Qatari-listed companies have been ranked among the Middle East’s top firms by Forbes magazine.
The firms include the Qatar National Bank (QNB), Industries Qatar (IQ), Qatar Islamic Bank (QIB), Commercial Bank, Masraf Al Rayyan, Ooredoo Group, Nakilat, Qatar Fuel (Woqod), Barwa Real Estate Group, QIC Group, Qatar International Islamic Bank (QIIB).
Doha Bank, Mesaieed Petrochemical Holding Company (MPHC), Qatar Electricity & Water Company (QEWC), Ahlibank, and Qatar Navigation (Milaha) have also made it to the ranking of top firms in their respective categories in Forbes Middle East. Of the 16 Qatari firms, QNB is placed in the third spot in the ‘Top 100 listed firms 2022’
The Middle East’s 100 biggest listed companies pocketed $201.7 billion in total net income last year, an increase of over 121 percent compared to $91 billion in total net income in 2020. “While the global economy feels the pressure of unprecedented inflation and the economic unrest caused by the ongoing war in Ukraine, the Middle East’s listed companies have been outperforming,” the latest issue said.
The magazine highlighted QNB’s performance as the largest bank in the Middle East and Africa and the second-largest entity in the region. QNB acquired stakes in various financial institutions, including a 20 percent stake in Togo-based Ecobank, a 38.6 percent stake in Jordan’s Housing Bank for Trade and Finance, 40 percent of the UAE’s Commercial Bank International (CBI), and nearly 100 percent of QNB Tunisia. In April 2022, it allowed foreign ownership limit of up to 100 percent.