Qatari companies occupied the first and advanced positions in the list of “100 most powerful companies in the Middle East for the year 2023” announced by Forbes International magazine. The new list included 16 Qatari companies, led by QNB Group, which ranked third in the Middle East.
The ranking of Qatari companies came as follows:
Rank 3: QNB Group
Sector: Banks and financial services
Group Chief Executive Officer, Mr. Abdullah Mubarak Al Khalifa
Market value: $38.8 billion
Sales: $18.4 billion
Net profit: $4 billion
Assets: $326.7 billion
He established the largest bank in Qatar in 1964, as the first Qatari commercial bank, and the Qatar Investment Authority owns 51.9% of its shares.
The group operates in more than 28 countries on 3 continents, and provides services to more than 27 million customers through 28 thousand employees.
In November 2022, QNB Group signed a strategic partnership agreement with SADAD Payment Solutions Company, to develop electronic payments in Qatar. It also signed an agreement to establish a joint entity with Ajlan & Brothers Holding Group, to develop and expand the work of the two groups in the field of digital banking services in Saudi Arabia.
Rank 23: “Industries Qatar”
Sector: Industry
Chairman of the Board of Directors and Managing Director, His Excellency Eng. Saad bin Sherida Al Kaabi
Market value: $21.5 billion
Sales: $5.2 billion
Net profit: $2.4 billion
Assets: $12.4 billion
It was incorporated as a Qatari Shareholding Company in 2003. Industries Qatar Group currently owns 80% of Qatar Petrochemical Company and 50% of Qatar Petroleum Additives Company Limited. It also owns Qatar Steel and Qatar Chemical Fertilizers. In August 2022, the company signed an agreement worth $1.06 billion to establish the world’s largest blue ammonia production line (ammonia-7) through its subsidiary Qatar Chemical Fertilizers.
Rank 27: «The Bank»
Sector: Banks and financial services
Group CEO: Mr. Basil Jamal
Market value: $11.6 billion
Sales: $2.5 billion
Net profit: $1.1 billion
Assets: $50.5 billion
The bank was established in 1982, and it has 23 branches in Qatar and one branch in Sudan. It also has investments in the United Kingdom and Lebanon. He owns stakes in a number of Sharia-compliant financial services companies in Qatar, including: QInvest, Daman Islamic Insurance (Bima) and Al Jazeera Finance. In October 2022, QInvest, in partnership with Qatar Insurance Company, established Epicure Islamic Investment Management Company in Qatar. In 2022, the bank’s net profit increased by 12.7% to reach $1.1 billion. While total assets amounted to $50.5 billion, declining by 5.1% compared to 2021.
Rank 30: Ooredoo Group
Sector: Communications
Group Managing Director and CEO: Mr. Aziz Al-Othman Fakhro
Market value: $8.4 billion
Sales: $6.2 billion
Net profit: $758 million
Assets: $17 billion
The Ooredoo Group, as Qatar General Telecommunications Corporation, is the largest telecommunications company in Qatar. It established the first telephone exchange in Doha, and at the end of 2022 the company had 56 million customers. In January 2022, the telecom subsidiary of Ooredoo Group in Indonesia merged with a subsidiary of CK Hutchison in a $6 billion deal, creating the second largest telecom company in Indonesia. The Qatar Investment Authority is the largest shareholder in the group with a stake of 53.49%.
Rank 35: Commercial Bank
Sector: Banks and financial services
Group CEO: Mr. Joseph Abraham
Market value: $6.5 billion
Sales $2.6 billion
Net profit: $772 million
Assets: $46.5 billion
The Commercial Bank was established in 1974 and is currently active in Qatar and Turkey through its wholly owned Alternatif Bank. It also owns and operates exclusive franchises for Diners Club in Qatar and Turkey.
In June 2022, he announced the completion of a $750 million Asian syndicated term loan arrangement. Its net profits reached $772 million in 2022, an increase of 22%, compared to 2021, and its total assets amounted to $46.5 billion.
Rank 44: Masraf Al Rayan
Sector: Banks and financial services
Group CEO: Mr. Fahd bin Abdullah Al Khalifa
Market value: $6.7 billion
Sales: $2 billion
Net profit: $375 million
Assets: $46 billion
Masraf Al Rayan was established in 2006 and provides Sharia-compliant banking services in Qatar, the United Kingdom, the UAE and France.
In April 2022, the bank launched a framework for sustainable financing options, to provide financing opportunities related to the environment, society and governance to investors, and to use its revenues to finance sustainable projects.
