Qalco

Who owns Qalco?
Qalco (Qatar Lubricants Company W.L.L.) is owned by Sheikh Mohamed Bin Khalifa Bin Hamad Al Thani, a member of the Qatari ruling family. Fawad Naeem Rana serves as Managing Director and runs the company day to day. Qalco is a privately held company and does not disclose ownership percentages or financial details publicly. The company was founded in 1998 and is headquartered in Mesaieed Industrial City near Doha, Qatar.

Does Qalco own the Lahore Qalandars?
Qalco acquired the Lahore franchise rights from the Pakistan Cricket Board in December 2015 for approximately $25.1 million over ten years. The franchise is operated through Kausar Rana Resources (KRR), a Pakistani special purpose vehicle in which Qalco originally held 51 percent. However, an arbitration tribunal ruled in January 2026 that the transfer of Qalco shares to Atif and Sameen Rana was void, and the brothers must either pay Qalco PKR 2.296 billion or return the 51 percent shareholding.

How many PSL titles have the Lahore Qalandars won?
The Lahore Qalandars have won three Pakistan Super League titles, in 2022, 2023, and 2025. They are the most successful franchise in recent PSL history and the first team besides Islamabad United to win three titles. The 2025 final saw the Qalandars defeat Quetta Gladiators by six wickets at Gaddafi Stadium in Lahore, chasing 202 runs with one ball to spare. The team received $500,000 in prize money for the 2025 title.

What is the Lahore Qalandars franchise worth?
An independent valuation by EY MENA in November 2025 declared the Lahore Qalandars the most valuable PSL franchise based on combined on-field performance and organisational strength. The valuation placed the franchise at approximately PKR 980 million ($3.47 million) per year. The renewed annual franchise fee is approximately PKR 670 million ($2.37 million), based on the original value plus 25 percent of the new valuation. The original acquisition price in 2015 was $25.1 million over ten years.

What does Qalco actually do as a business?
Qalco is a lubricants manufacturing company. It operates a blending plant in Mesaieed Industrial City in Qatar, producing automotive engine oils, industrial lubricants, marine oils, greases, coolants, and oilfield chemicals. The company serves government, private, and retail customers in Qatar and exports to countries in Asia and Africa. Qalco also provides toll blending services for other companies. The company does not publicly disclose its revenue.

What is the Rana brothers ownership dispute?
The dispute involves Fawad Rana, Qalco Managing Director, against his younger brothers Atif and Sameen Rana over control of the Lahore Qalandars. Fawad Rana alleges that shares of Kausar Rana Resources were fraudulently transferred from Qalco to his brothers in 2020. An arbitration tribunal appointed by the Supreme Court of Pakistan ruled in January 2026 that the transfer was void. The brothers must pay Qalco PKR 2.296 billion (approximately $8.2 million) plus markup within 45 days, or return the 51 percent shareholding to Qalco.

Qalco was established in 1998 in Doha, Qatar, as a lubricants blending and manufacturing company. The founder and owner is Sheikh Mohamed Bin Khalifa Bin Hamad Al Thani, a member of the Qatari ruling family. The company set up its operations in Mesaieed Industrial City, a purpose-built industrial zone south of Doha that houses many of Qatar heavy industrial operations.

In its early years, Qalco focused on manufacturing automotive and industrial lubricants for the Qatari market. The company blended base oils with additives to produce engine oils, gear oils, hydraulic oils, and other specialty lubricants. Its product range expanded over time to include marine oils, oilfield chemicals, coolants, and fuel system additives. Qalco positioned itself as a premium supplier serving government entities, private companies, and retail customers.

The company developed export markets starting in 1999, establishing ties with business partners in Asia and Africa. Qalco also entered joint ventures with companies in the United States and Europe. The export business remained secondary to its domestic Qatari operations, where the company benefited from close relationships with the Qatari government and the petrochemical sector.

