Sixteen Qatari companies have been named in Forbes The Middles East’s Top 100 Listed Companies 2023.

The Middle East’s business landscape is witnessing a strong presence of Qatari companies such as Qatar National Bank (QNB), Ooredoo, Nakilat, Mesaieed Petrochemical Holding Company (MPHC), Qatar Navigation (Milaha) and more.

GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the UAE with 28, Qatar with 16 and Kuwait with nine. The 2023 list welcomes several newly-listed entities, including Qatar’s Dukhan Bank.

Here are the Qatari companies that have been listed and ranked in Forbes The Middles East’s Top 100 Listed Companies 2023.

#3 Qatar National Bank (QNB) 

Founded in 1964, QNB has grown to become a dominant force in the banking sector, offering a comprehensive range of banking and financial services. Its remarkable achievement of landing the 3rd position cements Qatar’s growing economic prowess and the robust performance of its most prominent corporations.

#23 Industries Qatar (IQ) 

Industries Qatar (IQ) is a prominent industrial conglomerate based in Qatar. Founded in 2003, IQ plays a crucial role in the development and diversification of Qatar’s economy and is a key player in the industrial sector.

#27 Qatar Islamic Bank (QIB)

Qatar Islamic Bank (QIB) is a prominent Islamic financial institution based in Qatar. Established in 1982, QIB has played a pivotal role in developing and promoting Islamic banking and finance within Qatar and the wider region.

#30 Ooredoo Group 

Ooredoo is a leading telecommunications company headquartered in Doha, with a significant presence across the Middle East, North Africa and Southeast Asia. Established in 1987, Ooredoo has emerged as a key player in the telecommunications industry, offering a wide range of innovative services to individuals, businesses and government institutions.

#35 Commercial Bank

Also known as the Commercial Bank of Qatar (CBQ), Commercial Bank plays a vital role in Qatar’s economic development by offering a range of personal, business, government, international and investment services.

Their services support individuals, the public sector and companies of all sizes in Qatar and internationally.

Commercial Bank operates in Retail and Wholesale banking and makes strategic investments through its associates and subsidiaries​. Their successful strategy has diversified their income streams and expanded their GCC footprint, while continual investment in technology and people – together with a strong capital base – provides a solid foundation for further growth.

CBQ is the second largest bank in Oman with total assets of OMR3.5 bn as of 30 September 2018. It has 69 branches, including one branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has ceased discussion with Tabarak Investment to negotiate terms of the potential sale of the Bank’s stake in United Arab Bank.

#44 Masraf Al Rayyan 

Masraf Al Rayan is a prominent Islamic bank based in Qatar. Established in 2006, it has quickly emerged as a leading financial institution in the region, specialising in Sharia-compliant banking services. The bank operates in line with Islamic principles, ensuring that its products and services are compliant with ethical and religious guidelines. The bank’s customer-centric approach and commitment to excellence have garnered the trust and loyalty of its valued clients.

#61 Dukhan Bank

Formerly known as Barwa Bank, Dukhan Bank is a culmination of the successful merger between Barwa Bank and the International Bank of Qatar in 2019. Dukhan Bank emerges as the largest Shari’ah-compliant banking institution in the country, leveraging the expertise and combined synergies of two leading financial players under one institution.

Today, Dukhan Bank operates a wide-spread network of branches providing its robust customer base of over 130,000 customers with a range of financial services. The bank’s total assets are recorded at QAR75.4 bn currently, a performance attributed to its business model which anchors on diversity, innovation and enhanced customer experience.

Dukhan Bank’s success is driven largely by its diverse portfolio in Shari’ah-compliant financial services which span retail and private banking, real estate and structured finance, corporate and government banking, capital market service, as well as wealth and asset management products and services.

#65 WOQOD 

WOQOD, also known as Qatar Fuel Company, is the primary distributor and marketer of petroleum products in the State of Qatar. Established in 2002, WOQOD plays a vital role in ensuring the availability and accessibility of high-quality fuel and related services throughout the country.

#67 Nakilat 

Nakilat, also known as Qatar Gas Transport Company Ltd, is a leading shipping and maritime company headquartered in Doha. Established in 2004, Nakilat has grown to become the world’s largest owner and operator of liquefied natural gas (LNG) vessels. The company’s expertise in LNG transportation has played a pivotal role in Qatar’s energy exports, contributing significantly to the nation’s economic growth.

