Riyadh, Dammam- After Qatar rejected to comply with a list of demands made by Saudi Arabia, the UAE, Bahrain and Egypt on an ultimatum that expired Sunday night, signs emerged of a second wave of sanctions to be imposed by the four Arab states against Doha, which is accused of supporting terrorism.

Last month, the four Arab states gave Doha 10 days to comply with a list of 13 demands or face unspecified consequences. On Sunday, the states boycotting Qatar agreed to a Kuwaiti request to extend by 48 hours Sunday’s deadline.

While Qatar confirmed that its official response to the list of demands will be handed over to Kuwait on Monday, there has been information that the foreign ministers of Saudi Arabia, Egypt, the UAE and Bahrain will meet in Cairo on Wednesday “to follow up on the developing situation regarding relations with Qatar.”

Egyptian and Gulf diplomats and economists expect Qatar’s economy to face a new wave of measures, including the pulling of deposits from Qatari banks and the removal of permits given to Qatari bank branches operating in the four Arab states.

The measures against Doha would also touch Qatari investments in European countries and the US.

Reuters reported on Sunday that commercial bankers in the region believe that Saudi, Emirati and Bahraini banks might receive official guidance to pull deposits and interbank loans from Qatar.

Meanwhile, the Saudi Permanent Representative to the UN in New York, Ambassador Abdullah bin Yahya Al-Mu’allemi stressed that Qatar insists on destabilizing Saudi and regional security in addition to supporting terrorism that threatens the whole world.

“Qatar has chosen to be an ally of Iran and for the past 20 years it has been continuing its support for terrorist groups with its knowledge of their plots against the countries of the region,” the Saudi ambassador said.