Qatar’s Top Companies: 16 listed in Forbes’ Middle East Rankings

In a recent publication by Forbes Middle East, it was revealed that 16 Qatari-listed companies have secured positions among the top 100 companies in the region. Despite facing challenges such as high inflation and global instability, these Qatari businesses have shown remarkable resilience, with increased net income and profits compared to the previous year. The banking and financial services sectors, in particular, have demonstrated significant dominance within this prestigious list.

1. Qatar National Bank (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

Founded in 1964, Qatar National Bank (QNB) stands as the largest bank in Qatar, boasting a wide-ranging presence across 28 countries spanning three continents. With 51.9% ownership by the Qatar Investment Authority, QNB serves over 27 million customers and employs 28,000 individuals.

QNB Group offers a comprehensive range of banking and financial services, including retail banking, corporate banking, investment banking, treasury services, and wealth management solutions. The bank serves a diverse clientele, ranging from individuals and small businesses to large corporations and government entities.

With a focus on innovation and customer service excellence, QNB Group leverages advanced technology and digital banking platforms to provide convenient and accessible banking experiences for its customers. The bank is committed to delivering personalized financial solutions and building long-term relationships based on trust and integrity.

Qatar National Bank (QNB Group) is also actively involved in community development initiatives and corporate social responsibility programs, supporting various educational, healthcare, and environmental projects in Qatar and other countries where it operates. Through its dedication to ethical banking practices and social responsibility, QNB Group continues to strengthen its position as a trusted financial partner in Qatar and a leading global bank.

2. 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

Established in 2003, Industries Qatar (IQ) holds significant stakes in various sectors, including petrochemicals, fuel additives, steel, and fertilizers. With notable investments and strategic agreements, IQ continues to play a pivotal role in Qatar’s industrial landscape.

3. 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

Since its inception in 1982, Qatar Islamic Bank (QIB) has been a cornerstone of Shariah-compliant banking in Qatar and beyond. With a network of branches and strategic investments, QIB remains steadfast in providing innovative financial solutions.

QIB offers a wide range of Sharia-compliant banking products and services, including retail banking, corporate banking, investment banking, treasury services, and wealth management solutions. The bank serves a diverse clientele, catering to the financial needs of individuals, businesses, and government entities in Qatar and beyond.

With a focus on customer satisfaction and service excellence, QIB leverages advanced technology and digital banking platforms to provide convenient and accessible banking experiences for its customers. The bank is committed to delivering personalized financial solutions and building long-term relationships based on trust and integrity.

Qatar Islamic Bank (QIB) is also actively involved in community development initiatives and corporate social responsibility programs, supporting various educational, healthcare, and environmental projects in Qatar. Through its dedication to ethical banking practices and social responsibility, QIB continues to strengthen its position as a trusted financial partner in Qatar’s banking industry.

4. 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

As the leading telecom company in Qatar, Ooredoo Group continues to expand its services and reach, catering to a customer base of 56 million. With a legacy dating back to 1949, Ooredoo remains at the forefront of technological innovation and connectivity.

Ooredoo Group operates in multiple markets, providing mobile, fixed-line, broadband, and digital services to millions of customers. The company is known for its commitment to technological innovation, offering cutting-edge products and solutions to meet the evolving needs of its customers in an increasingly digital world.

With a focus on customer satisfaction and service excellence, Ooredoo Group strives to provide seamless connectivity and a superior user experience across its network. The company invests heavily in infrastructure development and network expansion to ensure reliable and high-quality telecommunications services for its customers.

Ooredoo Group is also committed to corporate social responsibility initiatives, supporting education, healthcare, and community development projects in the markets where it operates. Through its dedication to innovation, customer service, and social responsibility, Ooredoo Group continues to be a trusted telecommunications partner for individuals, businesses, and communities across the globe.

5. 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 has evolved into a prominent financial institution in Qatar and beyond. With diversified services and strategic partnerships, Commercial Bank continues to drive economic growth and financial inclusion.

Commercial Bank Qatar offers a wide array of banking products and services, including retail banking, corporate banking, investment banking, treasury services, and wealth management solutions. The bank serves a diverse clientele, including individuals, businesses, government entities, and multinational corporations, catering to their diverse financial needs and requirements.

With a focus on innovation and customer service excellence, Commercial Bank Qatar leverages advanced technology and digital banking platforms to provide convenient and accessible banking experiences for its customers. The bank is committed to delivering personalized financial solutions and building long-term relationships with its clients based on trust and integrity.

Commercial Bank Qatar is also actively involved in community development initiatives and corporate social responsibility programs, supporting education, healthcare, environmental sustainability, and other social causes in Qatar. Through its dedication to ethical banking practices and community engagement, Commercial Bank Qatar continues to strengthen its position as a leading financial institution in Qatar’s banking industry.

6. 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

As a Shariah-compliant bank, Masraf Al Rayan has positioned itself as a leader in ethical banking practices. With a focus on sustainability and innovation, Masraf Al Rayan continues to expand its footprint globally.

