Qatar market dives as the UAE, Saudi Arabia and Bahrain withdraw their ambassadors | Qatar market dives as the UAE, Saudi Arabia and Bahrain withdraw their ambassadors -
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Qatar market dives as the UAE, Saudi Arabia and Bahrain withdraw their ambassadors

: Wednesday, March 05 - 2014 @ 14:44

The Qatar Exchange Index in Doha closed 2.06 per cent lower at 11,349.20 points on Wednesday, March 5. Earlier in the day, the three Gulf states – the UAE, Saudi Arabia and Bahrain – said in a joint statement released by the UAE official news agency, WAM, that they have decided to call back their ambassadors to Doha. Qatar was not committed to the principles of the Gulf Co-operation council’s (GCC) principles of non-interference in the internal affairs of any other GCC member state, WAM reports. The joint action came after the UAE summoned the Qatari ambassador to the UAE, Faris al-Nuaimi, on February 3 in order to protest against statements made by the Doha-based religious cleric Yusuf al-Qaradawi against the UAE. In a sermon during Friday prayers, al-Qaradawi criticised Abu Dhabi for its stance against the Muslim brotherhood, the former ruling party in Egypt whose president, Mohammed Morsi, was toppled by the military on July 3, 2013, after a year in power. The Muslim brotherhood as a political movement is forbidden in the UAE, Saudi Arabia and Bahrain and most Arab states. The report said that the three ambassadors were withdrawn “to protect security and stability” in the GCC region. Qatari shares lost across the board. Market bellwether Industries Qatar dipped by 0.52 per cent. General Insurance gained the most, finishing 4.26 per cent higher.

Gérard Al-Fil

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Wednesday, March 5- 2014 @ 14:44 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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