QNB Retains Titles of Qatar’s Most Valuable & Strongest Brand
QNB dominates across nation
QNB has retained the title of Qatar’s most valuable and strongest brand. QNB’s brand value has increased to US$6.1 billion, widening its lead over second-placed Ooredoo even further. QNB has also broken into the top 50 most valuable banks in the world, according to the Brand Finance Banking 500 2021 ranking, and is the most valuable banking brand across 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. According to these criteria, QNB is also Qatar’s strongest brand with a Brand Strength Index (BSI) score of 81.7 out of 100 and a corresponding AAA- brand strength rating.
In the face of global adversity, as the pandemic wreaks havoc on the global economy, QNB has continued on its impressive growth trajectory, surpassing the trillion-riyal watermark in total assets for the first time in the bank’s history – the first brand across the region to do so. QNB is spearheading digital transformation across the sector in the region, embracing technology to implement its strategy, spanning open banking, platforms, Robotics Process Automation (RPA), Big Data and Analytics, Artificial Intelligence (AI), as well as digitisation and automation.
Andrew Campbell, Managing Director, Brand Finance Middle East, Brand Finance commented:
“QNB’s solid performance this year as the nation’s most valuable and strongest brand, and as the only bank in the country to record an uplift in brand value, is a particularly impressive feat given the turmoil that the sector is currently experiencing. QNB’s response to the pandemic has showcased its position as the region’s leader, from spearheading technological innovation to provide better customer experience, to supporting SME’s during the pandemic through postponing loans for three months without any interest or fee.”
Four further banks feature in the ranking: Qatar Islamic Bank (brand value down 2% to US$670 million); Commercial Bank (down 14% to US$398 million); Masraf Al Rayan (down 13% to US$392 million); and Doha Bank (down 18% to US$365 million). Banking brands account for 53% of the total brand value in the Brand Finance Qatar 10 2021 ranking.
Ooredoo claims second spot
With a brand value of US$3.2 billion, telecoms brand Ooredoo is Qatar’s second most valuable brand. As with all telecoms brands globally, Ooredoo has been significantly impacted by the pandemic, with its operations thrust to the centre of how societies are now forced to function. From optimising network performance and enhancing internet speeds, supporting the working from home revolution and facilitating home schooling, to aiding businesses through advanced offerings to help maintain their services, Ooredoo has ensured it has supported the communities in all of the 10 countries it operates in.
Since celebrating Qatar becoming the first country in the world to launch a live, commercially available 5G network through Ooredoo in 2018, the brand has made significant progress on its 5G journey. Now with live 5G sites spread across the country, the brand has launched 5G networks in Kuwait, Oman and the Maldives, and is deploying 5G infrastructure in Indonesia - an expansion supported by strategic partnerships with Nokia and Ericsson.
Qatar Airways poised for take off
Sitting in third is Qatar Airways, its brand value decreasing by 23% to US$1.8 billion. As the world negotiates continued lockdowns and travel restrictions, it is unsurprising that Qatar Airway’s brand value has taken a hit this year. The beginning of 2020 saw various challenges for the airline, including Air Italy ceasing operations. Qatar Airways did, however, increase its stake in International Consolidated Airlines (IAG), enabling its customers to benefit from an expanded route network.
Despite the woes of the last year, Qatar Airways has ensured that it has manoeuvred itself into a strong position to rebound from the pandemic as efficiently as possible. The airline has been commended for its world leading COVID-19 safety measures and is the first airline in the Middle East to roll out state of the art technology for digital passports – a vital step towards opening international borders once again.
Andrew Campbell, Managing Director, Brand Finance Middle East, Brand Finance commented:
“Despite the unavoidable challenges of 2020, Qatar Airways has been undertaking important steps to ensure that it can rebound back from the fallout of the pandemic profitably. From announcing its role as the official airline partner of the hotly anticipated UEFA EURO 2020 tournament, to expanding its network across the US and Africa – the brand is putting itself in a strong position to record a positive brand value growth in the coming year.”