Gulf Countries Critical Of Qatar’s Support For Muslim Brotherhood Recall Ambassadors

Posted by: : Paul EbelingPosted on: March 5, 2014 Gulf Countries Critical Of Qatar’s Support For Muslim Brotherhood Recall Ambassadors

Gulf Countries Critical Of Qatar’s Support For Muslim Brotherhood Recall Ambassadors

Gulf Cooperation Council (GCC) members; Saudi Arabia, UAE and Bahrain  said Wednesday they withdrew their Ambassadors from Qatar, the move threatens the 6 nation alliance.

Qatar’s stock market dove on the revelation.

Bahrain, Saudi Arabia and the United Arab Emirates (UAE) recalled their Ambassadors “to protect security and stability,” the members  said in a statement on  the official Saudi Press Agency’s website.

The decision followed a Gulf foreign ministers meeting in Riyadh Tuesday, as they failed to convince Qatar to implement an accord that stops “support for anyone who threatens the security and stability of GCC countries,” they said in their statement.

The Gulf countries are critical of Qatar’s support for the Muslim Brotherhood.

In February, the UAE  summoned Qatar’s Ambassador and issued a Letter of Protest in response to criticism by a Doha-based cleric called Yusuf al-Qaradawi, he is known to have close ties with Qatari Royals and expresses support for the Muslim Brotherhood.

“This has to deal with Qatar’s continued support for the Muslim Brotherhood,” Theodore Karasik, director of research at the Institute for Near East and Gulf Military Analysis in Dubai, said in an interview. “Members and supporters of the Islamic group are criticizing GCC countries from Doha.”

Qatar’s QE Index fell 2.3% as of 12:24 p. in Doha.

Dubai’s DFM General Index fell 0.9 before paring losses to 0.1%.

A Qatar’s foreign ministry official declined to comment when contacted by phone.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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