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QNB Retains Titles of Qatar’s Most Valuable & Strongest Brand

08 March 2021
  • QNB is Qatar’s most valuable and strongest brand. Brand value US$6.3 billon and Brand Strength Index (BSI) score of 81.7 out of 100
  • Ooredoo claims second place in Brand Finance Qatar 10 2021 ranking, brand value US$3.2 billion
  • Amid global travel restrictions, third ranked Qatar Airways drops 23% to US$1.8 billion

View the full Brand Finance Qatar 10 2021 report here

QNB dominates across nation

QNB has retained the title of Qatar’s most valuable and strongest brand, according to the latest report by Brand Finance – the world’s leading brand valuation consultancy. 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, 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, 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.”

View the full Brand Finance Qatar 10 2021 report here


Note to Editors

Every year, Brand Finance puts 5,000 of the biggest brands to the test, evaluating their strength and quantifying their value, and publishes nearly 100 reports, ranking brands across all sectors and countries. Qatar’s 10 most valuable brands are included in the Brand Finance Qatar 10 2021 report.

The full Brand Finance Qatar 10 2021 ranking, additional insights, charts, more information about the methodology, as well as definitions of key terms are available in the Brand Finance Qatar 10 2021 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Please see below for a full explanation of our methodology.

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About Brand Finance          

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations 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 nearly 100 reports which rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardisation 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 Value

Brand value refers to the present value of earnings specifically related to brand reputation. Organisations own and control these earnings by owning trademark rights.

All brand valuation methodologies are essentially trying to identify this, although the approach and assumptions differ. As a result, published brand values can be different.

These differences are similar to the way equity analysts provide business valuations that are different to one another. The only way you find out the “real” value is by looking at what people really pay.

As a result, Brand Finance always incorporates a review of what users of brands actually pay for the use of brands in the form of brand royalty agreements, which are found in more or less every sector in the world.

This is known as the “Royalty Relief” methodology and is by far the most widely used approach for brand valuations since it is grounded in reality.

It is the basis for our public rankings but we always augment it with a real understanding of people’s perceptions and their effects on demand – from our database of market research on over 3000 brands in over 30 markets.

Brand Valuation Methodology

For our rankings, Brand Finance uses the simplest method possible to help readers understand, gain trust in, and actively use brand valuations.

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.

Our Brand Strength Index assessment, a balanced scorecard of brand-related measures, is also compliant with international standards (ISO 20671) and operates as a predictive tool of future brand value changes and a control panel to help business improving marketing.

We do this in the following four steps:

1. Brand Impact

We review what brands already pay in royalty agreements. This is augmented by an analysis of how brands impact profitability in the sector versus generic brands.

This results in a range of possible royalties that could be charged in the sector for brands (for example a range of 0% to 2% of revenue).

2. Brand Strength

We adjust the rate higher or lower for brands by analysing Brand Strength. We analyse brand strength by looking at three core pillars: “Investment” which are activities supporting the future strength of the brand; “Equity” which are real perceptions sourced from our original market research and other data partners; “Performance” which are brand-related measures of business results, such as market share.

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.

3. Brand Impact x Brand Strength

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. Brand Value Calculation

We determine brand-specific revenues as a proportion of parent company revenues attributable to the brand in question and forecast those revenues by analysing historic revenues, equity analyst forecasts, and economic growth rates.

We then apply the royalty rate to the forecast revenues to derive brand revenues and apply the relevant valuation assumptions to arrive at a discounted, post-tax 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.

Media Contacts

Konrad Jagodzinski
Konrad Jagodzinski
Communications Director
Brand Finance
Florina Cormack-Loyd
Florina Cormack-Loyd
Senior Communications Manager
Brand Finance

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