The boycott of Qatar is hurting its enforcers badly, says The Economist

The boycott of Qatar is hurting its enforcers badly, says The Economist

QLBusiness
By QLBusiness

Ever since June 5, four Arab nations including Bahrain, Egypt, Saudi Arabia and the UAE have been subjecting Qatar to an illegal blockade.

However, the nation and its leaders have shown great resilience, refusing to bow to the neighbours’ bullying tactics.

While Qatar has felt the effects of the blockade to some extent, it is understood that the boycotting countries too are feeling the heat, according to international business magazine The Economist.

The magazine noted that Dubai, considered a service hub of the entire region, has been particularly hard hit. Qatari firms that do business in the UAE all use local partners and many of these locals are feeling the pain, reported Qatar Tribune

According to The Economist, a public-relations executive said her firm was discussing layoffs after losing a Qatari contract. Estate agents have said that the crisis was also likely to hit Dubai’s property market. Last year alone, Qataris had bought properties worth about $500 million.

Shipping is another area where Dubai has been feeling the pain. Jebel Ali, the port which lies to the south of Dubai, is the busiest in the region and handles more than a third of cargoes in the Gulf.

Before the boycott, around 85% of shipborne cargo to Qatar came through Jebel Ali Port. In September, Qatar opened the new $7.4bn Hamad Port and it allows shippers to bypass the UAE altogether.

The blockade is expected to accelerate the shift away from Jebel Ali Port. Qatar Navigation, a shipping conglomerate, is moving its regional hub from UAE to Oman, which has not joined the boycott.

The blockade is also weakening the six-country Gulf Co-operation Council (GCC), of which Qatar, Saudi Arabia and the UAE are members, the report said.

By PunchLiner• 22 Oct 2017 09:51
PunchLiner

It is also hurting Qatar big time. I hope this ends soon.

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