In 2021, the bank completed its merger with Khaleeji Commercial Bank (Al Khaliji), marking the first merger of two banks listed in Qatar.
Rank 61: Dukhan Bank
Sector: Banks and financial services
Acting CEO: Mr. Ahmed Hashem
Market value: $4.6 billion
Sales: $1.3 billion
Net profit: $344 million
Assets: $29.2 billion
It was established in 2008 as Barwa Bank, and commenced operations in 2009 as a Sharia-compliant bank. In October 2020, it was renamed Dukhan Bank after merging with Qatar International Bank in 2019.
It offered 33.34% of its shares on the Qatar Stock Exchange in February 2023 through the direct listing mechanism, with a market value of $6.3 billion at the time of listing. The General Retirement and Social Insurance Authority is the largest shareholder in Dukhan Bank with a stake of 24.5%.
Rank 65: «fuel»
Sector: retail
Chief Executive Officer and Managing Director Mr. Saad Rashid Al-Mohannadi
Market value: $4.5 billion
Sales: $8.2 billion
Net profit: $303 million
Assets: $4 billion
WOQOD was established in 2002 and holds the exclusive franchise for the distribution and marketing of fuel in Qatar. In the first quarter of 2023, the company increased the number of its operating stations to 128 stations, while it worked to install 10 electric charging points in 7 fuel stations, in coordination with KAHRAMAA.
Its subsidiaries include Qatar Aviation Fuel (Q-Jet), WOQOD Vehicle Inspection Company (Fahes), WOQOD Marine Services, and WOQOD International.
Rank 67: “Nakilat”
Sector: Logistics
Chief Executive Officer: Mr. Abdullah Al-Sulaiti
Market value: $6 billion
Sales: $1.2 billion
Net profit: $395 million
Assets: $8.8 billion
The Bahri Transport Company was established in 2004 to become the transportation link in Qatar’s LNG supply chain. In March 2022, Nakilat increased the percentage of non-Qatari ownership in the company to 100%.
The company has a fleet of 74 ships, including 69 ships for transporting liquefied natural gas, 4 ships for transporting liquefied petroleum gas, and a floating unit for storing and restoring liquefied natural gas. The capacity of the fleet of LNG transport ships is more than 9 million cubic meters, which represents 10% of the current total global capacity to transport LNG.
Rank 74: “Qatar Electricity and Water”
Sector: Utilities
Managing Director and General Manager Mr. Mohammed Nasser Al-Hajry
Market value: $5.1 billion
Sales: $748 million
Net profit: $481 million
Assets: $7.6 billion
Qatar Electricity and Water Company was established to own and operate power generation and water desalination plants. It is the main supplier of electricity and desalinated water in Qatar with a market share of 55% of electricity and 73% of desalinated water.
The company sold its 49% stake in Siraj Energy to Qatar Energy at the end of last year, with Siraj fully owned by Qatar Energy. In July 2022, the fully owned Ras Laffan Operating Company acquired 40% of Nebras Energy from Qatar Holding Company for $530 million, making Nebras wholly owned by Qatar Electricity and Water Company.
Rank 75: Islamic International
Sector: Banks and financial services
Chief Executive Officer: Mr. Abdul Basit Ahmed Al Shaibi
Market value: $4 billion
Sales: $761 million
Net profit: $295 million
Assets: $15.5 billion
Established in 1990, the bank provides Sharia-compliant banking solutions to individuals and companies through 17 branches in Qatar. In October 2022, the bank established the Takaful Insurance Company in Morocco, in partnership with the Atlanta Insurance Company, the Moroccan Mortgage and Tourist Loan Bank (CIH) and the Qatar Islamic Insurance Company (QIIC). The bank also owns 40% of the Moroccan (Omnia Bank).
Rank 85: «Barwa Real Estate»
Sector: real estate and construction
Group Chief Executive Officer: Mr. Abdullah Jabara Al-Rumaihi
Market value: $2.7 billion
Sales: $710 million
Net profit: $316 million
Assets: $11 billion
The group obtained the commercial license in November 2005. The Qatari Diar Real Estate Investment Company, owned by the Qatar Investment Authority, is the largest shareholder in the group with a stake of 45%. Barwa sold its 24.4% stake in Al-Imtiaz Investment Group for $103 million in 2022.
The company owns 20% in Daman Islamic Insurance Company (Bima), which is newly listed on the Qatar Stock Exchange. Barwa’s land portfolio reached 5.5 million square meters in 2022, of which 5.4 million square meters is in Qatar, of which the company owns 80%. The company has 14,069 residential units and villas, and more than 448 thousand square meters for warehouses and workshops.
