Sri Krishna
In the Forbes Middle East Top 100 Companies for 2024, 16 Qatari firms are listed, with QNB Group securing the 3rd position overall. Here’s a brief summary of the details regarding QNB Group and its ranking.
Table of Contents
- QNB Group (#3):
- Industries Qatar (IQ) (#23):
- Qatar Islamic Bank (QIB) (#27):
- Ooredoo Group (#30):
- Commercial Bank (#35):
- Masraf Al Rayan (#44):
- Dukhan Bank (#61):
- Qatar Fuel (WOQOD) (#65):
- Nakilat (#67):
- Qatar Electricity & Water Company (QEWC) (#74):
- Qatar International Islamic Bank (QIIB) (#75):
- Barwa Real Estate Group (#85):
- Doha Bank (#89):
- Ahlibank (#97):
- Mesaieed Petrochemical Holding Company (MPHC) (#98):
- Qatar Navigation (Milaha) (#99):
QNB Group (#3):
QNB (Qatar National Bank) stands as Qatar’s largest bank and a prominent financial entity across the Middle East and North Africa region.
Founded in 1964, it is predominantly owned (51.9%) by the Qatar Investment Authority.
With a footprint in over 28 countries spanning three continents, QNB Group boasts a robust global presence.
Abdulla Mubarak Al-Khalifa serves as the Group’s CEO, steering its operations and strategic direction.
Industries Qatar (IQ) (#23):
Industries Qatar (IQ) is a Qatari joint stock company specializing in industrial sectors, established in 2003.
IQ maintains substantial interests in various companies within the petrochemicals and energy domains.
Noteworthy holdings include an 80% stake in the Qatar Petrochemical Company, 50% ownership of the Qatar Fuel Additives Company Limited, and full ownership of both the Qatar Steel Company and the Qatar Fertilizer Company.
Saad Sherida Al-Kaabi assumes the dual role of Chairman and Managing Director at Industries Qatar, overseeing its strategic and operational endeavors.
Qatar Islamic Bank (QIB) (#27):
Qatar Islamic Bank (QIB), established in 1982 as the first Islamic financial institution in Qatar, operates as a Shariah-compliant bank, adhering to Islamic principles in all its operations. With a longstanding presence in the Qatari financial landscape, QIB has expanded its footprint both domestically and internationally.
In Qatar, QIB operates through a network of 23 branches, providing a wide range of Islamic banking products and services to its customers. Additionally, the bank has established a branch in Sudan, extending its services to a broader market.
Beyond its borders, QIB has strategically invested in various ventures, including holdings in the United Kingdom and Lebanon. These international investments contribute to the bank’s diversification strategy and global presence.
Within the Qatari financial sector, QIB holds stakes in several Shariah-compliant financial services companies, further expanding its influence and reach within the Islamic finance industry. Noteworthy among these investments are QInvest, a leading investment bank in Qatar; Beema, a prominent Islamic insurance provider; and Al Jazeera Finance, a key player in the financial services sector.
Leading the charge at QIB is Bassel Gamal, who serves as the Group CEO. With his expertise and leadership, Bassel Gamal plays a pivotal role in steering the strategic direction of QIB, ensuring its continued growth and success in the dynamic landscape of Islamic banking and finance.
Qatar Islamic Bank stands as a pioneering Islamic financial institution in Qatar, with a strong commitment to Shariah-compliant banking practices, a diverse portfolio of investments, and a dedicated leadership team driving its progress in the local and international financial markets.
Ooredoo Group (#30):
Ooredoo, the foremost telecommunications company in Qatar, delivers an extensive array of services encompassing mobile, fixed-line, broadband, and TV offerings to its diverse customer base.
Established in 1949 under the name Qatar National Telecom Service, Ooredoo has evolved into a telecommunications giant, catering to millions of customers with its innovative solutions and reliable services.
Beyond its Qatari roots, Ooredoo has expanded its operations into multiple countries across the Middle East, North Africa, and Southeast Asia, solidifying its presence as a key player in the telecommunications industry on a global scale.
At the helm of Ooredoo Group stands Aziz Aluthman Fakhroo, serving as the Managing Director and Group CEO. With his leadership and strategic vision, Aziz Aluthman Fakhroo plays a pivotal role in guiding Ooredoo’s growth and success in a dynamic and competitive telecommunications market.
Commercial Bank (#35):
Commercial Bank, founded in 1974, stands as a prominent financial institution in Qatar, renowned for providing a wide spectrum of banking services to its clientele.
Operating primarily in Qatar, Commercial Bank extends its reach into Türkiye through its fully-owned subsidiary, Alternatif Bank, bolstering its presence in the Turkish banking sector.
Moreover, Commercial Bank holds and manages the Diners Club franchise in both Qatar and Türkiye, further diversifying its service offerings and enhancing its presence in the payment solutions market.
