Qatar emir sees end to row with Saudi Arabia

Qatar’s ruler voiced hope on Tuesday that the country’s bitter dispute with Saudi Arabia and its Arab allies would pass, saying it had harmed regional security by weakening a Gulf Arab bloc.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut transport and trade ties with Qatar in June 2017, accusing it of supporting terrorism and their foe Iran. Doha denies the charges and says the boycott aims to undermine its sovereignty.

“History teaches us that crises pass, but if they are handled badly then this may leave traces which last for a long time,” Emir Sheikh Tamim bin Hamad al-Thani said in a speech to the consultative Shoura council.

“It is very regrettable that the continuation of the Gulf crisis exposed the failure of the Gulf Co-operation Council … which has weakened its ability to face challenges and threats and marginalised its role in the region,” the emir said.

The US, an ally of the sixnation Sunni Muslim Gulf Cooperation Council, sees the rift as a threat to efforts to contain Shiite Iran and has pushed for a united Gulf front. Saudi Arabia and the UAE have repeatedly said the dispute is not a priority and assured Washington it will not affect defence co-operation.

Riyadh recently appeared to soften its tone towards Qatar as the kingdom faces its worst political crisis in decades, over the murder of journalist Jamal Kashoggi at its consulate in Istanbul, which has strained Saudi ties with the West.

The emir said Qatar’s economy has emerged stronger from the sanctions and that the state continues to support vital projects, including preparations to host the World Cup in 2022 and to develop oil and gas industries to remain the world’s largest liquefied natural gas exporter.

Doha has moved to attract investors and new trade partners as it builds an economy less reliant on its neighbours, easing restrictions on foreign ownership of stocks and property.

Qatar grew its exports by 18% in 2017 and slashed spending by 20% under a conservative fiscal policy, while preserving the value of its currency, the emir said, forecasting that the budgetary surplus would increase in coming years.

“Qatar’s objectives in diversifying the economy and reducing its dependence on oil and gas does not ever mean neglecting the oil and gas sector as a fundamental source of wealth,” he told the Shoura council.