14 Qatari companies are among the 100 most powerful companies in the Middle East

Written By Mark

Forbes Middle East revealed its annual ranking of the 100 most powerful public companies for the year 2024, which included 14 Qatari companies, highlighting the region’s strongest companies in terms of size, market value and profitability.
Gulf companies topped the list with 92 companies, and the companies were classified according to the following criteria with equal relative weights: sales, total assets, and net profits for the year 2023, in addition to the market value that was calculated based on the market closures on April 26, 2024. The companies that were equal in total points obtained the ranking. Himself.

Forbes excluded companies that did not disclose their consolidated and audited financial statements for the year 2023, until April 26, 2024. Foreign exchange rates were also adopted on the same date.
Forbes research showed that the sales of the 100 most powerful companies declined by 5.1% from $1.1 trillion in 2022 to $1 trillion in 2023. Their total net profits also declined by 13.5% to $240.2 billion, and their total market values ​​by 4.4% to $3.6 trillion. Until April 2024. While the total asset value of 100 companies increased by 5.4% to $4.9 trillion in 2023, compared to the previous year.
The banking and financial services sector remains the most represented on the list, with 45 banks with revenues of $223.5 billion and total assets of about $3.3 trillion. While 6 of the 10 strongest public companies operate across the banking and financial services sector. The communications sector came in second place with 9 companies, and the industry came in third place with 7 companies, respectively. While the energy sector, represented by 5 companies, remained the most profitable, with total profits amounting to $127.5 billion.
The list highlighted the largest, most valuable and profitable Qatari companies in Qatar, which were arranged as follows:
QNB Group ranked fourth in the ranking and first among the Qatari companies on the list. QNB offers a full range of investment banking services through its subsidiary QNB Capital to companies, government agencies and institutions in Qatar and abroad. It is present, through its branches and subsidiaries, in more than 28 countries and three continents around the world, providing the latest banking services and products to its customers. The group employs more than 28,000 employees across 900 branches and representative offices, in addition to a wide network of ATMs of more than 4,800 machines.
Qatar Islamic Bank (the Bank) ranked 29th in the Middle East and second among Qatari companies on the list. The Bank is the second largest bank in Qatar with a market share of 10% of assets, financing and deposits. The bank also received a credit rating of AA- from Capital Intelligence, A1 from Moody’s and A- from Fitch and provides its services in the local market through 23 branches and more than 170 ATMs. It also currently accounts for about 36% of the Islamic banking sector in the country.
Ooredoo ranked 31st in the Middle East and third among Qatari companies on the list. The group focuses on three business lines (mobile communications for individuals, broadband service for individuals, and business) across three geographic regions (the Middle East, North Africa, and Southeast Asia).
Industries Qatar ranked 33rd in the Middle East and fourth among Qatari companies on the list. The Industries Qatar group of companies includes: Qatar Petrochemical Company (QAPCO) – Qatar Petroleum Additives Company Limited (QAFAC). As for the fertilizer sector, there is Qatar Chemical Fertilizers Company (QAFCO) and in the… Iron and steel There is Qatar Steel Company.
As for Commercial Bank, it ranked 38th regionally and fifth locally, as the bank plays a vital role in the economic development of the State of Qatar by providing a range of personal, commercial, governmental, international and investment banking services, and provides banking services to individuals and banking services to companies. The bank also makes strategic investments through its associates and subsidiaries.
In this context, Masraf Al Rayan ranked 43rd in the Middle East and sixth locally, while Dukhan Bank ranked 61st regionally and seventh in Qatar, “Nakilat” ranked 74th regionally and eighth locally, and Qatar Fuel Company “Woqod” ranked 75th regionally and ninth. At the local level, Qatar International Islamic Bank (QIIB) ranked 10th locally and 77th in the Middle East.
As for the other four Qatari companies that appeared on the list, they were as follows: Qatar Electricity and Water Company ranked 86th regionally and 11th locally, National Bank 91st regionally and 12th locally, Doha Bank ranked 94th at the Middle East level and 13th at the local level. Qatar Insurance Group (QIC) ranked 14th locally and 98th in the Middle East.