Doha-based conglomerate Industries Qatar (IQ) remained by far the largest company in the sector, gaining one place to third overall with a market capitalisation of $25.7bn. IQ, which owns the majority stakes in Qatar’s petrochemicals, fertiliser and steel companies, has benefited from the Gulf state’s plans to utilise its significant gas output to expand its industrial base. Qatar currently has $9.3bn worth of petrochemicals projects in the study, design and contract phase, which could see IQ expand further. The company is also expanding overseas. In 2012 it confirmed plans to build a 5 million tonnes-a-year steel complex in north-east Algeria through a joint venture with state steel company Entreprise Nationale de Siderurgie (Groupe Sider) and Fonds National de l’Investissement, an Algiers government investment fund.

The Middle East’s largest minerals group, Saudi Arabian Mining Company (Maaden), dropped one place, but is likely to rise in stature after the start-up of its phosphate and aluminium operations. The company started up its di-ammonium phosphate (DAP) plant in Ras al-Khair on Saudi Arabia’s Gulf coast in February 2012 and is developing a second phosphates mine at Al-Khabra, near the Jordanian border. Maaden is also preparing to start up integrated bauxite mining and aluminium production operations over the next two years, which will see the company emerge as a global metals and mining player.

Jordanian fertiliser producer Arab Potash Company (APC) remained the 40^th largest company despite falling production and profits in 2012. The company, one of the world’s largest producers of potash, produced 1.8 million tonnes in 2012 compared with 2.2 million tonnes in 2011. APC has entered talks with Israel to buy gas to power its fertiliser plants after pipeline attacks hit Jordan’s gas imports from Egypt.

Saudi Arabian chemicals group National Industrialisation Company (Tasnee), one of the world’s largest producers of titanium dioxide (TiO₂), dropped more than 10 places in 2012, but has already expanded its business this year. That company is investing in Australian dye solar cell producer Dyesol in an agreement that could lead to demonstration projects in the Middle East. The company’s technology is applied on buildings and rooftops to generate electricity.

Elsewhere in the region’s top metals and mining companies were Iran-based Mobarakeh Steel Company, Iranian National Copper Company and iron ore producer Chadormalu Mining & Industrial Company.