Moody’s says Qatar boycott is hurting the whole region
Dubai — A boycott of Qatar by a Saudi-led bloc of Arab states is hurting the economies of all the countries involved, with Bahrain and Qatar the most affected, Moody’s Investors Service said on Wednesday. The row has translated into a credit-negative for the entire six-nation Gulf Co-operation Council (GCC) — Saudi Arabia, the United Arab Emirates (UAE), Bahrain, Kuwait, Oman and Qatar, Moody’s said in a report. On June 5, Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic ties and imposed economic sanctions on Qatar, accusing it of backing radical Islamist groups. Doha has denied the charges. "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," said Steffen Dyck, Moody’s vice-president. Qatar faces large economic, financial and social costs stemming from related travel and trade restrictions, the agency said. The impact on Qatar so far ha...
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