Qatar’s financial sector demonstrated its ability to maintain stability and not only resist but also grow in light of the current Gulf crisis caused by the siege imposed on Qatar, says Minister of Finance H E Ali Shareef Al Emadi. Despite the measures taken by the siege countries such as closing all land, air and sea borders in order to negatively impact Qatar’s economy and its financial capability, things went the other way, the minister said.
One of the main factors that helped the financial sector in the current crisis is the support of Qatar’s wise leadership to economic diversification and entering in foreign investments to strengthen national income and raise the financial capabilities of Qatar. Al Emadi played down the fear of the country’s financial market crash, after Qatar’s index fell 7.1 percent at the start of the crisis. He explained that it is an understandable reaction and there is no need to worry since Doha has all the required means to defend its economy and currency.
The minister said Qatar’s investment funds and reserves account for more than 250 percent of GDP, and he does not believe there is any reason to worry about the Qatari Riyal.
