GCC crisis, one year on: What's the impact on Gulf economies? | GCC | Al Jazeera - 0 views
www.aljazeera.com/...economies-180602065942636.html
Qatar GCC economy diplomacy politics KSA UAE Oman trade
shared by Ed Webb on 04 Jun 18
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A year ago, the four Arab states of Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed a full land, sea and air blockade on Qatar. Since then, the richest country in the world per person, was forced to tap into its sovereign wealth fund and do everything it could to shore up its economy, banking system and currency.
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I think one year after the beginning of the Qatar crisis with the other GCC members, the economy is not crashing and Qatar seems to have adjusted to what is a very challenging situation.
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on the diplomatic front, we've seen an effort to engage with alternative powers - not only the US, but broadly to establish new trade links, try to cement those. So you have Qatar not really in an isolated position internationally, and that's a function of both, the importance of the gas reserves and gas exports, but also the financial cushion that Qatar has through its sovereign wealth fund, the Qatar Investment Authority
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when it comes to the UAE and Dubai specifically, some of the repercussions have been more serious or more tangible. Be it financial transactions being shifted from Dubai to London or New York where Qatar has been involved, so there's a loss of business volumes there. And certainly when it comes to Jebel Ali and the exports through Jebel Ali, that have now been rerouted to Oman. So, we've seen a bit more of an impact there