Moody's: Qatar crisis a negative for all countries involved

Marie Harrington
September 15, 2017

On Friday, Mr Odah had expressed hope on Twitter that a telephone conversation between Saudi Crown Prince Mohammed bin Salman and Qatari Emir Sheikh Tamim bin Hamad Al Thani signalled an end to the dispute.

The public prosecutor reminded them separately on Twitter that "harming the state's reputation or status" constituted a "terrorist crime".

The Arab League meeting on Tuesday in Cairo was overtaken by the Gulf crisis as the Qatari delegates and the delegates of Saudi Arabia, United Arab Emirates (UAE), Bahrain and Egypt traded accusations.

Arab foreign ministers meet during a regular session in Cairo.

In response, Ahmed al-Kattan, Saudi Arabia's envoy to the Arab League, said: "Congratulations to Iran and soon, God willing, you will regret it". The contract is worth $50,000 per month. Saudi Arabia, which has accused Qatar of funding terrorism, has 20 firms on retainer.

During his opening speech, Qatar's Minister of State for Foreign Affairs Soltan bin Saad al-Muraikhi referred to Iran as an "honourable country" and said ties had warmed with its neighbour since the blockade. Al-Muraikhi said that the list of demands presented by the boycotting countries is impossible to come into effect as it is an explicit violation of the sovereignty of Qatar.

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What has infuriated Riyadh most seems to be Qatar's snobbish tone at the negotiating table, and this "insult" by the Qataris made the Saudis suspend any talks with Doha until Qatari officials call for negotiations in a straightforward manner and in line with the requirements of such talks.

"The severity of the diplomatic dispute between Gulf countries is unprecedented, which magnifies the uncertainty over the ultimate economic, fiscal and social impact on the GCC as a whole", Steffen Dyck, a senior credit officer at Moody's and co-author of the report, said in a statement. "If the brethren in Qatar think they may have a benefit in their rapprochement with Iran, I'd like to say that they have this evaluation wrong in every way".

UAE's Gargash said the Gulf crisis continued "due to Qatar's unwillingness for peace".

Israel's neighbors in the Middle East continue to sling mud at one another in their quarrel over Qatar.

Qatar has explicitly denied providing any support to extremist groups in the region, saying it felt the crisis was politically motivated. Qatari foreign minister said on July 31 that the crisis should be solved through diplomacy without touching Qatar's sovereignty and made it clear that Qatar will not accept any demands that are not in line with global law.

Other reports by TheSundaySentinel

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