Qatar: Stocks on the Nation’s Exchange Drops, Arab Deadline Looms
Qatar is accused by it neighbors of supporting terrorism and destabilizing the Gulf region, while at the same time hosting the regions largest US Military base.
Issues on Qatar’s stock exchange have dropped following an extended Holiday closure as the small Crude Oil and Nat Gas rich Gulf nation faces a deadline to accept demands from 4 Arab countries.
The benchmark QE Index lost more than 3% Sunday before recovering some of its losses later in the trading session to close down 2.3% at 8,822.15.
The market was last open before the Eid al-Fitr holiday on 22 June.
That was the day that Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain issued Qatar a 13-point list of demands and gave it 10 days to comply.
The ultimatum expires Monday, though the countries involved have not provided a precise time or detailed what immediate penalties, if any, Qatar will face.
Qatar said it’s prepared to “face whatever consequences” if it does not meet a list of demands by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
During a trip to Rome Saturday, Qatar’s Foreign Minister told reporters the list was “made to be rejected.” And that Qatar is not afraid of any actions that could be taken against it, Sheikh Mohammed bin Abdulrahman Al-Thani said.
“There is no fear … Qatar is prepared to face whatever consequences,” he told reporters.
Saudi Arabia’s Foreign Minister Adel al-Jubeir called the list “non-negotiable” last week. The 4 Gulf nations have accused Qatar of supporting terrorism and destabilizing the Gulf region.
Qatar shares its only land border with Saudi Arabia, it rejects the accusations, calling them “unjustified” and “baseless.”
The 4 Gulf states that issued the demands Friday “informed the World Trade Organization of the legality of severing diplomatic and consulate ties with Qatar,” the official Saudi Press Agency reported.
The diplomatic crisis came 2 weeks after Saudi Arabia, the UAE, Bahrain and Egypt blocked several Qatari media outlets over comments allegedly made by Qatari Emir Sheikh Tamim Al-Hamad Al-Thani.
Emir Al-Thani reportedly hailed Iran as an “Islamic Power” and criticized President Donald Trump’s policy towards Tehran on a official news website.
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