16 Qatari-listed firms among Forbes' top 100 companies in Middle East

16 Qatari-listed firms made the list of the region's top companies, as published in the June issue of Forbes Middle East.

According to Forbes, despite high inflation and global instability, these businesses have increased their overall net income and profits when compared to the same period last year, with the banking and financial services sectors dominating the list.

The Qatar National Bank is ranked third and the only Qatari company to make the top 20.

Forbes Middle East Top 100 Listed Companies 2023:

3. QNB Group

• Sector: Banks & Financial Services

• Group CEO: Abdulla Mubarak Al-Khalifa

• Market Value: $38.8 billion

• Sales: $18.4 billion

• Profits: $4 billion

• Assets: $326.7 billion

Established in 1964, QNB is the largest bank in Qatar. It is a Qatari-owned commercial bank, with 51.9% owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers. 

23. Industries Qatar (IQ)

• Sector: Industrials

• Chairman and Managing Director: HE Saad Sherida Al-Kaabi

• Market Value: $21.5 billion

• Sales: $5.2 billion

• Profits: $2.4 billion

• Assets: $12.4 billion

IQ was incorporated as a Qatari joint stock company in 2003. The IQ Group currently owns 80% of the Qatar Petrochemical Company and 50% of the Qatar Fuel Additives Company Limited. It also wholly owns the Qatar Steel Company and the Qatar Fertilizer Company. In August 2022, the company signed a $1.06 billion agreement to build the world’s largest Blue Ammonia facility (Ammonia-7) by the Qatar Fertilizer Company.

27. Qatar Islamic Bank (QIB)

• Sector: Banks & Financial Services

• Group CEO: Bassel Gamal

• Market Value: $11.6 billion

• Sales: $2.5 billion

• Profits: $1.1 billion

• Assets: $50.5 billion

Established in 1982, QIB has 23 branches in Qatar and one branch in Sudan, with investments in the U.K. and Lebanon. The group has stakes in a number of Qatari Shariah-compliant financial services companies, including QInvest, Beema, and Al Jazeera Finance. The Qatar Investment Authority is QIB’s largest shareholder, with a 17.2% stake.

30. Ooredoo Group 

• Sector: Telecommunications

• Managing Director and Group CEO: Aziz Aluthman Fakhroo

• Market Value: $8.4 billion

• Sales: $6.2 billion

• Profits: $758 million

• Assets: $17 billion

Ooredoo is the largest telecom company in Qatar. It was founded in 1949 as Qatar National Telecom Service, which built the first telephone exchange in Doha. In 2022, the group had a customer base of 56 million. The Qatar Investment Authority is the major shareholder of Ooredoo, with a 53.49% stake.

35. Commercial Bank

• Sector: Banks & Financial Services

• Group CEO: Joseph Abraham

• Market Value: $6.5 billion

• Sales: $2.6 billion

• Profits: $772 million

• Assets: $46.5 billion

Established in 1974, Commercial Bank operates in Qatar and has a presence in Türkiye through its fully-owned subsidiary, Alternatif Bank. It owns and operates the Diners Club franchise in Qatar and Turkiye. 

44. Masraf Al Rayan 

• Sector: Banks & Financial Services

• Group CEO: Fahad Al Khalifa

• Market Value: $6.7 billion

• Sales: $2 billion

• Profits: $375 million

• Assets: $46 billion

Established in 2006, Masraf Al Rayan is a Shariah-compliant bank with a presence in Qatar, the UK, the UAE, and France. In April 2022, Masraf Al Rayan announced the launch of its sustainable financing framework to offer ESG-linked funding opportunities to investors. 

61. Dukhan Bank

• Sector: Banks & Financial Services

• Acting Group CEO: Ahmed Hashem

• Market Value: $4.6 billion

• Sales: $1.3 billion

• Profits: $344 million

• Assets: $29.2 billion

Dukhan Bank was incorporated in 2008 under the name Barwa Bank and commenced operations in 2009 as a full-service Shariah-compliant bank. It rebranded to Dukhan Bank in October 2020, following a merger with the International Bank of Qatar in 2019. The bank was listed on the Qatar Stock Exchange in February 2023 with a free float of 33.34% and a market cap valuation of $6.3 billion.

