stc Group, the leading digital enabler in the region, has succeeded in maintaining the first rank as the most valuable brand in the Middle East in the telecommunication sector, for the third year in a row, according to Brand Finance’s global 500 2023 report. most valuable telecom brand middle east

Thanks to the group’s success, continuous expansion, and growth since the “Dare” strategy launch in 2017. Over the last five years, the brand’s value has increased by almost 100%, from $6.2 billion in 2017 to $12.3 billion in 2022. This achievement results from the brand’s outstanding performance in maintaining its leadership position and enhancing its commercial strength in KSA and the region.

In addition to being the most valuable brand, stc Group ranked among the fastest-growing brands in the region with a growth rate of 16.7% stc Bank also increased by 27.5%, climbed 25 places in the Global 500 ranking, the most by any Middle Eastern brand in the study, profiting from the robust future growth given its dominance in its home market.

The “Brand Finance” report also classifies brands worldwide by measuring brands’ strength globally, using the “Brands Strength” index, external factors, and business performance. It also includes an evaluation of all companies’ activities regionally and internationally. stc Group is considered to be the strongest brand in the Kingdom of Saudi Arabia, Bahrain, and Kuwait.

Future and growth and developing performance most valuable telecom brand middle east

Based on the company’s strategy and the promising projections of the institutional sector in Kuwait, the company undertook a major transformation process to meet the needs of customers and enrich their experiences in the information and communication technology field, which was highlighted in the company’s strategy “AHEAD”. The company was keen to improve its efficiency and internal capabilities in this sector through its acquisition on the entire capital of the Electronic Gate Holding Company in April 2022, to keep pace with the latest rapid global developments in the field of communications and information technology, and to provide the best integrated technical solutions to its individual and institutional clients. stc successfully completed its capital increase during 2022 to reach KD 99.9 million by distributing 100% bonus shares to its shareholders. During the third quarter of 2022, stc’s market share reached 39.8% of the telecom sector’s revenues in Kuwait, for the first time since the company’s establishment, to be at the forefront of the telecom sector in terms of revenue.

In Bahrain, stc has invested more than $2 billion in developing digital infrastructure. The company has remained at the forefront of launching innovative services in Bahrain, even becoming the first operator to launch 5G technology across the Kingdom. stc Bahrain has also worked to develop its innovation center and its platform for developing modern technologies for various sectors, and has also launched many digital services, including self-service machines (SSM), smart queue management service, and many other services, which contributed to providing an improved experience for customers by providing them with the opportunity to complete their transactions in a few seconds and in any time and place. The company launched a cyber security training academy, with the aim of raising awareness about potential cyber threats through its leading solutions in this field.

Investing in sustainability and social development

Since its establishment in Kuwait, stc has been able to achieve many contributions and achievements to support the local community and its social responsibility agenda. It succeeded in participating across various initiatives in cooperation with various government agencies and private sector institutions to small and medium-sized companies that aimed at supporting and empowering the Kuwaiti society to achieve sustainability in line with Kuwait Vision 2035. The company focused its efforts in key areas such as health, sports, education, entrepreneurship, and the environment. It launched several initiatives, such as the “Safe Education” campaign in cooperation with the Ministries of Education, Health, Interior, and Information, and the “Weyak” initiative to support local SMEs in enabling their digital transformation strategies.

The company is keen to invest in the continuous development of its human resources, as they form the cornerstone of its outstanding performance. It is endlessly focused on providing education and development programs, as it has effectively launched its e-learning programs through many recognized international organizations, such as LinkedIn Learning and Gartner, to continue providing training and development opportunities for employees. The company also launched its training academy “Creativity Academy”, which seeks to empower employees with high potential.

It is worth noting that, Brand Finance is a world leader in brand valuation, and every year it ranks the strongest and most valuable brands. It evaluates more than 5,000 brands in all sectors and regions every year. Moreover, the report “Brand Finance Global 500 2023” includes the 500 most valuable brands worldwide.