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