65. Qatar Fuel (WOQOD) 

• Sector: Retail

• Managing Director and CEO: Saad Rashid Al-Muhannadi

• Market Value: $4.5 billion

• Sales: $8.2 billion

• Profits: $303 million

• Assets: $4 billion

Founded in 2002, WOQOD is the only fuel retailer in Qatar. In Q1 2023, the company increased its operating stations to 128 and installed 10 electric charging points in seven petrol stations in cooperation with KAHRAMAA. 

67. Nakilat 

• Sector: Logistics

• CEO: Abdullah Al-Sulaiti

• Market Value: $6 billion

• Sales: $1.2 billion

• Profits: $395 million

• Assets: $8.8 billion

Nakilat was established in 2004. It is a shipping and maritime company providing the transportation link in Qatar’s Liquefied Natural Gas supply chain. In March 2023, Nakilat raised its non-Qatari ownership limit to 100%. 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. 

74. Qatar Electricity & Water Company (QEWC) 

• Sector: Utilities

• General Manager and Managing Director: Mohammed Nasser Al-Hajri

• Market Value: $5.1 billion

• Sales: $748 million

• Profits: $481 million

• Assets: $7.6 billion

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. 

75. Qatar International Islamic Bank (QIIB) 

• Sector: Banks & Financial Services

• CEO: Abdulbasit Ahmed Al Shaibei

• Market Value: $4 billion

• Sales: $761 millionProfits: $295 milllion

• Assets: $15.5 billion

Established in 1990, QIIB provides personal and corporate Islamic banking solutions across 17 branches in Qatar. 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. The bank also holds 40% of Moroccan Umnia Bank. 

85. Barwa Real Estate Group 

• Sector: Real Estate & Construction

• Group CEO: Abdulla Jobara Alromaihi

• Market Value: $2.7 billion

• Sales: $710 million

• Profits: $316 million

• Assets: $11 billion

Barwa obtained its commercial license in November 2005. In 2022, Barwa’s land bank hit 5.5 million square meters, with 5.4 million square meters in Qatar, where 80% of it is owned. Its portfolio includes 14,069 residential units and villas and more than 448,000 square meters for warehouses and workshops.

89. Doha Bank 

• Sector: Banks & Financial Services

• Acting CEO: Gudni Stiholt Adalsteinsson

• Market Value: $1.3 billion

• Sales: $1.3 billion

• Profits: $210 million

• Assets: $26.8 billion

Established in 1979, Doha Bank serves more than 470,000 active customers. It has overseas branches in Kuwait, the U.A.E., and India and representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Turkiye, the UK, Canada, Germany, Bangladesh, Sri Lanka, and Nepal. In January 2023, the bank launched its Q-Trade platform to allow customers to buy and sell stocks listed on the Qatar Stock Exchange. 

97. Ahlibank 

• Sector: Banks & Financial Services

• CEO: Hassan Ahmed AlEfrangi

• Market Value: $2.7 billion

• Sales: $630 million

• Profits: $212 million

• Assets: $13.3 billion

Ahlibank was established in 1983 as a public shareholding company. Today, it has a network of 14 branches and 89 ATMs across Qatar. In April 2022, Ahlibank and the Qatar Development Bank signed an enhanced Al Dhameen program agreement to support SMEs and micro-enterprises in Qatar. 

98. Mesaieed Petrochemical Holding Company (MPHC) 

• Sector: Petrochemicals

• Chairman: Ahmad Saif Al-Sulaiti

• Market Value: $6.8 billion

• Sales: $490 million

• Profits: $485 million

• Assets: $4.9 billion

Incorporated in 2013 and listed on the Qatar Stock Exchange less than one year later, MPHC operates in two segments: petrochemicals and chlor-alkali. QatarEnergy is the founder of MPHC and holds a 65.45% stake in the company. MPHC’s production facilities are mainly located in Qatar. MPHC holds 49% each in Q-Chem I and Q-Chem II and 55.2% of the issued share capital of Qatar Vinyl Company Limited (QVC). 

99. Qatar Navigation (Milaha) 

• Sector: Logistics

• Interim Group CEO: Mohammed Abdulla Swidan

• Market Value: $2.9 billionSales: $903 million

• Profits: $279 million

• Assets: $5 billion

Milaha operates through five strategic business areas: Maritime & Logistics, Capital, Gas & Petrochem, Marine & Technical Services, and Offshore Marine. In 2022, Milaha signed a five-year contract with QatarEnergy worth more than $384.6 million to provide engineering, procurement, construction, and installation services for offshore projects in Qatar.