Jan 15 2012 |
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QNB, IQ climb in global rankings
DOHA: Two Qatari entities, QNB and Industries Qatar ( IQ ), have found their place in the top global rankings in 2011, as Financial Times (FT) released its quarterly list of the world's top 500 companies at the end of December. The list uses market capitalisation based on a company's price to calculate rankings.Qatar's leading companies have made substantial progress in the rankings, according to analysis by QNB Capital .
QNB Group and IQ account for 0.2 percent of the total top 500 market capitalisation. QNB Group came in at 278th place with a market capitalisation of US$26.6bn, up from $19.9bn at the end of 2010.
QNB Group has made rapid progress up the rankings from 500th in March 2011 to 278th in December 2011. According to QNB Capital , falling global equity markets have led to a drop in the market capitalisation of most of the companies in the top 500 rankings. The increase in QNB's share price has therefore led to a significant improvement in its rank by market capitalisation.
In Qatar, strong growth and high prices in the hydrocarbons sector have supported growth in non-hydrocarbons sectors, presenting Qatari companies with good opportunities for growth.
ExxonMobil was the top company in the rankings with a total market capitalisation of $406bn.
The total market capitalisation of the top global 500 companies declined by 8.7 percent during 2011, to total $22.9trn, compared with $25.1trn at the end of 2010.
Banking was the most strongly represented sector in the company rankings. It accounted for 14.1 percent of overall market capitalisation and included 67 companies. The banking sector was followed by oil and gas producers with a 13.7 percent share that included 43 companies.
© The Peninsula 2012
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