Qatari banks brace for cash crisis

Doha financial bodies have to pay premium to get funding from non-Gulf market

dubai — A move by four Arab states to blacklist dozens of figures with alleged links to Qatar could squeeze liquidity at Qatari banks which get a significant amount of their funding from the region.

Qatari banks have around 60 billion riyals ($16 billion) in funding in the form of customer and interbank deposits from other Gulf states, said Chiradeep Ghosh, banking analyst at SICO Bahrain.

All types of deposits at banks in Qatar totalled 753 billion riyals at the end of March, according to central bank data.

But the UAE Central Bank has ordered local banks to stop dealing with the 59 individuals and 12 entities with alleged links to Qatar and to freeze their assets, Wam reported. It has also told them to apply enhanced due diligence for any accounts they hold with six Qatari banks, including Qatar National Bank which is the Middle East and Africa’s largest bank, Wam said in its report.

The six banks — QNB, Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf Al Rayan and Doha Bank — did not respond immediately to requests for comment. —

At heart of current crisis in Gulf is Qatar’s support for extremism & terrorism. Change of course only solution for the sake of stability

Qatar has been riding tiger of extremism & terrorism. Cost to region & world too high. Time to change course, disavow E&T & be constructive

Sanctions on Qatar within sovereign right of 4 countries. Intention to send wake up call. Qatari support of extremism & terrorism must stop Dr Anwar Gargash, UAE Minister of State for Foreign Affairs @AnwarGargash

dubai — The Qatari media has stepped up its offensive with its fake and fabricated news to serve the policies of the Qatari government.

The Qatar’s dailies started publishing false statements allegedly given by “Emirati citizens”, in a way that mirrors poor professional standards adopted by Qatari newspapers.

To name a few, Qatar’s Al Watan Arabic daily has been publishing for the last two days photos of Emiratis that don’t match with the names.

The paper falsely attributed lengthy statements, mentioning that these have been given by Emiratis.

The Emiratis have lodged complaints to the authorities in the country against the newspaper.

Meanwhile, the Saudi Commission for Tourism and National Heritage stated that all the TV satellite channels belonging to the Al Jazeera TV network must be deleted from the TV channels list that is available in the rooms and tourism shelters amenities.

The Saudi commission warned that violation of its directive would draw punishment with revocation of licences or a fine up to SR100,000, or both.

The directive came in a circular issued by the SCTA on Friday to the owners and operators of tourist facilities across Saudi Arabia.

The Saudi Commission for Tourism and National Heritage statement underlined that all the shelter amenities must select the proper TV satellite channels alongside the Saudi official TV channels.

The SCTA statement said that the shelter amenities must not place the receiver unit inside the rooms or the fully furnished residential units, and that the receivers must be centralised and fully controlled by the facility’s management.

Besides, the TV channels that are against Islamic values or policies of the state, or those that are against public decency and morals (porn TV channels) must not be opened.

Meanwhile, the Security and Defence Committee of the Libyan parliament on Saturday released a statement declaring its support and backing to the terror list that was issued by the four Arab countries — Saudi Arabia, UAE, Bahrain and Egypt.

Sky News Arabia news TV channel reported that the Libya’s house of the representatives has issued an appendix of the terror list, which includes names of 75 persons and 9 terrorist bodies.

The terror list includes names of people who have links with Qatar or are residing there.