stc Group, an engine of digital transformation, has been acknowledged as the most valuable telecom brand in the Middle East for the fourth year in a row and in the top 10 strongest telecom brands in the Middle East, according to a landmark report from BrandFinance. The group is also the strongest brand in Saudi Arabia.
Every year, Brand Finance tests 5,000 of the world’s biggest brands, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest global brands are included in the annual Brand Finance Global 500 2024 ranking.
The report states that stc has shown impressive growth with its brand value increasing by 12% to USD13.9 billion. Being recognized as the 149th most valuable brand, in the Global 500 ranking makes stc the first consumer brand in the Middle East to enter the 150 most valuable brands globally. The group has increased by 10 places from 159 in 2023.
In 2023, stc witnessed the highest levels of success the Group has witnessed since its inception. stc saw significant progress in developing digital infrastructure, particularly through the expansion of its 5G network, with 3 billion SAR of added investment. This enabled stc to deploy 5G network capabilities in over 75 cities throughout the Kingdom, equipping over 90% of major cities with 5G technology.
Led by a growth mindset, stc is expanding internationally through strategic global acquisitions. One significant acquisition was the 9.9% stake in Spain's Telefónica Group, which was acquired for 8.5 billion SAR (€2.1 billion), making stc Telefónica’s largest shareholder.
All in all, this achievement came as a result to stc Group growth strategy which is delivering world-class connectivity to Saudi Arabia and beyond. The group growth mindset enables it to identify and deliver cutting-edge technologies, continuously expanding the scale and scope of our product and service offering.
Source: Press Release