Brand Finance annual report says Kingdom’s brand value rose 19% to $575 billion in 2017
RIYADH, October 10, 2017 – Saudi Arabia has seen its nation brand valuation soar by 19% in the past year, ranking second in the Middle East, according to Brand Finance’s annual report on worldwide nation brand valuation. The highly-respected London-based business-valuation consultancy put the Kingdom’s brand value at $575 billion in 2017, compared with $482 billion in the previous year.
Nation brand strength is based on three broad categories – goods and services, investment and society – all of which are instrumental to shaping international perceptions of individual countries.
“The effect of a country’s national image on the brands based there and the economy as a whole is now widely acknowledged,” David Haigh, CEO of Brand Finance said in the report. “In a global marketplace, it is one of the most important assets of any state, encouraging inward investment, adding value to exports and attracting tourists and skilled migrants.”
Saudi Arabia’s image is being revamped on the international stage largely because of its highly publicized Vision 2030, Crown Prince Mohammed bin Salman’s roadmap to a diversified economy, a more progressive social environment, the creation of an international tourism industry and the easing of restrictions on foreign investment – all of which favorably impact the Kingdom’s image abroad.
The announced moves under Vision 2030 away from an oil-dependent economy and the development of the service sector also contributed to boosting Saudi Arabia’s brand to 22ndmost valuable globally, up from 23rd in 2016.
The future is bright for Saudi Arabia, said Andrew Campbell, Managing Director, Brand Finance Middle East.
“Provided the rest of (Vision 2030) projects are implemented with the same success, the nation’s brand value can expect to rise extensively,” Campbell said.
UK-based Brand Finance is a brand valuation and strategy consultancy, with offices in more than 15 countries. In its report, it measures the strength and value of the nation brands of 100 leading countries.