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Five Qatar firms shortlisted for non-banking organizations in GCC

Five Qatar firms shortlisted for non-banking organizations in GCC

DOHA: Woqod, Al Meera and three other Qatar firms have been named in a new shortlist of most valuable non-banking organizations in the GCC.

The rankings were compiled by Marmore MENA Intelligence, which assessed Gulf companies on financial performance factors such as average profit after tax and return on equity.

Two-thirds of the companies that made the shortlist came from Saudi Arabia, while six hailed from the UAE and five from Qatar. These were Widam Food, Medicare Group, Mazaya Qatar, Qatar Fuel (Woqod) and Al Meera.

According to the report, the Medicare Group, which owns Al Ahli hospital in Wadi Al Sail, made the list because, among other things, of its strong future outlook. Meanwhile, Al Meera has recently expanded and increased its sales during 2015. It also has plans to open more stores across Qatar in the coming years, the report noted.

Sales for the supermarket group rose more than 10 percent from QR1.22 billion in the first quarter of 2015 to QR1.35 billion for the same period in 2016, the company said in a statement. The firm plans to open soon five new stores in Bu Sidra, North Sailiya, Al Wakrah, Leaibab and Um Slal Ali, it added.

The report did not go into details about why it named the other three Qatar firms, though Woqod has also rapidly been expanding across Qatar. And Mazaya Qatar, a real estate firm, has landed new contracts recently including the construction of Marina Mall in Lusail and a “seven zones” trade center in the northern part of the country.