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Published On: Sun, Jul 2nd, 2017

Qatar’s stock index drops as Saudi-led deadline looms

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Araweelo News Network

Qatari Foreign Minister Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani speaks to an AFP reporter in Doha, on June 8, 2017. (Photo by AFP)

Doha(ANN)-Qatar’s stock market has suffered a steep drop as nears its end the Persian Gulf nation’s deadline to give in to demands by a group of Saudi-led countries.

The county’s main QE stock index dropped by over three percent after reopening following a week-long interval for the Eid al-Fitr holiday break.

It eventually regained some of its damages later in the trading session to close down with a 2.3-percent drop.

The Saudi-imposed deadline is scheduled to finish by day’s end, although the ultimatum didn’t include a precise time or details concerning penalties.

A file photo of Qatar’s stock exchange

Saudi Arabia, Bahrain, Egypt, and the United Arab Emirates severed diplomatic ties and cut all land, sea, and air contacts with Qatar on June 5. The four countries accused Qatar of supporting terrorism and destabilizing the region, allegations denied by Doha.

The countries later issued a list of demands for Qatar to meet in return for the normalization of ties. Among them was that Qatar should shut down Al Jazeera, a media network that has reportedly been critical especially of Saudi Arabia, close a Turkish military base, limit its ties with Iran, and “compensate” the sanctioning countries.

On Saturday, Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani has stressed that Doha will not give in to any of the demands made by Riyadh and its allies, noting that the requests were “meant to be rejected.”

“Everyone is aware that these demands are meant to infringe the sovereignty of the state of Qatar, shut the freedom of speech and impose auditing and probation mechanism for Qatar,” he said.

On Saturday, Saudi Arabia reiterated that its demands on Doha were “non-negotiable.”

Saudi Foreign Minister Adel al-Jubeir tweeted that Riyadh’s “demands on Qatar to stop funding terrorism are non-negotiable.”

“Restrictions on Qatar show zero tolerance for terrorism,” he said, claiming that Doha had failed to keep previous vows of stopping “funding terrorism and interfering in other countries’ affairs.”

About the Author

- Arraale Mohamoud Jama Freelance Journalist and Human Rights Activist Arraale, is a 20 year experience as a professional Journalist and human rights activist Over the years, worked for the major News Papers in Somaliland as a reporter, editor and contributor. 2008 established website Araweelo News Network, he currently runs a web site based in Somaliland. who is the specializes in the investigation and reporting on issues relating to human rights, democracy, and good governance. contact: Send an SMS or MMS to + 252 63 442 5380 WhatsApp + 252 65 910 7347.

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