Leading the charge at Commercial Bank is Joseph Abraham, who serves as the Group CEO. Under his leadership, Commercial Bank navigates the dynamic financial landscape, driving innovation and growth while maintaining its position as a leading bank in Qatar and beyond.
Masraf Al Rayan (#44):
Masraf Al Rayan, a Shariah-compliant bank founded in 2006, has emerged as a key player in the financial sector, aligning its operations with Islamic principles.
Operating across multiple jurisdictions, Masraf Al Rayan maintains a significant presence in Qatar, the U.K., the U.A.E., and France, catering to a diverse international clientele.
In a strategic move towards sustainable finance, Masraf Al Rayan unveiled its sustainable financing framework in April 2022. This initiative aims to provide Environmental, Social, and Governance (ESG)-linked funding opportunities, demonstrating the bank’s commitment to responsible and ethical finance practices.
At the helm of Masraf Al Rayan is Fahad Al Khalifa, who serves as the Group CEO. With his leadership and strategic acumen, Fahad Al Khalifa guides the bank in navigating the evolving financial landscape, fostering growth, innovation, and sustainability while upholding the principles of Shariah-compliant banking.
Dukhan Bank (#61):
Dukhan Bank, originally established as Barwa Bank in 2008, underwent a rebranding in October 2020 to become Dukhan Bank, solidifying its identity in the financial landscape.
As a full-service Shariah-compliant institution, Dukhan Bank focuses on providing a comprehensive suite of banking services to its clientele within Qatar.
A significant milestone in the bank’s trajectory occurred in February 2023 when Dukhan Bank was listed on the Qatar Stock Exchange. With a free float of 33.34% and a market capitalization valuation of $6.3 billion, this move marked a pivotal moment in the bank’s journey towards further growth and expansion.
Overseeing the operations of Dukhan Bank as the Acting Group CEO is Ahmed Hashem. With his leadership and expertise, Ahmed Hashem plays a crucial role in steering the bank’s strategic initiatives, driving its performance, and ensuring its continued success in the dynamic realm of Shariah-compliant banking.
Qatar Fuel (WOQOD) (#65):
Qatar Fuel, operating under the brand name WOQOD, holds the distinction of being the exclusive fuel retailer in Qatar, serving the nation’s diverse energy needs.
Established in 2002, WOQOD has built a robust network of petrol stations strategically positioned across the country, ensuring convenient access to fuel for consumers nationwide.
In a commitment to innovation and sustainability, WOQOD expanded its operational footprint to encompass 128 operating stations by the first quarter of 2023. Additionally, in collaboration with KAHRAMAA, WOQOD took a significant step towards promoting environmental consciousness by installing 10 electric charging points, facilitating the adoption of electric vehicles in Qatar.
At the helm of Qatar Fuel stands Saad Rashid Al-Muhannadi, who serves as the Managing Director and CEO. Through his leadership, Saad Rashid Al-Muhannadi steers WOQOD towards continued growth and operational excellence, ensuring the company remains at the forefront of the energy sector in Qatar while embracing sustainable practices and technological advancements.
Nakilat (#67):
Nakilat, a prominent shipping and maritime company, was founded in 2004 and has since become an integral part of Qatar’s Liquefied Natural Gas (LNG) supply chain, specializing in the transportation of LNG through its fleet of vessels.
In a significant move to enhance its operational flexibility and attract international investments, Nakilat raised its non-Qatari ownership limit to 100% in March 2023, signaling a strategic shift in its corporate structure.
At the helm of Nakilat is Abdullah Al-Sulaiti, who serves as the CEO of the company. Under his leadership, Nakilat continues to play a vital role in ensuring the efficient and secure transportation of LNG, contributing to Qatar’s position as a leading player in the global LNG market. Abdullah Al-Sulaiti’s guidance and strategic vision are instrumental in steering Nakilat towards sustained growth and success in the maritime industry.
Qatar Electricity & Water Company (QEWC) (#74):
QEWC was established to own and manage power generation and water desalination stations.
- It supplies up to 55% of Qatar’s electricity and up to 73% of the country’s water.
- QEWC is a significant contributor to Qatar’s energy and water infrastructure.
- The General Manager and Managing Director of QEWC is Mohammed Nasser Al-Hajri.
Qatar International Islamic Bank (QIIB) (#75):
Qatar International Islamic Bank (QIIB) is a distinguished Islamic financial institution offering a range of Shariah-compliant banking solutions tailored for both individuals and corporations.
With a network spanning 17 branches across Qatar, QIIB has been actively pursuing international expansion to broaden its reach and impact.
In a strategic move to diversify its offerings and extend its footprint beyond Qatar, QIIB collaborated with Atlanta Insurance Company, CIH Bank, and Qatar Islamic Insurance Company to establish the Takaful Insurance Company in Morocco in October 2022. This initiative showcases QIIB’s commitment to innovation and strategic partnerships in the global Islamic finance landscape.
