In this article, we will be taking a look at the 35 biggest Qatar companies by market cap. To skip our detailed analysis, you can go directly to see the 10 biggest Qatar companies by market cap.
While still strongly dependent on sale of oil and natural gas, Qatar has attempted to diversify its economy to some extent. In 2017, many other rich Middle Eastern nations, including Saudi Arabia, Bahrain and the United Arab Emirates, ended diplomatic relations with Qatar and imposed a de facto blockade. The reason for the blockade was allegations by the coalition that Qatar had provided support to terrorism and criticism of its relationship with Iran. Almost four years later, the crisis ended after Qatar and Saudi Arabia held talks which resulted in a resolution and the reestablishment of diplomatic relations. Even though many thought that Qatar's economy would be severely impacted by the blockade and would falter in the coming years, the economy actually grew and the diplomatic crisis has been cited as a major failure for the Saudi-led coalition. In fact, Qatar was able to develop closer relations with Turkey and Iran and improved its military strength as well.
Qatar's political power has been demonstrated through its success by hosting one of the most prestigious sporting competitions in the world, the FIFA World Cup 2022. Even though the entire process was plagued with accusations of corruption and bribery, the tournament went on without a hitch and was a roaring success, resulting in arguably one of the greatest finals of all-time. While the country has spent billions on the tournament, most of the developed infrastructure will provide benefits for years, and it also showcased Qatar as a country of opportunities. At the same time, the smoothness with which the event was pulled off is sure to entice major investors, which could also result in a boon for some of the biggest Qatar companies by market cap.
While the overall global economy has slowed down, with some countries either entering or likely to enter a recession as a result of record-high inflation and hikes in interest rates, Qatar's outlook for 2023 is brimming with confidence. According to an outlook survey conducted by EY towards the end of 2022, 82% of Qatar executives were bullish on future economic growth, expecting such growth in the next five years to either meet or exceed the forecast. Meanwhile, 60% of executives revealed a positive yield in the last one year. According to Ammar Sudki Hattab, Qatar Country Market Leader, EY:
“Qatar has shown great resilience in the face of many challenges and has resolutely navigated regional and global events, particularly the Covid-19 pandemic, which was brought under control through an efficient and agile vaccination program. This has instilled great confidence in executives and investors, despite the ongoing global economic headwinds, with optimism around the promise of more opportunities throughout the country.”
Around 55% of interviewees had bearish sentiments relating to the growth of the construction sector, especially since most mega projects will be either complete or nearly complete in the coming months. New mega projects, however, such as the postponed Sharq Crossing, the planned airport expansion and the development of the Lusail City project, may help alleviate some of the worries surrounding the sector’s prospects."
This is also why you will see numerous construction companies among the biggest companies in Qatar by market cap. Meanwhile, according to PwC, Qatar's rapid economic development and transformation over the last decade, combined with its hosting of the FIFA World Cup, has brought it international attention. One of the biggest projects for Qatar is its North Field expansion which is continuing to move ahead at a rapid pace after achieving major milestones in 2022, which has led to the bringing in of foreign equity partners, and signing a 27-year contract for the sale and purchase of LNG with China's Sinopec, for approximately 4m tonnes per year. At the same time, a 15-year agreement is being signed to supply 2m tonnes per year to ConocoPhillips (NYSE:COP), one of the largest oil companies in the world.
When discussing the supply of gas, it is important to remember Russia's invasion of Ukraine and the subsequent rapid deterioration of relationships between Western nations and Russia, with the latter refusing to supply gas to multiple European countries, which led to an energy crisis, one of the top global risks for 2023. This led to European countries moving to other sources of gas, and Qatar has emerged as a major winner here, and is even said to now be the Saudi Arabia of natural gas thanks to its vast reserves and low costs, and natural gas companies dominate our list of the largest companies in Qatar by market cap.
To determine the largest companies in Qatar by market cap, we checked the latest market value of each company from Yahoo! Finance. We have converted the market cap to USD so that our readers have a more universal perspective of where these giant corporations stand. So, let's take a look at the companies integral for Qatar's continued economic development, starting with:
Market cap (in millions): $300
Formerly known as Qatar First Bank, Lesha Bank is one of the biggest investment banks in the country. Established in 2008, the bank earned $6 million in profit in the third quarter of fiscal 2023.
