Riyadh, January 18, 2024, For the fourth consecutive year, stc Group has earned recognition as the most valuable telecom brand in the Middle East and secured a position among the top 10 strongest telecom brands in the region, as revealed in a comprehensive report by Brand Finance. Additionally, stc Group holds the distinction of being the strongest brand in Saudi Arabia.
Brand Finance, an authoritative source in brand valuation, annually evaluates 5,000 of the world's largest brands, producing over 100 reports that assess brands across diverse sectors and countries. The prestigious Brand Finance Global 500 2024 ranking, featuring the world's top 500 most valuable and strongest global brands, positions stc as the 149th most valuable brand globally. Notably, this places stc as the first consumer brand in the Middle East to break into the top 150 most valuable brands worldwide, marking a significant achievement. The group's brand value experienced remarkable growth, surging by 12% to reach $13.9 billion. This ascent propelled stc Group to climb ten places from its 2023 ranking of 159.
According to an official press release from stc, the year 2023 marked unparalleled success for the group. Key milestones included substantial advancements in digital infrastructure, particularly the expansion of its 5G network, supported by a noteworthy investment of SAR3 billion. This strategic move enabled stc to deploy 5G capabilities across more than 75 cities in the Kingdom, covering over 90% of major urban centers with cutting-edge technology.
The release also highlighted stc's international expansion through strategic acquisitions. A notable example is the acquisition of a 9.9% stake in Spain's Telefónica Group, representing a SAR8.5 billion (€2.1 billion) investment and positioning stc as Telefónica's largest shareholder.
Attributed to stc Group's growth strategy, the achievement underscores the commitment to providing world-class connectivity not only within Saudi Arabia but also beyond its borders. The group's ability to identify and implement cutting-edge technologies, coupled with continuous expansion of its product and service offerings, has solidified its standing as a global telecommunications leader.