The defining moment in Qalco public history came in December 2015. The Pakistan Cricket Board announced the auction of five city-based franchises for the inaugural season of the Pakistan Super League, a new Twenty20 cricket tournament. Fawad Naeem Rana, Qalco Managing Director and a lifelong cricket fan from Lahore, was among the first bidders. He acquired the Lahore franchise for approximately $25.1 million over a ten-year period, making it the second most expensive franchise after the Karachi Kings. The bid was made through Qalco.

In January 2016, Fawad Rana and his brothers established Kausar Rana Resources (KRR), a Pakistani special purpose vehicle named after their mother. KRR was registered as the owner of the Lahore Qalandars in Pakistan. The ownership structure gave Qalco 51 percent of KRR, providing Fawad Rana with management control. Fawad Rana personally held an additional 1 percent. His brother Atif Rana held the remaining 48 percent and was brought in to run day-to-day operations, since Fawad Rana spent most of his time in Qatar.

The Lahore Qalandars struggled in their early PSL seasons. The team finished at the bottom of the table in five of the first six seasons, from 2016 through 2021. Despite the poor on-field results, the franchise invested heavily in player development. The Qalandars Player Development Program, launched in 2016, scouted and trained young Pakistani cricket talent. The program discovered players including Shaheen Afridi, Haris Rauf, Zaman Khan, and Salman Irshad, several of whom went on to become prominent names in Pakistan cricket.

The franchise fortunes changed dramatically in 2022. Under the captaincy of Shaheen Afridi, Lahore Qalandars won their first PSL title. They repeated as champions in 2023, becoming the first team to win back-to-back PSL titles. In 2025, the Qalandars won their third title in four years by defeating Quetta Gladiators in the final at Gaddafi Stadium in Lahore, chasing 202 runs with one ball to spare. The team received $500,000 in prize money for the 2025 title.

In November 2025, Lahore Qalandars marked their ten-year anniversary and accepted the PCB renewal offer to continue as a PSL team for another ten years. An independent valuation by EY MENA declared Lahore Qalandars the most valuable PSL franchise based on combined on-field performance and organisational strength. The renewed annual franchise fee is approximately PKR 670 million ($2.37 million), based on the original value plus 25 percent of the new valuation.

In January 2026, a major ownership dispute within the Rana family became public. An arbitration tribunal appointed by the Supreme Court of Pakistan ruled that the transfer of Qalco 51 percent majority shares in KRR to brothers Atif Naeem Rana and Sameen Naeem Rana was legally void. The tribunal ordered the brothers to either pay Qalco PKR 2.296 billion (approximately $8.2 million) plus markup within 45 days, or return the 51 percent shareholding to Qalco. The dispute pitted Fawad Rana against his younger brothers and created uncertainty about the franchise ownership ahead of PSL 11.

The most significant controversy surrounding Qalco is the ongoing ownership dispute within the Rana family over control of the Lahore Qalandars. In January 2026, an arbitration tribunal appointed by the Supreme Court of Pakistan ruled that the transfer of Qalco 51 percent majority shares in KRR to Atif and Sameen Rana was legally void.

The dispute began in 2018 when the first signs of trouble between the brothers emerged. Shares of KRR were allegedly transferred in 2020 under an agreement that the tribunal found lacked valid authorisation. Fawad Rana, through Qalco, claimed that his brothers fraudulently transferred the majority shareholding. The case underwent extensive litigation in the Lahore High Court and the Supreme Court of Pakistan before being referred to arbitration.

The tribunal ordered Atif and Sameen Rana to pay Qalco PKR 2.296 billion (approximately $8.2 million) plus markup within 45 days, or return the 51 percent shareholding. With interest, the total liability exceeds PKR 3 billion (approximately $10.7 million). The award arrived at a sensitive time, just ahead of PSL 11 preparations for the 2026 season.

The arbitration outcome has implications for the franchise governance. If Qalco regains majority control, Fawad Rana would reassume management authority over the Lahore Qalandars. If the Rana brothers pay the required amount, they retain control. Legal representatives of Qalco and Fawad Rana confirmed the award and its implications. The resolution of this dispute will determine the franchise ownership structure for the next decade.