The list includes energy companies and banks.
A total of 16 Qatari companies were listed among Forbes “Top 100 Listed Companies 2023”, with the Qatar National Bank (QNB) conquering third place for the second consecutive year.
Released on Tuesday, the list saw Saudi Arabia’s energy company Aramco top the rankings, followed by the Kingdom’s SABIC, and Doha’s QNB. Doha’s Dukhan Bank was also among the “newly-listed” entities.
“GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the UAE with 28, Qatar with 16, and Kuwait with nine,” Forbes said.
According to Forbes, QNB’s market value stood at $38.8 billion, with sales worth $18.4 billion, profits of $4 billion, and $326.7 billion in assets. The bank employs 28,000 people and serves more than 27 million customers.
Here are other Qatari companies that made it to the list:
Industries Qatar (IQ): 23
The company’s market value stood at $21.5 billion, sales of $5.2 billion, $2.4 billion profits, and assets of $12.4 billion.
Notably, the company inked in 2022 a major $1.06 billion agreement to build the world’s largest Blue Ammonia facility by the Qatar Fertilizer Company.
Qatar Islamic Bank (QIB): 27
Established in 1982, the bank’s market value stood at $11.6 billion, with sales amounting to $2.5 billion, profits of $1.1 billion, and $50.5 billion in assets.
With stakes in numerous Qatari financial services, QIB’s net profit saw a 12.7% spike last year while its assets dropped by 5.1% in comparison to 2021. QIB’s biggest shareholder is sovereign wealth fund, the Qatar Investment Authority (QIA) with a 17.2% stake.
Ooredoo Group: 30
The market value of Doha’s largest telecommunications company stood at $8.4 billion, with sales worth $6.2 billion, $758 million in profits, and $17 billion worth of assets.
According to Forbes, Ooredoo’s 2022 customer base reached 56 million. QIA is the company’s major shareholder with a 53.49% stake.
Commercial Bank: 35
The bank’s market value stood at $6.4 billion, $2.6 billion in sales, and assets of $46.5 billion. In 2022, the bank witnessed a 22% increase in profits in comparison to 2021, recording $772 million in net profits.
QIA owns 16.8% of the bank.
Masraf Al Rayan: 44
Established in 2006, the bank’s market value stood at $6.7 billion as sales hit $2 billion. The bank recorded $375 million in profits and has $46 billion in assets.
QIA owns 15.9% of the bank, which also has a presence in the UK, the UAE and France.
“The bank completed its merger with the Al Khaliji Commercial Bank in 2021, marking the first merger of publicly-listed banks in Qatar,” Forbes said.
Dukhan Bank: 61
The bank has a market value of $4.6 billion, sales worth $1.3 billion, $344 million in profits, and assets worth $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,” Forbes said.
The bank rebranded in 2020 after completing a merger with the International Bank of Qatar in 2019.
Qatar Fuel (WOQOD): 65
Qatar’s only fuel retailer recorded a market value of $4.5 billion, $8.2 billion in sales, profits of $303 million, and $4 billion in assets.
During the first quarter of this year alone, WOQOD expanded its stations to reach 128 while installing 10 electric charging areas at seven different locations.
QatarEnergy owns 20% of WOQOD.
The Qatari shipping and maritime company has a market value of $6 billion, with $1.2 billion in sales, profits worth $396 million, and $8.8 billion in assets.
Qatar Electricity & Water Company (QEWC): 74
QEWC has a market value of $5.1 billion, $748 million in sales, $481 million in profits, and $7.6 billion in assets.
“Today, it supplies up to 55% of Qatar’s electricity and up to 73% of the country’s water,” Forbes said.
Qatar International Islamic Bank (QIIB): 75
Established in 1990, QIIB has a market value of $4 billion, $761 million in sales, $295 million in profits, and $15.5 billion in assets.
QIA is QIIB’s largest shareholder with a 16.62% stake.
Barwa Real Estate Group: 85
The Qatari real estate giant has a market value of $2.7 billion, $710 million in sales, $316 million in profits, and $11 billion in assets.
Barwa’s real estate portfolio includes 14,069 residential units and villas in addition to more than 448,000 square meters for warehouses and workshops, Forbes said.
Doha Bank: 89
Established in 1979, Doha Bank has a market value of $1.3 billion, $1.3 billion in sales, $210 million in profits, and $26.8 billion in assets. QIA holds a 17.15% stake in the bank.
The bank’s market value stood at $2.7 billion and recorded $630 million in sales, $212 million in profits, and $13.3 billion in assets.
QIA owns 47.71% of Ahlibank.
Mesaieed Petrochemical Holding Company (MPHC): 98
Founded by QatarEnergy, MPHC has a market value of $6.8 billion, $490 million in sales, $485 million in profits, and $4.9 billion in assets.
Qatar’s state energy company holds a 65.45% stake in MPHC.
Milaha’s market value stood at $2.9 billion, with $903 million in sales, $279 million in profits, and $5 billion in assets.
Last year, it inked a major five-year contract with QatarEnergy worth more than $384.6 million to provide “engineering, procurement, construction, and installation services” for the Gulf state’s offshore projects.
QatarEnergy owns 8.6% of Milaha.