Forbes Middle East Highlights Qatar's Most Influential Companies

Qatari companies have consistently established themselves as powerhouses in the Middle East, with Forbes recognizing several of them among the region's most influential. 

This article takes a closer look at the top-ranked Qatari corporations on Forbes’ Middle East list, highlighting their history, leadership, and key achievements. 

These companies, led by visionary founders and talented executives, represent Qatar’s ambitious growth and innovation in various industries, from banking and telecommunications to energy and infrastructure.

1. QNB Group 

Founded in 1964 as Qatar’s first commercial bank, QNB Group has grown to become one of the largest financial institutions in the Middle East and Africa. Its expansive reach extends across 30 countries, with operations covering corporate and retail banking, wealth management, and international financial services. CEO Abdulla Mubarak Al-Khalifa has steered the bank toward solid growth, reinforcing QNB's position as Qatar’s leading bank and the fourth most powerful in the Middle East. QNB Group's prominence in the financial industry has made it a key driver of Qatar's economic development.

2. Qatar Islamic Bank 

Qatar Islamic Bank (QIB), established in 1982, is Qatar's first Islamic financial institution. Known for pioneering Sharia-compliant banking services, QIB has grown its offerings to include retail, corporate, and investment banking, making it the second-largest bank in Qatar by market share. CEO Bassel Gamal has played an instrumental role in QIB’s expansion, focusing on innovative Islamic banking products and digital transformation. Today, QIB holds the 29th spot on Forbes’ list, positioning it as one of the region’s premier Islamic banks.

3. Ooredoo 

Ooredoo began as Qatar Telecom in 1987, evolving into one of the Middle East’s most prominent telecommunications providers. It serves over 100 million customers worldwide with services spanning mobile, broadband, and entertainment solutions. Aziz Aluthman Fakhroo, Ooredoo’s CEO, has been pivotal in the company’s push toward digital connectivity and innovation. Ranked 31st in the Middle East, Ooredoo remains a dominant force in telecommunications, known for advancing connectivity in Qatar and beyond.

4. Qatar Steel

Founded in 1974, Qatar Steel is the region’s first integrated steel manufacturing company and a leader in high-quality steel production. Initially a government entity, it has been instrumental in supporting Qatar's infrastructure needs and advancing sustainable practices. With CEO Abdulrahman Ali Al-Abdulla at the helm, Qatar Steel has maintained its competitive edge by investing in technological advancements and reducing environmental impact. Ranked 33rd regionally, Qatar Steel is a fundamental player in the country’s industrial sector.

5. Commercial Bank of Qatar (CBQ) 

Commercial Bank of Qatar (CBQ), established in 1975, was the first private sector bank in Qatar. Known for pioneering innovative financial products and services, CBQ has since grown into a major banking force with substantial assets and investments. CEO Joseph Abraham has focused on digital banking and customer experience, helping CBQ reach new heights. It holds the 38th spot on the regional list, illustrating its continued importance in Qatar's financial ecosystem.

6. Masraf Al Rayan

Founded in 2006, Masraf Al Rayan is one of Qatar’s fastest-growing Islamic banks, focusing on Sharia-compliant banking services for corporate and retail clients. Under the leadership of CEO Fahad bin Abdullah Al-Khalifa, the bank has made impressive strides, blending traditional Islamic principles with modern banking technology. Ranked 43rd regionally, Masraf Al Rayan is noted for its strong asset base and commitment to ethical finance.

7. Dukhan Bank

Dukhan Bank was founded in 2008 as Barwa Bank before its rebranding in 2020. It has since developed into a full-service Sharia-compliant bank, gaining a substantial customer base across various sectors. Under CEO Khalid Yousef Al-Subeai, Dukhan Bank has pursued digital transformation initiatives that have enhanced its service offerings. Dukhan Bank’s 61st regional ranking reflects its steady growth and dedication to serving Qatar’s Islamic finance needs.

8. Nakilat 

Nakilat was established in 2004 to handle Qatar’s extensive liquefied natural gas (LNG) transportation. Now one of the largest LNG shipping companies globally, Nakilat supports Qatar's critical energy export sector. Led by CEO Abdullah Al-Sulaiti, the company also manages a major shipyard, furthering Qatar’s capabilities in maritime services. Ranked 74th regionally, Nakilat plays a strategic role in Qatar’s position as an LNG powerhouse.

9. Qatar Fuel (Woqod) 

Qatar Fuel, also known as Woqod, was founded in 2002 to oversee fuel distribution and logistics in Qatar. Woqod has expanded its services to include a range of petroleum and non-petroleum products, becoming synonymous with energy distribution in the country. CEO Saad Rashid Al-Muhannadi has guided Woqod's efforts to maintain fuel security and improve operational efficiency. The 75th spot on Forbes’ list underscores its importance in Qatar’s infrastructure.

10. Qatar International Islamic Bank (QIIB) 

Founded in 1990, Qatar International Islamic Bank (QIIB) is one of the premier Islamic banks in Qatar, offering a broad portfolio of Sharia-compliant products and services. CEO Dr. Abdulbasit Ahmad Al-Shaibei has been instrumental in growing QIIB’s footprint in Qatar and positioning it as a leader in Islamic finance. Its 77th ranking speaks to its prominence in the regional banking industry.

11. Qatar Electricity & Water Company (QEWC) 

Founded in 1990, Qatar Electricity & Water Company (QEWC) is the primary utility provider for power and water in Qatar. Under CEO Fahad Hamad Al-Mohannadi, QEWC plays a crucial role in meeting Qatar’s growing energy needs and ensuring water security. Ranked 86th regionally, QEWC’s strategic initiatives align with Qatar’s sustainability goals and Vision 2030.

12. Al Ahli Bank 

Established in 1983, Al Ahli Bank offers an array of retail, corporate, and investment banking services. Known for its customer-centric approach, Al Ahli Bank has gained a loyal clientele. CEO Hassan Ahmed AlEfrangi has driven the bank’s modernization efforts, with its 91st ranking indicating its significance in the Qatari banking sector.

13. Doha Bank

Founded in 1979, Doha Bank is one of Qatar’s major banks, providing comprehensive financial services domestically and internationally. CEO Dr. R. Seetharaman has overseen the bank’s expansion efforts, positioning it as a regional financial player. Ranked 94th, Doha Bank has carved out a unique position within Qatar’s competitive financial market.

14. Qatar Insurance Company (QIC) 

Qatar Insurance Company (QIC), founded in 1964, is Qatar’s largest insurer, offering a diverse range of insurance products. CEO Salem Khalaf Al Mannai has focused on innovation and regional expansion, leading QIC to become one of the top insurers in the MENA region. Its 98th ranking demonstrates its resilience and adaptability in the insurance industry.

These top-ranked Qatari companies illustrate Qatar’s rapid growth and diversification across various sectors. Their high rankings on Forbes’ Middle East list underscore their resilience, innovation, and commitment to excellence. 

With strong leadership and strategic planning, these companies continue to play vital roles in Qatar’s economic landscape and reinforce its position as a key player in the Middle East.