Masraf Al Rayan operates in accordance with Islamic principles, offering a variety of Sharia-compliant banking solutions tailored to the needs of its customers. The bank’s product offerings include current accounts, savings accounts, financing solutions, investment products, and wealth management services.

With a commitment to excellence and customer satisfaction, Masraf Al Rayan places a strong emphasis on delivering high-quality services and building long-term relationships with its clients. The bank’s experienced team of professionals ensures that customers receive personalized attention and tailored financial advice to help them achieve their goals.

Masraf Al Rayan is also actively involved in community development initiatives and corporate social responsibility programs, supporting various educational, healthcare, and environmental projects in Qatar. Through its dedication to ethical banking practices and social responsibility, Masraf Al Rayan continues to strengthen its position as a trusted financial partner in Qatar’s banking industry.

7. 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

Formerly known as Barwa Bank, Dukhan Bank has emerged as a prominent player in Qatar’s banking sector. With a commitment to Shariah-compliant principles and customer-centric services, Dukhan Bank is poised for continued growth and success.

Dukhan Bank’s operations encompass retail banking, corporate banking, wealth management, and investment banking services, all of which adhere to Islamic principles and values. The bank is committed to delivering transparent, fair, and competitive financial solutions that meet the needs of its customers while promoting economic growth and development in Qatar.

With a focus on innovation and customer service, Dukhan Bank leverages technology to provide convenient and accessible banking experiences for its clients. The bank also prioritizes financial inclusion and community development initiatives, supporting Qatar’s vision for a diversified and sustainable economy.

Through its strategic partnerships and investments, Dukhan Bank continues to expand its presence in Qatar’s banking industry while upholding its commitment to Sharia-compliant banking practices and ethical business conduct. The bank’s dedication to excellence and integrity underscores its importance as a leading financial institution in Qatar.

8. 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

Established in 2002, Qatar Fuel (WOQOD) serves as the sole fuel retailer in Qatar. With a focus on sustainability and innovation, WOQOD continues to diversify its services and enhance its customer experience.

WOQOD’s operations span a wide range of activities, including the retail distribution of petroleum products, liquefied petroleum gas (LPG), lubricants, and aviation fuel. The company operates a network of fuel stations, convenience stores, and vehicle inspection centers across Qatar, providing essential services to motorists and businesses.

With a focus on sustainability and innovation, WOQOD continually invests in infrastructure development and technology upgrades to enhance the efficiency and reliability of its operations. The company also places a strong emphasis on customer service, offering convenient and accessible fueling solutions to meet the needs of its diverse clientele.

As a state-owned entity, Qatar Fuel (WOQOD) plays a strategic role in supporting Qatar’s energy sector and ensuring the availability of fuel and related services to the nation. Through its commitment to excellence and service excellence, WOQOD contributes to Qatar’s economic growth and prosperity while meeting the energy needs of its citizens and industries.

9. Nakilat

• Sector: Logistics
• CEO: Abdullah Al-Sulaiti
• Market Value: $6 billion
• Sales: $1.2 billion
• Profits: $395 million
• Assets: $8.8 billion

Nakilat operates one of the world’s largest fleets of LNG carriers, providing safe, reliable, and efficient transportation services for Qatar’s LNG exports. The company’s fleet includes modern vessels equipped with advanced technologies to ensure the safe and environmentally responsible transportation of LNG to destinations around the globe.

With a focus on excellence and innovation, Nakilat is committed to maintaining the highest standards of safety, quality, and efficiency in its operations. The company employs a team of highly skilled professionals and invests in training and development programs to ensure the continued success and growth of its workforce.

Through strategic partnerships and investments, Nakilat continues to expand its presence in the global maritime industry while contributing to Qatar’s position as a leading exporter of LNG. The company’s dedication to operational excellence and sustainability underscores its importance as a key player in Qatar’s energy sector and maritime economy.

10. 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

As a vital utility provider in Qatar, Qatar Electricity & Water Company (QEWC) plays a crucial role in ensuring the nation’s energy security and sustainability. With a commitment to excellence and innovation, QEWC continues to meet the growing demand for electricity and water.

QEWC’s operations encompass the generation, transmission, and distribution of electricity and water to residential, commercial, and industrial consumers across Qatar. The company employs advanced technologies and best practices to ensure the efficient and reliable provision of these essential services.

With a focus on excellence and innovation, QEWC continually invests in infrastructure development and capacity expansion to meet the growing demand for electricity and water in Qatar. The company also places a strong emphasis on environmental sustainability, implementing initiatives to reduce carbon emissions and promote renewable energy sources.

As a trusted utility provider, Qatar Electricity & Water Company (QEWC) plays a vital role in supporting Qatar’s economic growth and development. Through its commitment to delivering reliable and sustainable utility services, QEWC contributes to the prosperity and well-being of the nation and its citizens.