Market cap (in millions): $300
The company provides both insurance and reinsurance products and services to customers, and has faced a turbulent few years, as its earnings continue to decline and investors five-year losses in the company continue to mount.
Market cap (in millions): $300
QLM Life & Medical Insurance Company provides, as the name suggests, life and medical insurance to customers. It is one of the largest health insurance companies in the country.
Market cap (in millions): $340
Qatar Industrial Manufacturing Company currently has equity interest in more than 20 projects which includes food processing, petrochemicals, construction and chemicals.
Market cap (in millions): $360
Qatar Islamic Insurance Group provides various insurance products including travel insurance, motor vehicle insurance and health insurance among others.
Market cap (in millions): $440
Medicare Group Qatar is involved in providing products and services to the medical, diagnostic, education and food industries in the Middle East.
Market cap (in millions): $550
One of the biggest logistics companies in Qatar, Gulf Warehousing was also the official logistics partner for FIFA World Cup 2022.
Market cap (in millions): $550
Qatari Investors Group is a major conglomerate which has historically focused on B2B operations .
Market cap (in millions): $690
The largest agricultural company in Qatar, Baladna provides around 95% of the country's fresh dairy products. It also owns one of the largest cattle farms in the region, covering an area of over 2.6 million sqm.
Market cap (in millions): $710
Mannai Corporation has interests in various industries including oil ad gas, information and communications, automotive distribution and home appliances among others, allowing it to become one of the biggest Qatar companies by market cap.
Market cap (in millions): $710
The largest cement company in Qatar, Qatar National Cement Company saw sales fall in 2022, with a major decline of 14% year-on-year.
Market cap (in millions): $800
Al Meera Consumer Goods Company operates supermarkets with over 50 branches and is aiming to consistently expand in more neighborhoods.
Market cap (in millions): $1,020
Gulf International Services operates insurance and reinsurance, helicopter transportation services, catering services and drilling and related services.
Market cap (in millions): $1,100
The biggest construction company in Qatar, United Development Company has been listed on the Qatar Stock Exchange for over two decades. The company's flagship project is The Pearl Island, an urban mixed-use developments which is among the largest such developments in the Gulf.
Market cap (in millions): $1,150
Many top Qatari companies are conglomerates, including Zad Holding Company, whose subsidiaries include Qatar Food Industries, Qbake, Gulf United Real Estate and ALCAT Contracting among several others.
Market cap (in millions): $1,320
One of the largest commercial banks in Qatar, Doha Bank also has international operations in multiple countries including India.
Market cap (in millions): $1,400
Claiming to be one of the most diversified companies in Qatar, Aamal Company has interest in healthcare, real estate and industrial manufacturing among others.
Market cap (in millions): $1,540
The largest insurance company in Qatar, Qatar Insurance Company specializes in business asset and personal protection. While it used to have a market cap of around $10 billion, its share price has plummeted since, though it is still one of the biggest Qatar companies by market cap.
Market cap (in millions): $1,980
Vodafone Qatar is 45% owned by the Qatar Foundation LLC and Vodafone Group Public Limited Company (NASDAQ:VOD). The services provided by the company include mobile, home internet and television services.
Market cap (in millions): $2,360
Qatar Aluminium Manufacturing Company was only established less than 5 years ago in December 2018, and owns a 50% stake in Qatalum, which is a highly profitable aluminum producer. The company is majority owned by QatarEnergy, a state-owned giant.
Market cap (in millions): $2,640
Qatar Navigation has taken advantage of Qatar being a very important port in the region, and has now become one of the biggest maritime and logistics companies in the Middle East.
Market cap (in millions): $2,720
Barwa Real Estate is the second largest rea estate company in the country, and its portfolio consists of income generating real estate investments and developments.
Market cap (in millions): $2,750
Ahli Bank, in 40 years, has become one of the biggest Qatar companies by market cap, and currently has 12 branches in the country in addition to around 90 ATMs. The bank provides several products including retail & private banking, corporate banking, and treasury & investments among others.
Market cap (in millions): $4,180
Qatar International Islamic Bank is among the Qatari banks listed in Forbes Middle East list of the top 50 banks in the region. Founded in 1990, the bank was the first Islamic bank in the country and claims to still be the largest such bank there today.
Market cap (in millions): $4,620
Qatar Fuel Company is one of the largest oil and gas companies in the region, and the only fuel retailer in the country.
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Disclosure: None
35 biggest Qatar companies by market cap is originally published at Insider Monkey.
