Forbes Middle East unveils the Middle East’s Top 100 Listed Companies in its June issue, naming 14 Qatari companies.

GCC companies dominate the list with 92 entries, led by the UAE with 32 companies, followed by 31 from Saudi Arabia, 14 companies from Qatar, 10 from Kuwait, four from Morocco, three from Bahrain, and two entries each from Egypt, Jordan and Oman.


4. QNB Group

Group CEO: Abdulla Mubarak Al Khalifa
Market Value: USD35.1 bn
Sales: USD29.6 bn
Profits: USD4.3 bn
Assets: USD338.2 bn

With a presence in more than 28 countries across Asia, Africa, and Europe, the Qatar National Group (QNB) Group served more than 30 mn customers through a network of 966 branches, as of March 2024. In October 2023, the group launched the QNB Payment Gateway in Qatar to provide local merchants with digital payment solutions. Qatar Investment Authority (QIA) owns 51.84% of the bank.


29. Qatar Islamic Bank (QIB)

Group CEO: Bassel Gamal
Market Value: USD11.6 bn
Sales: USD3.1 bn
Profits: USD1.2 bn
Assets: USD52 bn

Established in 1982, QIB was the first Islamic financial institution in Qatar. The bank had a network of 23 branches in Qatar and one branch in Sudan, with investments in the UK and Lebanon as of December 2023. In November 2023, QIB issued a USD500 mn USD-denominated five-year sukuk. Qatar Holding, the investment arm of Qatar Investment Authority (QIA), is QIB’s largest shareholder, with a 16.87% stake.


31. Ooredoo Group

Group CEO: Aziz Aluthman Fakhroo
Market Value: USD8.8 bn
Sales: USD6.4 bn
Profits: USD965 mn
Assets: USD16 bn

Ooredoo is the largest telecom company in Qatar. It had more than 58.5 mn customers as of March 2024, reaching 159.3 mn customers including its joint venture Indosat Ooredoo Hutchison. In December 2023, Ooredoo Group, Zain Group, and TASC Towers Holding signed a definitive agreement to create the largest tower company in the MENA region, valued at USD2.2 bn. QIA owns a 53.28% stake in the group.


33. Industries Qatar (IQ)

Chairman and Managing Director: Saad Sherida Al-Kaabi
Market Value: USD19.9 bn
Sales: USD3.2 bn
Profits: USD1.3 bn
Assets: USD11.8 bn

Established in 2003, IQ operates in three main segments—petrochemicals, fertilisers, and steel—through its subsidiaries and joint ventures. In October 2023, IQ’s subsidiary, Qatar Steel, fully acquired Al Qataria for Production of Reinforcing Steel for USD95 million. The Qatar Steel and the Qatar Fertiliser Company are wholly-owned subsidiaries of IQ. QatarEnergy is the major shareholder with a 51% stake.


38. Commercial Bank

Group CEO: Joseph Abraham
Market Value: USD4.7 bn
Sales: USD3.3 bn
Profits: USD827 mn
Assets: USD45.2 bn

Commercial Bank operates in Qatar and has a presence in Türkiye through its fully-owned subsidiary, Alternatif Bank. It owns and operates the Diners Club franchise in Qatar and Türkiye. In April 2023, it issued USD117.9 million in a three-year privately placed QAR-denominated bond. The group recorded a net profit of USD827 million in 2023, an increase of 7.1% compared to 2022. QIA owned 16.4% of the bank as of March 2024.


43. Masraf Al Rayan

Group CEO: Fahad Al Khalifa
Market Value: USD6.3 bn
Sales: USD2.7 bn
Profits: USD407 mn
Assets: USD45.1 bn

Masraf Al Rayan provides Shariah-compliant banking services through 16 branches and over 111 ATMs across Qatar. It also operates internationally, with subsidiaries in the UAE, the UK, and France. In February 2024, UK-based Al Rayan Bank partnered with Educate A Child International to launch a new fixed-term deposit aimed at advancing education for marginalised and vulnerable children and young people.


61. Dukhan Bank

Acting Group CEO: Ahmed Hashem
Market Value: USD5.6 bn
Sales: USD1.7 bn
Profits: USD358 mn
Assets: USD31.4 bn

Dukhan Bank was incorporated in 2008 as Barwa Bank and began operating as a full-service Shariah-compliant bank in 2009. It rebranded to Dukhan Bank in October 2020, following a merger with the International Bank of Qatar in 2019. The bank was listed on the Qatar Stock Exchange in February 2023. As of December 2023, it served more than 150,000 customers through nine branches, six digital e-channels, and 67 ATMs. The General Retirement and Social Insurance Authority is the largest shareholder, with a 24.54% stake, as of May 2024.


