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31-07-22

Forbes lists Qatari companies between regions highest firms

(MENAFN) Qatari listed firms have been placed between the district’s top companies by Forbes magazine, QNB, Qatar International Islamic Bank (QIIB), Qatar Electricity & Water Company (QEWC), Commercial Bank, Masraf Al Rayyan, Ooredoo Group, Nakilat, Qatar Fuel (Woqod), Barwa Real Estate Group, QIC Group, Industries Qatar (IQ), Doha Bank, Mesaieed Petrochemical Holding Company (MPHC), Qatar Islamic Bank (QIB), Ahlibank, and Qatar Navigation (Milaha) have been placed into the ranking of top companies in their individual classes in June’s release of Forbes Middle East.

The Middle East’s 100 biggest listed companies pocketed $201.7bn in total net income last year. “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, with the top 100 listed companies pocketing $201.7bn in total net income during 2021, an increase of over 121 percent compared to $91bn in total net income in 2020,” the issue said.

Between the 16 Qatari firms, QNB is placed in third spot in ‘Top 100 listed firms 2022’.

The June 2022 release of the magazine pointed that “QNB is the largest bank in the Middle East and Africa and the second-largest entity in the region. The group has a presence in more than 31 countries across three continents. It employs more than 27,000 people across 1,000 locations. QNB has 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.”

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