Leading QIIB as the CEO is Abdulbasit Ahmed Al Shaibei, a seasoned professional with a wealth of experience in the financial sector. Under his guidance, QIIB continues to drive growth, innovation, and excellence in the provision of Islamic banking services, solidifying its position as a key player in the industry both domestically and internationally.
Barwa Real Estate Group (#85):
Barwa Real Estate Group, a key player in the real estate and construction sector, embarked on its journey in November 2005 upon obtaining its commercial license, marking the beginning of its impactful presence in the industry.
Renowned for its substantial land holdings in Qatar, Barwa Real Estate Group strategically manages a diverse portfolio encompassing residential units, villas, warehouses, and workshops, catering to a wide spectrum of real estate needs in the region.
At the helm of Barwa Real Estate Group is Abdulla Jobara Alromaihi, who serves as the Group CEO. With his leadership and strategic acumen, Abdulla Jobara Alromaihi plays a pivotal role in shaping the group’s growth trajectory, driving innovation, and ensuring operational excellence in the dynamic real estate market of Qatar.
Doha Bank (#89):
Doha Bank, a prominent financial institution in Qatar, stands out for its comprehensive suite of banking services catering to a diverse client base, with more than 470,000 active customers benefiting from its offerings.
With a global footprint, Doha Bank extends its reach beyond Qatar through its overseas branches and representative offices, contributing to its status as an internationally recognized bank.
In a move towards enhancing its customer offerings, Doha Bank introduced the Q-Trade platform in January 2023. This platform empowers customers to engage in buying and selling stocks listed on the Qatar Stock Exchange, providing a convenient and efficient investment avenue.
At the helm of Doha Bank as the Acting CEO is Gudni Stiholt Adalsteinsson. In this role, Gudni Stiholt Adalsteinsson brings his expertise to steer the bank’s operations, drive strategic initiatives, and uphold Doha Bank’s commitment to excellence and innovation in the financial services sector.
Ahlibank (#97):
Ahlibank, a distinguished Qatari financial institution, has solidified its presence in the banking sector through a network comprising 14 branches and 89 ATMs strategically located across the country.
Established in 1983 as a public shareholding company, Ahlibank has been a cornerstone of the financial landscape in Qatar, offering a wide array of banking services to individuals and businesses.
In a proactive move to bolster support for small and medium enterprises (SMEs) and micro-enterprises in Qatar, Ahlibank inked an enhanced Al Dhameen program agreement with the Qatar Development Bank in April 2022. This strategic partnership underscores Ahlibank’s commitment to fostering entrepreneurship and economic growth in the region.
Leading Ahlibank as the CEO is Hassan Ahmed AlEfrangi, a seasoned professional with a wealth of experience in the banking industry. Under his stewardship, Ahlibank continues to drive innovation, deliver exceptional financial solutions, and uphold its reputation as a trusted financial partner for individuals and businesses in Qatar.
Mesaieed Petrochemical Holding Company (MPHC) (#98):
Company Overview:
Mesaieed Petrochemical Holding Company (MPHC) was established in 2013, specializing in the petrochemicals and chlor-alkali sectors. As a key player in the industry, MPHC operates under the patronage of QatarEnergy, which retains a substantial ownership interest in the company.
Operational Focus:
MPHC’s primary production facilities are strategically situated in Qatar, facilitating efficient operations and contributing to the nation’s industrial landscape. The company also holds stakes in prominent entities within the sector, including Q-Chem I, Q-Chem II, and Qatar Vinyl Company Limited (QVC), solidifying its presence and influence in the petrochemical domain.
Leadership:
Guiding MPHC’s strategic direction and fostering its growth is Ahmad Saif Al-Sulaiti, who serves as the Chairman of the company. With his leadership and industry acumen, Ahmad Saif Al-Sulaiti plays a pivotal role in steering MPHC towards continued success, innovation, and sustainability within the competitive petrochemical and chlor-alkali segments.
Qatar Navigation (Milaha) (#99):
Company Overview:
Milaha, a prominent Qatari company, operates across diverse strategic business sectors, encompassing Maritime & Logistics, Capital, Gas & Petrochem, Marine & Technical Services, and Offshore Marine. Through its multifaceted operations, Milaha plays a pivotal role in various industries critical to Qatar’s economy.
Range of Services:
Milaha offers a comprehensive suite of services related to maritime transportation, logistics solutions, and offshore support, catering to the evolving needs of its clientele in Qatar and beyond. Its wide-ranging capabilities contribute significantly to the efficiency and effectiveness of maritime and logistics operations.
Key Development:
In a notable development in 2022, Milaha secured a substantial contract with QatarEnergy for offshore projects, underscoring its position as a trusted partner for major ventures in the region’s offshore sector.
Leadership:
Steering the strategic initiatives of Milaha as the Interim Group CEO is Mohammed Abdulla Swidan. In this role, Mohammed Abdulla Swidan leverages his expertise and vision to drive operational excellence, foster growth across diverse business segments, and uphold Milaha’s reputation for excellence and innovation in the maritime and logistics industries.
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