#74 Qatar Electricity & Water Company (QEWC) Kahramaa  

Kahramaa, officially known as Qatar General Electricity and Water Corporation, is the principal provider of electricity and water services in Qatar.

Established in 2000, Kahramaa is a government-owned corporation responsible for the generation, transmission, and distribution of electricity, as well as the production and supply of water throughout the country. With a focus on sustainability and innovation, Kahramaa has consistently provided reliable and efficient services to meet Qatar’s growing demand for utilities.

#75 Qatar International Islamic Bank (QIIB) 

QIIB, or Qatar Islamic Insurance Company, is a leading insurance provider based in Doha.

Established in 1995, QIIB is a publicly listed company on the Qatar Stock Exchange and is regulated by the Qatar Central Bank. With this ranking on the Forbes list, QIIB has reaffirmed its position as a leading Islamic financial institution.

QIIB’s adherence to Islamic principles and its comprehensive range of banking services have garnered recognition both domestically and internationally.


In 2013, QNB Group acquired the majority stake in NSGB Bank which was founded in Egypt in 1978.

Its name was changed to QNB ALAHLI and since then, it has been expanding its activities to provide impeccable banking services to individuals and corporate clients.

In line with the privatisation programme that started in 2005, the bank acquired 90% of Misr International Bank stocks at EGP2.5 bn, to be ranked the second biggest private bank in Egypt in 2011. The bank established a number of subsidiaries in many specialised fields, contributing to best positioning the bank in Egypt’s financial and banking activities.

#89 Doha Bank

Inaugurated in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments.

Doha Bank has established overseas branches in Kuwait, the UAE and India as well as representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Turkey, the UK, Canada, Germany, Bangladesh, Sri Lanka and Nepal.

#97 Ahlibank

Ever since Ahlibank was founded in 1983, it has stayed true to Qatar’s traditional values and qualities that define who they are today. Ahlibank offers a full range of products and services covering Corporate Banking, Retail & Private Banking, International Banking, Treasury & Investments and Brokerage Services.

#98 Mesaieed Petrochemical Holding Company (MPHC)

Operating in the petrochemical sector, MPHC holds 49% of the issued share capital of each Qatar Chemical Company Limited (Q-Chem) and Qatar Chemical Company II Limited (Q-Chem II) and 55.2% of the issued share capital of Qatar Vinyl Company Limited Q.S.C. (QVC).

The combination of these three successful operating ventures under MPHC creates a leading integrated producer of petrochemicals, with world-class production facilities in Qatar.

MPHC benefits from significant competitive advantages which include reliable and competitive feedstock supply, low energy costs, an excellent strategic location, a global and diverse customer base, and highly efficient and integrated operations.

MPHC is another Qatar national champion in one of the world’s most attractive industries. Petrochemicals provide the raw materials for a large range of industrial and household products. They are the building blocks of a modern, sophisticated economy.

#99 Qatar Navigation (Milaha)

Milaha was established in 1957 as a public shipping agency characterised at that time by high credibility.

In a short time, Milaha transformed itself into a leading and giant international prestigious company that provides trustworthy maritime and logistics services that attract customer confidence in the GCC, the Middle East and around the globe.

As a heavy-scale and pioneering company, Milaha strongly focuses on providing integrated transport, marine services, and supply chain solutions. Milaha has owned an integrated Shipyard and Fabrication comprising and operating two floating docks, one Shiplift, and several extensive workshop facilities with the ability to carry dry dock and float repair work for vessels up to 230m LOA.

The Shipyard, established in 1978 and located at Mesaieed Industrial City, offers various and efficient maritime services, repair and refit services to all types of vessels and yachts, not only in Qatar but also to entire GCC states and the international vessels dock at Doha ports.

The Forbes Middle East Top 100 Companies rankings serve as a testament to Qatar’s commitment to excellence, as the nation continues to make remarkable strides in various industries. With a robust and diverse economy, Qatar is positioning itself as a regional business hub, attracting international investors and fostering local entrepreneurship. 

As Qatar’s business landscape continues to evolve, these top-ranked companies will continue to play a pivotal role in driving innovation, creating employment opportunities, and further enhancing the nation’s global standing. 

For more information or to see Forbes The Middles East’s Top 100 Listed Companies 2023, visit

Check out Marhaba’s FREE e-Guides for everything you need to know about Qatar.