Qatar’s ruler hopes Gulf crisis will end for region’s sake

QATAR’S ruler voiced hope yesterday 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 country’s consultative Shoura council. “It is very regrettable that the continuation of the Gulf crisis exposed the failure of the Gulf Cooperation Council (GCC) ... which has weakened its ability to face challenges and threats and marginalized its role in the region,” he said, urging the bloc to adopt dispute resolution mechanisms.

The emir said Qatar’s economy had emerged stronger from the sanctions and that the state continued to support vital projects, including preparations to host the World Cup in 2022 and to develop oil and gas industries to maintain its position as 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 neighbors, easing restrictions on foreign ownership of stocks and property. Qatar grew its exports by 18 percent last year and slashed spending by 20 percent under a conservative fiscal policy, while preserving the value of its currency, the emir said, forecasting the budgetary surplus would increase in coming years.