Qatar National Bank (QNB) has retained the title of Qatar’s most valuable and strongest brand with a healthy brand value growth of 16 percent to reach $7.1 billion, according to the latest report by leading brand valuation consultancy Brand Finance.
QNB’s impressive performance was also reflected in the Brand Finance Banking 500 2022 ranking, where it moved up to 45th. The brand’s growth outpaced the top 50 banking brands in the world, as it consolidated its position as the most valuable banking brand across the MENA region.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. Qatar’s top 10 most valuable and strongest brands are included in the Brand Finance Qatar 10 report, while the Middle East’s top 150 most valuable and strongest brands are included in the Brand Finance Middle East 150 report.
Despite the challenges posed by the pandemic, QNB continued to provide a high level of service for its customers alongside investing heavily into the development of the brand’s digital offering. This focus has allowed QNB to continue delivering successful campaigns, products, and services and build a strong portfolio that will prime the brand for future growth opportunities and international exposure.
Brand Finance Chairman and CEO David Haigh said, “QNB’s growth reflects the hard work put behind the brand and business over the last few years. The brand has acted as a unifying force across its operations, which have benefitted from the significant investment in digital services for retail and corporate clients and has helped consolidate QNB’s position as the most valuable brand in the MENA region.”
Apart from 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.
Certified by ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors. According to these criteria, QNB is also Qatar’s strongest brand, with a Brand Strength Index (BSI) score of 83.5 out of 100 and a corresponding AAA- brand strength rating.
There are four other banking brands included in the ranking, including Commercial Bank which saw the fastest growth in the ranking this year with a 49 percent increase in brand value to $592 million. Qatar Islamic Bank (brand value up 8 percent to $726 million), Masraf Al Rayan (up 21 percent to $474 million) and Doha Bank (down 3 percent to $356 million) complete the lineup for the sector.
Ooredoo held on to its position as the second most valuable and second strongest brand in Qatar, with a brand value of $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 and Africa telecommunications operator for the competition.
Few industries were hit as hard by the COVID-19 pandemic as the travel and tourism sector, but as the world has started to open back up there are promising signs of recovery. Qatar Airways has held on to 3rd place in the ranking with a brand value growth of 13 percent to $2 billion. The growth shows the brand is on the road to recovery, but it remains short of its pre-pandemic valuation – a common theme for brands in the industry.
At the height of the pandemic, Qatar Airways was operating flights to 33 destinations, but it has since rebuilt its network back up to 140. It will also expect an influx of passengers during the FIFA World Cup Qatar 2022, where it will be the competition’s official airline. The airline brand announced that fans can book travel packages through the Qatar Airways Privilege Club, which will include flights, match tickets and accommodation.
Brand Finance Middle East Managing Director Andrew Campbell said, “Qatar Airways undertook important steps during the pandemic to ensure it could return to business as usual as soon as possible, which have proven to be successful with the good growth seen this year. With the boon of the FIFA World Cup Qatar 2022 in the pipeline, the brand is in a great position to capitalise and complete its recovery from the pandemic in the coming year.”
There are two new entrants in this year’s Brand Finance Qatar 10 ranking. Qatargas has entered the ranking in 4th place with a brand value of $1.3 billion. Qatargas is part of the QatarEnergy portfolio, which was recently rebranded from Qatar Petroleum to reflect the brand’s evolved identity as part of the global energy transition.
Qatargas is the world’s largest supplier of Liquefied Natural Gas (LNG), with an annual production capacity of 77 million tonnes a year. Aware of its environmental responsibility, Qatargas announced a programme in collaboration with the Ministry of Municipality and Environment and Qatar University, with an aim to safeguard Qatar’s marine biodiversity. Chemicals brand QChem, which also sits within QatarEnergy’s portfolio, is the other new entrant, entering the ranking in 6th with a brand value of $672 million. QNB has a brand value of $7.1 billion and AAA- brand strength rating Ooredoo claims second place as brand value rises 6% to $3.4 billion QA brand value up 13% to $2 billion