Qatar National Bank is joined by 13 other Qatari companies on the list that span various sectors of finance, water and electricity, logistics, fuel distribution and insurance.

The Qatar National Bank (QNB) Group has emerged fourth in the region on the Forbes Middle East ‘Top 100 Companies’ list, a spot lower than last year’s ranking.

Published on Sunday, the Forbes list recognised QNB, which is backed by the Qatar Investment Authority, for its presence across 28 countries in Asia, Africa and Europe.

The bank’s reported profits are $4.3bn and its assets total $338.2bn.

Currently under the leadership of Abdulla Mubarak Al Khalifa, the banking powerhouse’s estimated market value stands at $35.1bn – making it the biggest bank in Qatar and one of the largest financial institutions in the region.

Earlier in May, the regional giant was also praised as the Middle East’s best bank for environmental, social and governance (ESG) principles at the Euromoney Awards for Excellence 2024.

Heba Ali Al Tamimi, a senior executive vice president of QNB Group Communications, said that the bank was proud to receive such an accolade, which signals its “unwavering commitment” to ESG and adaptability to the evolving nature of client and stakeholder needs.

QNB also vaulted to the number five spot on Forbes Middle East’s ‘30 Most Valuable Banks’ list, which was published in April.

Who are the other companies that made the cut?

QNB is joined by 13 other Qatar-based companies on this year’s list. This marks a slight decrease from last year when 16 made the list.

Qatar Islamic Bank (QIB) ranks 29th on the list. Its market value is estimated at $11.6bn and is reported to have assets worth $52bn. QIB has a network of 23 branches across Qatar, as well as a presence in London through QIB-UK, and in Lebanon through Arab Finance House. There is also a QIB branch in Sudan.

In May, the Islamic financial institution was recognised for ‘Excellence in Islamic Digital Banking’ at The Banker Islamic Banking Awards 2024. The Banker highlighted QIB’s achievement of a 17 percent increase in mobile app registered users in the 10 months to October 2023, and a 28 percent rise in average monthly financial transactions.

Away from the banking sector, Industries Qatar (IQ) ranks 33rd on the list.

Through its subsidiaries and joint ventures, IQ operates within the petrochemicals, fertiliser and steel sectors, and has an estimated market value of $19.9bn and assets worth $11.8bn.

Other Qatari companies that made the list include several banks, Woqod, the Qatar Electricity & Water Company, and the Qatar Insurance Company Group.

Along with Qatar, Gulf-based companies dominated this year’s ranking. The list features 92 GCC-based companies, with a combined total of 63 hailing from the United Arab Emirates and Saudi Arabia.

Forbes said their ranking criteria was based on data collected from listed stock exchanges in the region, as well as reported sales, assets, and profits for the 2023 financial year and companies’ market value as of April 26, 2024.

Companies that did not disclose their full-year 2023 audited financial statements by April 26 were excluded from consideration.