The Doha-based QE 20 Index closed at 11,331.05 points on Sunday, March 16. Overall, investors remained unimpressed by a report by The Financial Times published on March 14, which said Qatar was preparing for possible sanctions, including a possible border closure allegedly taken into account by Saudi Arabia in case the dispute around the Muslim Brotherhood escalates. Saudi Arabia, along with the UAE and Bahrain, withdrew their ambassadors to Qatar ten days ago in order to protest Youssef al-Qaradawi’s Friday sermon in Doha, in which he slammed the UAE for its tough stance against the Muslim brotherhood in Egypt. Earlier last week, Dr George T. Abed, the senior counsellor and director for the Middle East and Africa at the global banking lobby organisation International Institute of Finance said he did not expect any impact on the GCC economy due to the dispute. “This is a family feud. The GCC countries have been doing trade for decades and we do not expect any impact on the economy,” says Abed.
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