Saudi Arabia, UAE among world’s 25 most valuable nation brands

Saudi Arabia’s nation brand has grown an impressive 18 percent since last year, moving it up from the 22nd to the 21st slot in 2018, London-based valuation and strategy consultancy Brand Finance said in its annual report on the most valuable nation brands released on Monday.

The report lists top 100 most valuable nation brands, in which Saudi Arabia and the UAE are the only two countries from the entire Middle East and Africa region to rank within top 25.

Saudi Arabia’s brand value jumped from $575 billion in 2017 to $677 billion this year in the list topped by the US with a brand value of $25.89 trillion.

The UAE's nation brand also jumped 19 percent since last year, taking it to the 20th spot in the nation brand ranking with a brand value of $707 billion.

“On account of a possible oil production increase, Saudi Arabia’s economic growth has been solid over the past year. The Crown Prince’s Vision 2030 to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism has been moving in the right direction,” the report said.

It said consumer spending has been high across the Kingdom, with the majority of expenditure trickling through restaurants and hotels, food and beverage and clothing shopping.

The opening up of the Kingdom, permission being granted for women to drive and the opening of cinema houses has had a role to play in this leisure and recreational consumer spending, the report added.