11. Qatar International Islamic Bank (QIIB)

• Sector: Banks & Financial Services
• CEO: Abdulbasit Ahmed Al Shaibei
• Market Value: $4 billion
• Sales: $761 million
• Profits: $295 million
• Assets: $15.5 billion

Since its establishment in 1990, Qatar International Islamic Bank (QIIB) has been a pioneer in Islamic banking solutions, catering to the diverse needs of its customers. With a focus on ethical practices and sustainable growth, QIIB remains a trusted financial partner in Qatar and beyond.

QIIB’s commitment to Islamic principles and ethical banking practices sets it apart in the banking industry. The bank provides innovative financial solutions tailored to the needs of individuals, businesses, and institutions while adhering to the principles of Sharia law.

With a network of branches and a strong digital banking platform, QIIB offers a comprehensive range of services, including retail banking, corporate banking, investment banking, and wealth management. The bank’s emphasis on customer satisfaction, transparency, and integrity has earned it the trust and confidence of its customers.

Qatar International Islamic Bank (QIIB) continues to play a leading role in Qatar’s financial sector, contributing to the country’s economic growth and development while upholding the values of Islamic finance. Through strategic partnerships and initiatives, QIIB remains committed to providing innovative and sustainable financial solutions for its customers.

12. 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

With a strong presence in Qatar’s real estate sector, Barwa Real Estate Group continues to develop innovative projects that contribute to the nation’s urban landscape. Through strategic investments and sustainable practices, Barwa remains committed to driving growth and prosperity.

The company’s portfolio includes a diverse range of residential, commercial, and mixed-use developments, as well as industrial projects. Barwa Real Estate Group is committed to delivering high-quality, sustainable developments that meet the evolving needs of its customers and contribute to Qatar’s vision for urban development.

Through strategic investments and partnerships, Barwa Real Estate Group continues to expand its presence both domestically and internationally. The company’s focus on innovation, sustainability, and customer satisfaction has earned it a reputation as a trusted developer and a key contributor to Qatar’s economic prosperity.

13. 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

As one of the oldest banks in Qatar, Doha Bank has established itself as a trusted financial institution, serving a diverse clientele both domestically and internationally. With a focus on innovation and customer satisfaction, Doha Bank continues to lead the way in the banking sector.

Doha Bank’s core values of integrity, innovation, and excellence have positioned it as a trusted financial partner for individuals, businesses, and government entities. The bank offers a comprehensive range of banking and financial services, including retail banking, corporate banking, treasury services, investment banking, and wealth management.

With a strong commitment to customer satisfaction and community development, Doha Bank actively engages in corporate social responsibility initiatives and sustainable practices. The bank’s strategic investments in technology and digital banking solutions further enhance its ability to meet the evolving needs of its customers in Qatar and beyond. Doha Bank’s continued growth and success underscore its importance as a leading financial institution in the region.

14. 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’s commitment to excellence and customer-centric values has positioned it as a trusted financial partner for individuals, businesses, and institutions in Qatar. The bank offers a comprehensive suite of banking solutions, including retail banking, corporate banking, wealth management, and Islamic banking services.

With a focus on innovation and digital transformation, Ahlibank continually strives to enhance its customer experience through cutting-edge technology and personalized service. The bank’s strong presence in Qatar’s banking landscape reflects its dedication to fostering financial growth and prosperity for its customers and the community as a whole.

15. 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

Since its inception in 2013, Mesaieed Petrochemical Holding Company (MPHC) has been a leading player in Qatar’s petrochemical industry, contributing to the nation’s economic growth and development. With a focus on sustainability and efficiency, MPHC continues to set industry standards and drive innovation.

MPHC’s operations focus on the production and distribution of petrochemical products essential for various industries, including plastics, chemicals, and construction. The company leverages advanced technologies and processes to ensure the highest quality standards and environmental sustainability in its operations.

With a commitment to excellence and efficiency, MPHC plays a pivotal role in supporting Qatar’s industrial diversification and economic resilience. The company’s strategic investments and partnerships further strengthen its position as a leading petrochemical player in the region, contributing to Qatar’s vision for sustainable development and prosperity.

16. Qatar Navigation (Milaha)

• Sector: Logistics
• Interim Group CEO: Mohammed Abdulla Swidan
• Market Value: $2.9 billion
• Sales: $903 million
• Profits: $279 million
• Assets: $5 billion

As a key player in Qatar’s maritime and logistics sector, Qatar Navigation (Milaha) plays a vital role in facilitating trade and commerce both domestically and internationally. With a diversified portfolio and strategic investments, Milaha remains a cornerstone of Qatar’s economic success.

Qatar Navigation (Milaha) is committed to delivering excellence in its operations while adhering to the highest standards of safety, efficiency, and environmental sustainability. Through its strategic partnerships and investments, the company continues to drive innovation and enhance its capabilities to meet the evolving needs of its customers and contribute to Qatar’s economic growth and development.

In conclusion, the presence of 16 Qatari-listed firms among Forbes’ top 100 companies in the Middle East is a testament to Qatar’s vibrant and resilient economy. With continued investments, innovation, and strategic planning, these companies are poised to further enhance Qatar’s position as a regional economic powerhouse.

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