Rank 89: Doha Bank
Sector: Banks and financial services
Acting Chief Executive Officer: Mr. Judney Steholt Adalsteinsson
Market value: $1.3 billion
Sales: $1.3 billion
Net profit: $210 million
Assets: $26.8 billion
Established in 1979 in Qatar, it provides its services to more than 470,000 clients. The bank has foreign branches in Kuwait, the UAE and India, in addition to representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh, Sri Lanka and Nepal.
The bank launched the Q-Trade trading platform, which allows clients to buy and sell shares listed on the Qatar Stock Exchange, in January 2023.
Rank 97: National Bank
Sector: Banks and financial services
Chief Executive Officer: Mr. Hassan Ahmed Al-Efranji
Market value: $2.7 billion
Sales: $630 million
Net profit: $212 million
Assets: $13.3 billion
The bank was established in 1983 as a public shareholding company. It currently has 12 branches and 86 ATMs in Qatar. In April 2022, Al Ahli Bank and Qatar Development Bank signed an agreement for the updated Al Dhameen program to support small, medium and micro enterprises in Qatar. In the same month, the bank launched the direct payment service in cooperation with the General Tax Authority in Qatar, to facilitate procedures for paying tax obligations to its customers.
Rank 98: “Mesaieed Petrochemical Holding”
Sector: petrochemicals
Chairman of the Board of Directors, Mr. Ahmed Saif Al-Sulaiti
Market value: $6.8 billion
Sales: $490 million
Net profit: $485 million
Assets: $4.9 billion
The company was established in 2013 and listed on the Qatar Stock Exchange less than a year later. Mesaieed Petrochemical Holding Company operates in two main sectors: petrochemicals and chlor-alkali.
Qatar Energy Company is the founder of the company and owns 65.45% of it. Mesaieed factories are mainly located in Qatar, and the company owns 49% of each of Qatar Chemical Company Limited (Q-Chem) and Qatar Chemical Company 2 Limited (Q-Chem 2), in addition to 55.2% of Qatar Vinyl Company Limited, which works to produce a range of chlor-alkali products.
The company is establishing the first polyvinyl chloride plant in Qatar, at a total cost of $279 million, to be completed in mid-2025.
Rank 99: “Navigation”
Sector: Logistics
Acting Group Executive Director: Mr. Mohammed Abdullah Suwaidan
Market value: $2.9 billion
Sales: $903 million
Net profit: $279 million
Assets: $5 billion
Milaha focuses on 5 strategic business units: Maritime and Logistics Services, Marine and Technical Services, Offshore Platform Support, Gas and Petrochemicals, and Capital. In 2022, Milaha signed a 5-year contract with Qatar Energy Company worth more than $384.6 million to provide engineering, logistics, procurement and subsea construction for offshore oil and gas projects in Qatar. The state-owned Qatar Energy Company owns 8.6% of Milaha, while Milaha owns 36.3% of Qatar Gas Transport Company Limited (Nakilat).
And in its report on the list of the 100 most powerful companies in the Middle East for the year 2023
Forbes confirms that the Middle East region was not immune from the global turmoil that rocked the stock markets, as the total market values of the 100 most powerful public companies in the Middle East for the 2023 list decreased by 5% to $3.8 trillion, compared to $4 trillion in the 2022 classification.
However, total sales of the 100 companies rose 38.5% to $1.1 trillion, and profits jumped 37.7% to $277.7 billion. Total corporate assets also increased by 9.5% to $4.6 trillion until the end of 2022.
The GCC countries dominate the list by 91%, and Saudi Arabia is the most represented with 33 companies, followed by the UAE with 28 companies, then Qatar with 16 companies, and Kuwait with 9 companies.
Saudi Aramco, the world’s largest oil and gas company, maintained its top spot, with sales of $604.4 billion and a market value of $2.1 trillion. While its subsidiary SABIC came in second place, followed by (QNB Group).
Despite the repercussions of the collapse of the US Silicon Valley Bank (SVB), the banking and financial services sector still dominates the list with 42 banks, with total assets of $3 trillion and net profits of $45.4 billion. The energy sector, led by Saudi Aramco, also recorded the largest share of profits, with a total of $162.4 billion in 2022.
The 2023 list witnessed the entry of a number of companies whose shares were recently listed in the financial markets, such as the Qatari Dukhan Bank, the Emirati Multipleplay Group, Americana Restaurants, Saudi Aramco Base Oils Company (Luberef), and Marafiq Company.