74. Nakilat

CEO: Abdullah Al Sulaiti
Market Value: USD5.8 bn
Sales: USD1.3 bn
Profits: USD428 mn
Assets: USD8.8 bn

Established in 2004, Nakilat is a shipping and maritime company. It has one of the world’s largest Liquefied Natural Gas (LNG) shipping fleets, comprising 69 LNG carriers, four very large LPG carriers, a floating storage and regasification unit, and an order book of 27 new LNG carriers and four new LPG carriers. In January 2024, Nakilat placed orders with Hyundai Samho Heavy Industries to construct six gas vessels that are set to be delivered between 2026 and 2027.


75. Qatar Fuel (WOQOD)

Managing Director and CEO: Saad Rashid Al Muhannadi
Market Value: USD3.9 bn
Sales: USD7.7 bn
Profits: USD280 mn
Assets: USD4 bn

WOQOD is the sole distributor of fuel products throughout Qatar. In 2023, the number of petrol stations had more than doubled in six years, with 126 fuel stations in operation, with the addition of four newly constructed stations. In August 2023, the group and QatarEnergy extended their agreement for the sale and purchase of petroleum products for an additional five years until September 2028. As of Q1 2024, the group had installed 25 electric charging points in 19 petrol stations in coordination with KAHRAMAA. QatarEnergy holds a 20% stake in WOQOD.


77. Qatar International Islamic Bank (QIIB)

CEO: Abdulbasit Al Shaibei
Market Value: USD4.2 bn
Sales: USD1 bn
Profits: USD320 mn
Assets: USD16.9 bn

QIIB is a privately owned Islamic bank operating in Qatar through a network of 17 branches, one digital branch, and over 84 ATMs. In January 2024, QIIB issued a USD500 mn five-year sustainable sukuk “Oryx” as part of its USD2 bn Sukuk programme. The Qatar Investment Authority is the largest shareholder in QIIB, with a 16.62% stake as of May 2024.


86. Qatar Electricity & Water Company (QEWC)

Managing Director and General Manager: Mohammed Nasser Al Hajri
Market Value: USD4.6 bn
Sales: USD800 mn
Profits: USD429 mn
Assets: USD6.4 bn

QEWC was established in 1990. It holds shares in several domestic electricity generation and water desalination companies, including 80% in Ras Laffan Power Company, 55% in Qatar Power Company, and 40% in Mesaieed Power Company, among others. The company is the main supplier of electricity and desalinated water in Qatar, with a market share of 55% of electricity and 73% of water.


91. Ahlibank

CEO: Hassan Ahmed AlEfrangi
Market Value: USD2.6 bn
Sales: USD935 mn
Profits: USD230 mn
Assets: USD16.6 bn

Ahlibank operates a network of 11 branches and 92 ATMs across Qatar. The bank recorded a net profit of USD230 mn in 2023, an increase of 8.4% compared to 2022. Ahlibank has two fully-owned subsidiaries, Ahli Brokerage Company and ABQ Finance Limited. The Qatar Investment Authority owned 47.71% of the bank as of May 2024.


94. Doha Bank

Group CEO: Abdulrahman bin Fahad Al-Thani
Market Value: USD1.3 bn
Sales: USD1.8 bn
Profits: USD211 mn
Assets: USD27.8 bn

Established in 1979, Doha Bank provides conventional banking activities. It has 16 branches in Qatar, overseas branches in the UAE, Kuwait, and India, and representative offices in the UK, Singapore, Türkiye, China, Japan, South Korea, Germany, Australia, Bangladesh, South Africa, and Nepal. In March 2024, the bank issued a $500 million international bond under its EMTN programme. The Qatar Investment Authority holds a 17.15% stake, as of May 2024.


98. Qatar Insurance Company (QIC Group)

Group CEO: Salem Al Mannai
Market Value: USD2 bn
Sales: USD2 bn
Profits: USD169 mn
Assets: USD7.9 bn

Founded in 1964, the QIC Group was the first domestic insurance company in Qatar. Today, it operates in 11 countries. The group reported a net profit of USD169 mn in 2023, after recording a net loss of USD325 mn in 2022. It owns many subsidiaries, including Antares (Lloyd’s of London) and the Oman Qatar Insurance Company (OQIC). General Retirement and Social Insurance Authority is the major shareholder, with a 10.71% stake as of May 2024.

To see the full Forbes Middle East’s The Middle East Top 100 Listed Companies 2024 list, visit forbesmiddleeast.com/lists/top-100-listed-companies-2024