Qatar Business

Doha: Minister of State for Energy Affairs HE Eng. Saad bin Sherida Al Kaabi met Friday with Minister of Trade, Industry and Resources of the Republic of Korea HE Jung-Kwan Kim. During the meeting, held virtually via video conference, the two sides discussed the impact of the ongoing regional conflict on the global energy industry and discussed ways to ensure energy supply security. HE the Minister of State for Energy Affairs reaffirmed Qatar's commitment to remaining a reliable energy supplier, expressing his aspiration to continue and strengthen long-term cooperation with Korea in the energy sector.

Energy

MUSCAT: The oil sector in the Gulf contributed about $561.2 billion to the region’s economy in 2024, accounting for 24% of gross domestic product at current market prices, according to new data. Figures released by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf showed the sector’s value added at constant prices reached $541.9 billion, representing 29.3% of GDP across the Gulf Cooperation Council (GCC). The report indicated that crude oil production across GCC states declined by 5.4% in 2024, averaging 16.1 million barrels per day, compared with 17.0 million barrels per day in 2023. Crude oil exports also fell by 7.2%, dropping to 11.5 million barrels per day from 12.3 million barrels per day the previous year. The data forms part of the center’s “Energy Statistics” report, which provides an overview of oil, gas and renewable energy performance across the GCC. Natural gas production remained largely stable. Marketed natural gas output dipped slightly by 0.4%, reaching 442.0 billion cubic meters in 2024, down from 443.8 billion cubic meters in 2023. The report also highlighted growth in energy reserves. Between 2020 and 2024, crude oil reserves in GCC countries recorded an average annual growth rate of 30.7%, while natural gas reserves grew by an average of 1% per year. By 2024, GCC countries held an estimated 511.9 billion barrels of crude oil reserves and around 44.3 trillion cubic meters of natural gas. Globally, the region continues to play a major role in energy markets. GCC countries accounted for 21.8% of global crude oil production and 26.6% of global crude exports in 2024. They also contributed 10% of worldwide marketed natural gas production and 13.5% of global gas exports. According to the report, the bloc holds 32.7% of the world’s proven oil reserves and 21.2% of global natural gas reserves. Despite the dominance of hydrocarbons, renewable energy capacity in the GCC is expanding. Total renewable energy capacity reached 14.2 gigawatts in 2024, though this represents just 0.3% of global capacity.

Qatar Business

DOHA: Eleven Qatari firms were featured in the list of 100 most valuable companies in the Middle East by Forbes 2026 magazine. The following firms have made it to the ranking of most valuable companies in their respective categories in March issue of Forbes Middle East: QNB Group (Rank 11, market value $50.2bn), Group CEO – Abdulla Mubarak Al-Khalifa; Industries Qatar (Rank 27, market value $21.1bn), Chairman and Managing Director – Saad Sherida Al Kaabi; Qatar Islamic Bank (Rank 35, market value $16.2bn), Group CEO – Bassel Gamal; Ooredoo Group (Rank 43, market value $12.5bn), Group CEO – Aziz Aluthman Fakhroo; Ezdan Holding Group (Rank 59, market value $7.57bn) Deputy Group CEO Hani Dabash; Nakilat (Rank 63, market value $7.3bn), CEO – Abdullah Al Sulaiti; AlRayan Bank (Rank 73, market value $5.8bn) Group CEO – Fahad Al Khalifa; Commercial Bank (Rank 79, market value $5.3bn), Group CEO – Stephen Moss; Dukhan Bank (Rank 84, market value $5.125bn) Acting Group CEO – Ahmed Hashem; Qatar International Islamic Bank (Rank 92, market value $4.74bn) CEO – Abdulbasit Al Shaibei; Nebras Energy (Rank 98, market value $4.62bn) Managing Director and CEO Mohammed Nasser Al-Hajri. In a year when markets elsewhere wobbled, the Middle East’s biggest companies stayed upright and in many cases, grew heavier. Across 12 stock exchanges, total market capitalisation in MENA reached $4.3 trillion in January 2026. The region’s top 100 listed companies accounted for $3.7 trillion of that figure, a reminder of just how much value is now concentrated at the top. According to Forbes, the UAE leads the ranking by numbers, with 35 companies on the list, followed closely by Saudi Arabia with 34. Qatar placed 11 companies, Morocco nine, and Kuwait six. Banking and financial services remain the most crowded sector, with 34 companies represented and a combined market value of $732.6bn. Energy tells a different story. With just nine companies on the list, the sector still commands $1.9 trillion in market capitalisation, underlining how central hydrocarbons remain to the region’s corporate balance sheet. Overall, GCC countries account for 88 percent of the companies in the ranking, it added. Regarding the methodology, Forbes noted “This ranking is based on market capitalisation data from 12 stock exchanges across 11 MENA countries. Companies were ranked using closing prices as of January 31, 2026. Currency conversions were calculated using exchange rates on the same date.”