16 Qatari firms make it to Forbes’ list of top 100 companies in Middle East

16 Qatari firms make it to Forbes’ list of top 100 companies in Middle East

QLNews
By QLNews

Qatari companies have been doing great in recent times, finding themselves in power lists all around the world.

The growth of Qatari entities was further acknowledged in the June edition of the Forbes Middle East magazine, where 16 Qatari-listed firms made it to the list of the region’s top companies.

According to Forbes, these companies have managed to grow despite high inflation and global instability. All businesses managed to increase their overall net income and profits on a year-on-year basis, with the banking and financial services sectors leading the charge.

Here is a look at the 16 companies which made the cut.

Qatari companies in the Forbes Middle East Top 100 list

Rank 3 - QNB Group

Sector: Banks & Financial Services

Group CEO: Abdulla Mubarak Al Khalifa

Market Value: $38.8bn

Sales: $18.4bn

Profits: $4bn

Assets: $326.7bn

Established in 1964, QNB is the country’s largest bank. The bank, 51.9% of which is owned by the Qatar Investment Authority, has a presence in more than 28 nations across three continents. Almost 28,000 staff members serve over 27 million customers every year. 

 

Rank 23 - Industries Qatar (IQ)

Sector: Industrials

Chairman and MD: HE Saad Sherida Al Kaabi

Market Value: $21.5bn

Sales: $5.2bn

Profits: $2.4bn

Assets: $12.4bn

Industries Qatar, incorporated as a Qatari joint stock company in 2003, currently owns 80% of the Qatar Petrochemical Company and 50% of the Qatar Fuel Additives Company Limited. It also owns the Qatar Steel Company and the Qatar Fertilizer Company.

 

Rank 27 - Qatar Islamic Bank (QIB)

Sector: Banks & Financial Services

CEO: Bassel Gamal

Market Value: $11.6bn

Sales: $2.5bn

Profits: $1.1bn

Assets: $50.5bn

Established in 1982, QIB has 23 branches in Qatar and one in Sudan. It also has investments in the UK and Lebanon. The group has stakes in several Qatari Shariah-compliant financial services companies including QInvest, Beema, and Al Jazeera Finance. Qatar Investment Authority owns a 17.2% stake in QIB.

 

Rank 30 - Ooredoo Group

Sector: Telecommunications

MD and CEO: Aziz Aluthman Fakhroo

Market Value: $8.4bn

Sales: $6.2bn

Profits: $758 million

Assets: $17bn

Ooredoo is Qatar’s largest telecom company. Founded in 1949 as the Qatar National Telecom Service, it enjoyed a customer base of 56 million in 2022. Qatar Investment Authority is Ooredoo’s major shareholder, with a 53.49% stake.

 

Rank 35 - Commercial Bank

Sector: Banks & Financial Services

CEO: Joseph Abraham

Market Value: $6.5bn

Sales: $2.6bn

Profits: $772 million

Assets: $46.5bn

Opening its doors in 1974, Commercial Bank operates predominantly in Qatar and has a presence in Turkey through its fully-owned subsidiary Alternatif Bank. It owns and operates the Diners Club franchise in Qatar and Turkey.

 

Rank 44 - Masraf Al Rayan

Sector: Banks & Financial Services

CEO: Fahad Al Khalifa

Market Value: $6.7bn

Sales: $2bn

Profits: $375 million

Assets: $46bn

Masraf Al Rayan, set up in 2006, is a Shariah-compliant bank operating in Qatar, UK, UAE and France. In April 2022, Masraf Al Rayan announced a sustainable financing framework to offer ESG-linked funding opportunities to investors.

 

Rank 61 - Dukhan Bank

Sector: Banks & Financial Services

Acting CEO: Ahmed Hashem

Market Value: $4.6bn

Sales: $1.3bn

Profits: $344 million

Assets: $29.2bn

Dukhan Bank, launched in 2008 as Barwa Bank, commenced operations in 2009 as a Shariah-compliant bank. It underwent a rebrand in October 2020 after its merger with the International Bank of Qatar. The bank was listed on the Qatar Stock Exchange in February 2023.

