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Gulf States Cut Ties With Qatar Over Terrorism Links
Topic Started: Jun 5 2017, 12:07 AM (73 Views)
Webster
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BBC News: Four countries cut links with Qatar over 'terrorism' support
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Saudi Arabia, Egypt, Bahrain and the United Arab Emirates have cut diplomatic ties with Qatar, accusing it of destabilising the region. The countries say Qatar is supporting terrorist groups including the Muslim Brotherhood.

The Saudi state news agency SPA said Riyadh had closed its borders, severing land, sea and air contact. It cited officials as saying it was to "protect its national security from the dangers of terrorism and extremism".

Egypt has also closed its airspace and ports for all Qatari transportation, the foreign ministry said.

The United Arab Emirates has given Qatari diplomats 48 hours to leave the country. Abu Dhabi accuses Doha of "supporting, funding and embracing terrorism, extremism and sectarian organisations," state news agency WAM said.

Bahrain's state news agency said the country was cutting ties with Qatar over "shaking the security and stability of Bahrain and meddling in its affairs".

The Saudi-led Arab coalition fighting Yemen's Houthi rebels also expelled Qatar from its alliance because of Doha's "practices that strengthen terrorism" and its support to groups "including Al-Qaeda and Daesh [also known as the so-called Islamic State], as well as dealing with the rebel militias", according to SPA.
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Webster
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--Unprecedented Escalation inside GCC
•Saudi & Bahrain cut relations w Qatar
•Others could follow
•Tension over Brotherhood, Iran, hacking
(Joyce Karam, Arab News - 5 June 2017)
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Webster
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(CNBC) Several Middle East countries, including Gulf states Saudi Arabia, the UAE, Bahrain, as well as Egypt, have severed diplomatic ties with Qatar. They have cited the need to protect their states from the "dangers of terrorism and extremism."

Oil prices have risen on the heightened tension.
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Webster
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(CNBC) Saudi Arabia and three other nations broke diplomatic relations with Gulf Arab state Qatar on Monday, pointing to Doha's ties to terrorism.

Riyadh ended all land sea and air contacts with Qatar, and the United Arab Emirates, Bahrain, and Egypt also cut ties with Doha.

The coordinated move escalates a dispute over Qatar's support of the Muslim Brotherhood, the world's oldest Islamist movement.

Saudi Arabia accused Qatar of backing militant groups and spreading violent ideology through channels such as its influential state-owned satellite channel al-Jazeera.

(Qatar) embraces multiple terrorist and sectarian groups aimed at disturbing stability in the region, including the Muslim Brotherhood, ISIS (Islamic State) and al-Qaeda, and promotes the message and schemes of these groups through their media constantly. - Saudi state news agency SPA
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Webster
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--US Secretary of State Rex Tillerson urges Gulf states to address differences, stay united after Bahrain, Egypt, Saudi, UAE cut #Qatar ties (David Vujanovic, AFP News - 5 June 2017)
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(CNBC) Hadley Gamble is in Dubai says the cutting of diplomatic ties between several Arab countries and Qatar will ripple out to western countries, particularly the United States.

Hadley points out that the U.S. has several military installations within Qatar.
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...getting up-to-speed on events in the Persian Gulf....

(The Guardian) Oil price surges as Gulf states cut Qatar ties
--The oil price has jumped this morning after a group of Gulf states cut diplomatic relations with Qatar. In a dramatic development Saudi Arabia, Egypt, the United Arab Emirates and Bahrain all announced early today they were severing ties with Doha and calling their diplomatic staff home.

They accused the Qatar leadership of supporting terrorism in the region, and destabilising the Gulf, through its support for Islamist groups and its relations with Iran.

Associated Press explains: Saudi Arabia said it took the decision to cut diplomatic ties due to Qatar’s “embrace of various terrorist and sectarian groups aimed at destabilizing the region” including the Muslim Brotherhood, al-Qaida, the Islamic State group and groups supported by Iran in the kingdom’s restive eastern province of Qatif. Egypt’s Foreign Ministry accused Qatar of taking an “antagonist approach” toward Egypt and said “all attempts to stop it from supporting terrorist groups failed.”

The tiny island nation of Bahrain blamed Qatar’s “media incitement, support for armed terrorist activities and funding linked to Iranian groups to carry out sabotage and spreading chaos in Bahrain” for its decision.

The four countries are suspending air and sea travel, and Saudi Arabia is also cutting its road crossings.
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Webster
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--Qatar benchmark stock index plunges 5.5% after Saudi, U.A.E., Egypt and Bahrain sever ties with the country. (David Ingles, Bloomberg News - 5 June 2017)
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(The Guardian) Jasper Lawler of CMC Markets explains why crude prices have risen today: The price of oil could be on the verge of another recovery with political tensions between Saudi Arabia and Qatar a potential threat to supply out of the Strait of Hormuz.

Qatar has hit back at Saudi, Bahrain, the UAE and Egypt, accusing them of lying over their decision to cut diplomatic ties today.

