11 Qatari companies topped Forbes International’s list of “The 100 Largest Public Companies by Market Value in the Middle East for the Year 2026.” The list includes companies that have contributed to driving economic growth in the region, and the total market value of the companies included in the list is about $3.7 trillion.
The UAE tops the list in terms of the number of companies, with 35 companies, followed by Saudi Arabia with 34 companies, then Qatar with 11 companies, Morocco with 9 companies, and Kuwait with 6 companies.
QNB Group
QNB Group ranked 11th on the list in the banking and financial services sector, with a market value of $50.2 billion. QNB Group operates in 28 countries, through about 900 locations and more than 5,000 ATMs. In October 2025, the group obtained the approval of the Central Bank of Saudi Arabia and the Central Bank of Egypt regarding a digital bank license (ezbank). In the same month, the group refinanced an unsecured, long-term syndicated loan facility worth $1.5 billion. Dollar.
During 2025, the group’s total assets reached $382.2 billion, and its net profits reached $4.8 billion. The CEO of the Group is Mr. Abdullah Mubarak Al Khalifa.
Industries Qatar
Industries Qatar – the industrial sector – ranked 27th, and the company’s market value reaches $21.1 billion.
Industries Qatar was established in 2003 and operates in the sectors: petrochemicals, fertilizers and steel. Its production volume reached 18.1 million metric tons during 2025, while it recorded sales of 11 million metric tons.
In 2025, the company achieved a net profit of $1.2 billion, with total assets of $11.9 billion. As of February 2026, Qatar Energy is the largest shareholder in Industries Qatar with a 51% stake.
The Chairman of the Board of Directors and Managing Director is His Excellency Engineer Saad bin Sherida Al Kaabi.
Qatar Islamic Bank
In 35th place came Qatar Islamic Bank (QIB) – the banking and financial services sector – with a market value of $16.2 billion.
Qatar Islamic Bank was established in 1982, and is considered one of the largest Islamic banks in Qatar. It operates 22 branches inside Qatar and one branch in Sudan. Its total assets reached $60.7 billion as of December 2025.
While Qatar Holding Company, the investment arm of the Qatar Investment Authority, is its largest shareholder with a stake of 16.7%, the CEO of the group is Mr. Basil Jamal.
Ooredoo Group
The Ooredoo Group – the telecommunications sector – ranked 43rd, with a market value of $12.5 billion. The Ooredoo Group is the largest telecommunications company in Qatar, serving 147.1 million customers, including IOH customers in the Middle East, North Africa and Southeast Asia. In January 2026, its data center arm acquired Q Data in Qatar.
During 2025, the group recorded revenues of $6.8 billion, while its total assets reached $17.5 billion. In the same year, the group also expanded its cybersecurity services and launched software interfaces for its unified applications for its global corporate clients. The Group CEO is Mr. Aziz Al Othman Fakhro.
Ezdan Holding Group
Ezdan Holding Group – the real estate and construction sector – ranked 59th, with a market value of $7.57 billion. Ezdan Holding Group was established in 1993 and listed on the Qatar Stock Exchange in 2008. The group owns and manages a diversified portfolio of residential and commercial properties, hotels, and commercial centers, with total assets amounting to $12.9 billion, as of September 2025.
While the group’s rental revenues amounted to $367 million, and its net profits grew by about 188% to reach $161.4 million in the first 9 months of 2025. Al-Tadawul Trading Group is also the largest shareholder in the group, with a stake of 54.2% until February 2026.
Mr. Hani Dabash is the Executive Vice President of the Group.
Nakilat Company
In 63rd place was Nakilat – the logistics services sector – with a market value of $7.3 billion.
The Qatari Nakilat Company provides maritime transportation services. It owns a fleet for transporting liquefied natural gas, which is considered one of the largest in the world. It also includes 69 LNG tankers, two LNG tankers, and a floating liquefied natural gas storage unit, while the company’s total assets reached $10 billion until the end of 2025.
The volume of shipments transported by the company during 2025 reached more than 60 million metric tons through 751 shipments, equivalent to approximately 11% of the global capacity to ship liquefied natural gas. Qatar Navigation Company (Milaha) is the largest shareholder in the company, with a 36.3% stake as of February 2026. The CEO is Mr. Abdullah Al Sulaiti.
Al Rayan Bank
Al Rayan Bank – the banking and financial services sector – ranked 73rd, with a market capitalization of $5.8 billion.