 

Rank 65 - Qatar Fuel (WOQOD)

Sector: Retail

MD and CEO: Saad Rashid Al Muhannadi

Market Value: $4.5bn

Sales: $8.2bn

Profits: $303 million

Assets: $4bn

Founded in 2002, WOQOD is Qatar’s only fuel retailer. The company currently has 128 operating stations. It also has 10 electric charging points, in seven petrol stations, in cooperation with KAHRAMAA.

 

Rank 67 - Nakilat

Sector: Logistics

CEO: Abdullah Al Sulaiti

Market Value: $6bn

Sales: $1.2bn

Profits: $395 million

Assets: $8.8bn

Nakilat, established in 2004, is a shipping and maritime company providing the transportation link in Qatar’s Liquefied Natural Gas supply chain. The company’s fleet comprises 69 LNG carriers, with a combined carrying capacity of more than nine million cubic meters, constituting about 10% of the global LNG fleet carrying capacity. 

 

Rank 74 - Qatar Electricity & Water Company (QEWC)

Sector: Utilities

GM and MD: Mohammed Nasser Al Hajri

Market Value: $5.1bn

Sales: $748 million

Profits: $481 million

Assets: $7.6bn

QEWC was established to own and manage power generation and water desalination stations. Today, it supplies up to 55% of Qatar’s electricity and up to 73% of the country’s water. 

 

Rank 75 - Qatar International Islamic Bank (QIIB)

Sector: Banks & Financial Services

CEO: Abdulbasit Ahmed Al Shaibei

Market Value: $4bn

Sales: $761 million

Profits: $295 million

Assets: $15.5bn

Founded in 1990, QIIB provides personal and corporate Islamic banking solutions. In October 2022, QIIB established the Takaful Insurance Company in Morocco in cooperation with the Atlanta Insurance Company, CIH Bank, and Qatar Islamic Insurance Company.

 

Rank 85 - Barwa Real Estate Group

Sector: Real Estate & Construction

Group CEO: Abdulla Jobara Alromaihi

Market Value: $2.7bn

Sales: $710 million

Profits: $316 million

Assets: $11bn

Barwa obtained its commercial license in November, 2005. In 2022, Barwa’s land bank hit 5.5 million SqM. Its portfolio includes 14,069 residential units and villas and more than 448,000 SqM for warehouses and workshops.

 

Rank 89 - Doha Bank

Sector: Banks & Financial Services

Acting CEO: Gudni Stiholt Adalsteinsson

Market Value: $1.3bn

Sales: $1.3bn

Profits: $210 million

Assets: $26.8bn

Founded in 1979, Doha Bank serves more than 470,000 active customers. It has overseas branches in Kuwait, UAE and India and representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Turkey, UK, Canada, Germany, Bangladesh, Sri Lanka, and Nepal.

 

Rank 97 - Ahlibank

Sector: Banks & Financial Services

CEO: Hassan Ahmed AlEfrangi

Market Value: $2.7bn

Sales: $630 million

Profits: $212 million

Assets: $13.3bn

Ahlibank, established in 1983, has a network of 14 branches and 89 ATMs across Qatar. 

 

Rank 98 - Mesaieed Petrochemical Holding Company (MPHC)

Sector: Petrochemicals

Chairman: Ahmad Saif Al Sulaiti

Market Value: $6.8bn

Sales: $490 million

Profits: $485 million

Assets: $4.9bn

Incorporated in 2013, MPHC operates in two segments — petrochemicals and chlor-alkali. QatarEnergy is MPHC’s founder and holds a 65.45% stake. MPHC holds 49% each in Q-Chem I and Q-Chem II. 

 

Rank 99 - Qatar Navigation (Milaha)

Sector: Logistics

Interim CEO: Mohammed Abdulla Swidan

Market Value: $2.9bn

Sales: $903 million

Profits: $279 million

Assets: $5bn

Milaha operates through five strategic business areas — Maritime & Logistics, Capital, Gas & Petrochem, Marine & Technical Services, and Offshore Marine.

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