformation in the banking industry, with a range of digital products and services that make banking more convenient and accessible for customers. The bank has also been committed to supporting the growth of the UAE's economy, with a focus on investing in key sectors such as real estate, tourism, and healthcare.

Emirates NBD's dedication to sustainability has also been a key differentiator, with the bank being recognized for its leadership in sustainable finance and environmental stewardship.

13. Almarai

Brand Value: $3,377 million
Headquarter City: Riyadh, Saudi Arabia
Category: Food and Beverage
Year Founded: 1977

Almarai is a leading food and beverage company in Saudi Arabia, with a focus on producing high-quality dairy products and fresh juices. The company has been recognized for its commitment to quality and innovation, with a range of products that cater to the evolving tastes and preferences of consumers.

The company's dedication to social responsibility has also been a key differentiator, with a focus on investing in local communities and supporting education and health initiatives. The company is at the forefront of sustainable agriculture, with a focus on reducing its environmental impact and promoting responsible farming practices.

With a strong brand reputation and a loyal customer base, Almarai is a trusted provider of nutritious and delicious food and beverage products in the Middle East and beyond.

14. Ooredoo

Brand Value: $3,143 million
Headquarter City: Doha, Qatar
Category: Telecom
Year Founded: 1987

Ooredoo is a leading telecommunications provider in the Middle East, with a strong presence across the region and a growing international footprint. The company has been recognized for its commitment to innovation and digital transformation, with a range of cutting-edge products and services that make communication more seamless and accessible for customers.

Ooredoo has also been at the forefront of driving economic growth and social development, with a focus on investing in key sectors such as healthcare, education, and technology. With its focus on leveraging technology to enhance the lives of its customers and contribute to the development of the communities it serves, Ooredoo is well-positioned to continue to lead the way in the telecommunications industry for years to come.

15. Qatargas

Brand Value: $3,105 million
Headquarter City: Doha, Qatar
Category: Oil and Gas
Year Founded: 1984

Qatargas is a liquefied natural gas (LNG) production company based in Qatar, one of the world's largest producers of natural gas and is the UAE’s fastest-growing brand. The company operates a number of LNG production facilities in Qatar, including the world's largest LNG production plant, known as the Qatargas 1 plant.

Qatargas exports LNG to customers around the world, with a focus on delivering safe, reliable, and sustainable energy solutions to meet the growing demand for natural gas.

16. Zain

Brand Value: $2,736 million
Headquarter City: Kuwait City, Kuwait
Category: Telecom
Year Founded: 1983

Zain is a leading telecommunications company in the Middle East, with a strong presence in several countries in the region, including Kuwait, Iraq, Saudi Arabia, and Jordan. The company offers a range of services to its customers, including mobile voice and data services, fixed-line and broadband services, and digital content and entertainment.

Zain has been recognized for its commitment to innovation and social responsibility, with a focus on investing in technology and supporting initiatives that benefit the communities it serves.

17. Emaar Properties

Brand Value: $2,680 million
Headquarter City: Dubai, United Arab Emirates
Category: Real Estate
Year Founded: 1997

Emaar Properties is a real estate development company based in Dubai, known for its iconic projects and properties that have helped transform the skyline of the city. The company has developed some of the world's most impressive buildings and landmarks, including the Burj Khalifa, the tallest building in the world.

Emaar Properties also operates a range of businesses across the real estate value chain, including property management, shopping malls, and hospitality.

18. ADCB

Brand Value: $2,627 million
Headquarter City: Abu Dhabi, United Arab Emirates
Category: Banking
Year Founded: 1985

Abu Dhabi Commercial Bank (ADCB) is a full-service commercial bank that offers a comprehensive range of financial products and services. It serves individual customers, small and medium-sized enterprises, and corporate clients with solutions for everyday banking needs, trade finance, project finance, wealth management, and more.

Abu Dhabi Commercial Bank has a long and successful history in the UAE, with roots dating back to the late 1800s. Over the years, it has grown into one of the country's leading financial institutions.

19. Qatar Airways

Brand Value: $2,470 million
Headquarter City: Doha, Qatar
Category: Aviation
Year Founded: 1993

Qatar Airways is the flag carrier airline of Qatar, operating a fleet of modern and sophisticated aircraft that connect passengers to more than 160 destinations worldwide. The airline is known for its commitment to delivering exceptional service, offering comfortable seating, state-of-the-art entertainment systems, and a wide range of amenities to ensure a seamless travel experience for its customers.

Doha-headquartered Qatar Airways has been recognized as one of the world's leading airlines, with numerous awards and accolades for its service, innovation, and commitment to sustainability.

20. Du

Brand Value: $2,198 million
Headquarter City: Dubai, United Arab Emirates
Category: Telecom
Year Founded: 2005

Emirates Integrated Telecommunications Company (Du) is a telecommunications service provider based in Dubai, UAE. The company offers a range of services to its customers, including mobile and fixed-line voice and data services, broadband, and digital content and entertainment.

Du has been recognized for its commitment to innovation and customer service, with a focus on leveraging technology to enhance its offerings and provide a superior customer experience.