Al Rayan Bank provides Sharia-compliant banking services through 13 branches in Qatar. In December 2025, Al Rayan Investment Company, a subsidiary of the bank, participated as joint issue manager for the issuance of sovereign sukuks to the State of Qatar worth $3 billion, which attracted global orders exceeding $12 billion. Until the end of 2025, the bank’s total assets amounted to $49.8 billion, and it recorded a net profit of $426.5 million. The Qatar Investment Authority is the largest shareholder in the bank, with a stake of 20.5%, until February 2026.
And the CEO of the group, Mr. Fahad Al Khalifa.
Commercial Bank
Commercial Bank – Banks and Financial Services – ranked 79th on the list, with a market value of $5.3 billion.
Commercial Bank was established in 1974 and serves more than 534,000 individual and corporate clients. Alternatif Bank also owns Bank in Türkiye, in addition to owning shares in banks in the Emirates and Oman. As of December 2025, its total assets amounted to $53 billion, while the value of its portfolio of investment securities amounted to $11.1 billion.
In the same month, the bank launched a virtual car showroom supported by Metaverse technology, on the phone application, and the group’s CEO is Mr. Stephen Moss.
Dukhan Bank
Dukhan Bank came in 84th place – banks and financial services – with a market capitalization of $5.125 billion.
Dukhan Bank was established through a merger in 2019, and is one of the largest Sharia-compliant banks in Qatar. The bank’s net profit in 2025 grew by about 5% to reach $388 million, while its assets reached $34 billion at the end of the year. In December 2025, the bank partnered with Qatar Museums, to support the development of two cultural institutions. In November 2025, he also signed a memorandum of understanding with Global Infrastructure Partners (GIP) to expand access to Sharia-compliant investment products and solutions. And the acting CEO of the group, Mr. Ahmed Hashem.
Islamic International
The International Islamic Bank – Banks and Financial Services – ranked 92nd on the list with a market value of $4.74 billion.
QIIB provides its services in Qatar through 17 branches, and one digital branch, until December 2025. The bank’s net profit reached $371 million in 2025, an increase of 7.2% compared to 2024. In December 2025, the bank listed sukuks worth $137.4 million on the Qatar Stock Exchange.
In November 2025, it issued sukuks worth $500 million, as part of the bank’s existing sukuk program worth $2 billion. While the Qatar Investment Authority is the largest shareholder in the bank, with a 16.44% stake until February 2026, the CEO of the bank is Dr. Abdel Baset Al-Shaibi.
Nebras Energy
Nebras Power Company – the energy sector – ranked 98th, with a market value of $4.62 billion.
Qatar Electricity and Water Company was established in 1990, then became (Nebras Power) in January 2026. The company is the main supplier of electricity and desalinated water in Qatar, with an electricity generation capacity exceeding 10 gigawatts.
In 2025, its total assets increased by 4.7% to $6.5 billion, while its net profits fell by 4.6% to $376.6 million. While the Qatar Investment Authority is the largest shareholder in the company, with a stake of 29.96% as of February 2026.
The Managing Director and CEO of the company is Mr. Mohammed Nasser Al-Hajri.
$4.3 trillion
Forbes said, “During a year that witnessed fluctuations in various markets, the largest Middle Eastern companies maintained their stability and even enhanced their market value in the midst of challenges. The total market value of financial markets in the Middle East and North Africa region reached $4.3 trillion in January 2026, distributed among 12 financial markets.
The 100 largest public companies by market value in the region also accounted for $3.7 trillion of this total, which reflects the amount of value concentrated among major companies.
But in terms of size, Saudi Arabia clearly leads the way. The market value of Saudi companies included in the list of the 100 largest public companies in terms of market value in the region this year is about $2.4 trillion, equivalent to about 64% of the total. A large part of this weight is due to Saudi Aramco, which tops the list with a market value of $1.7 trillion, representing alone about 40% of the total market value of listed companies in the region. While the banking and financial services sector remains the most represented on the list, as it includes 34 companies with a total market value of $732.6 billion. While the energy sector reflects a different scene; Although it is represented by only 9 companies on the list, it accounts for about $1.9 trillion in market value, which highlights the strategic weight that hydrocarbons still represent for companies in the region.
Overall, the GCC countries continue to dominate the list, accounting for about 88% of the total companies. The UAE and Saudi Arabia share the top 10 places equally, consolidating their position as two major centers of gravity for companies in the region.
This classification is based on market value data from 12 financial markets in 11 countries in the Middle East and North Africa region, with closing prices adopted until January 31, 2026. Currency conversions were calculated according to the exchange rates approved on the same date.