Middle-east Arab News Opinion | Asharq Al-awsat

Series of Economic Procedures Await Doha | ASHARQ AL-AWSAT English Archive 2005 -2017
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Media ID: 55377901

Cars drive past the building of Qatar Central Bank in Doha, Qatar, June 6, 2017. REUTERS/Naseem Zeitoon

Riyadh- Economist Hussein Shobokshi said that the Qatari economy is expected to face a new series of tough procedures to be taken by the boycotting countries: Saudi Arabia, UAE, Bahrain and Egypt after the 10-day period given to the Qatari government to meet the demands ends.

He expected the coming procedures to include withdrawing deposits from central and commercial banks of boycotting countries and revoking licenses of Qatari bank branches in these countries in addition to halting activities pertinent to retail, telecommunications, and real-estate investment.

Shobokshi described the new procedures as a terrifying tsunami for the Qatari economy, pointing out that they will not be restricted to the region but will extend to the foreign Qatari investments in European countries and the US.

He added that the second batch of procedures is represented in a complete cut of economic ties with Qatar.

“There are still some remains of the ties such as the banking deposits of Saudi, Emirati and Bahraini central and commercial banks in Qatari banks that will be revoked. Also, dealing with Qatari banks of branches in these countries will be terminated and their licenses will be annulled in addition to activities related to retail, telecommunications, and real-estate investment,” he said.

“Any Qatari funds, direct or indirect, public or private are not welcome in these countries,” this is how Shobokshi summarized the upcoming tougher procedures.

He added that despite the Qatari economic theoretical capability to withstand the procedures taken, in fact, thisc capability will be limited.