In a statement, the Qatari foreign ministry says: “The campaign of incitement is based on lies that had reached the level of complete fabrications.”
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--Qatari stocks plunge 8% after Saudis and other Gulf states cut diplomatic ties. Biggest fall since Dec 2009. (Jamie McGeever, Reuters - 5 June 2017)
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(The Guardian) The Gulf is now facing its most serious diplomatic crisis in years, says (the Guardian's) Ben Doherty and Patrick Wintour.

They explain: Qatar has long faced criticism from its Arab neighbors over its support of Islamists. The chief worry among them is the Muslim Brotherhood, a Sunni Islamist political group outlawed by both Saudi Arabia and the UAE as it challenges the nations’ hereditary rule.

Gulf countries led by Saudi Arabia fell out with Qatar over its backing of then-Egyptian president Mohammed Morsi, a Brotherhood member. In March 2014, Saudi Arabia, the United Arab Emirates and Bahrain recalled their ambassadors from Qatar over the rift.

Eight months later, they returned their ambassadors as Qatar forced some Brotherhood members to leave the country and quieted others. However, the 2014 crisis did not see a land and sea blockade as threatened now.

In the time since, Qatar repeatedly and strongly denied it funds extremist groups. However, it remains a key financial patron of the Hamas-controlled Gaza Strip and has been the home of exiled Hamas official Khaled Mashaal since 2012.

-Read more: https://www.theguardian.com/world/2017/jun/05/saudi-arabia-and-bahrain-break-diplomatic-ties-with-qatar-over-terrorism
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(The Guardian) Back in the Gulf, the cost of insuring Qatari sovereign debt against default has hit a two-month high this morning.

That underlines concerns that Saudi Arabia, Bahrain, Egypt and the UAE have all cut ties with Qatar today.

Reuters has the details: Five-year credit default swaps for Qatar rose 2 basis points(bps) from Friday’s close to 61 bps, the highest level since early April.

The coordinated move from the Gulf states dramatically escalates a dispute over Qatar’s support of the Muslim Brotherhood, the world’s oldest Islamist movement, and adds accusations that Doha even backs the agenda of regional arch-rival Iran.

Ratings agency Moody’s said the rift could have an impact onQatar’s credit rating if trade and capital flows are disrupted. Qatar sovereign dollar bonds also fell.


Yemen’s state news agency is reporting that it has also cut ties with Qatar.

Yemen also supports the decision to remove Qatari soldiers from the Saudi-led coalition in the country.

That group is fighting Houthi forces supported by Iran (a conflict which has turned Yemen into a humanitarian crisis, with millions of people starving, and thousands of cholera cases recorded)
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(The Guardian) MUFG: Why Qatar crisis matters
--The diplomatic crisis between Qatar and its neighbours could have serious political and economic implications, says Mitsubishi UFJ Financial Group in a new research note. MUFG’s Ehsan Khoman explains...

1) This time the political tensions are different – increased regional geopolitical instability.
Whilst the GCC [Gulf Cooperation Council] has been hit by severe internal turmoil in the recent past (revival of memories of a similar spat in May 2014, when Saudi Arabia, the UAE and Bahrain united against Qatar for its support of the Muslim Brotherhood and severed ties for 8 months), the current wave is particularly worrying. Indeed, a divided GCC will bring further instability in the region at a time of full confrontation between the Saudi-led alliance and Iran. A possible thaw between Iran and Qatar could, in theory, lead to a confrontation with the US, as the latter has an immense military base currently in the GCC (most notably in Qatar where the country hosts the largest US military presence in the GCC – CENTCOM Forward Headquarters). Thus, a rapprochement between Iran and Qatar would be a vast security risk to the US military.

2) Yemen war.
Saudi Arabia has announced this morning that it has pulled all Qatari troops from the ongoing Yemen war.

3) Oil and OPEC agreement risks.
A full-fledged confrontation will, without any doubt, put pressure on the current compliance rate of OPEC members to the adherence of the 9 month agreement to cut production. Whilst Qatar’s pledge was only to cut 30,000 barrels to 628,000 barrels (as part of the OPEC agreement), there are potential risks of Qatar leaving OPEC which could significantly impact oil prices – Brent prices are up 1.7% today to USD50.7/b.

4) Transportations industry (airlines, shipping and road freight) risks.
The closure of land/sea/air contacts could have surmountable implications for the airlines, shipping and road freight industries – Etihad Airways, said it would suspend flights to and from Qatar beginning Tuesday morning (the last flight from Abu Dhabi to Doha will depart at 02:45 local time on Tuesday, the airline’s spokesman said in an email). There have been no other announcement by the major airline carriers or corporates have been made thus far.
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(The Guardian) Every blue-chip share on the Qatar stock market has fallen sharply this morning.

Many stocks - including property and energy companies - have slumped by 10%, which is the maximum daily move allowed by regulators.

Even the best-performing stock on the QSI index is down 6%, as investors are spooked by the sudden freeze in relations with other Gulf states.
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--SOME EGYPTIAN BANKS HALT DEALINGS WITH QATARI BANKS AFTER CAIRO CUTS TIES WITH QATAR - BANKERS (Nour E. Al-Hammoury, Sky News Arabia - 5 June 2017)}

--RTRS - UAE CENTRAL BANK HAS NOT SO FAR ISSUED ANY GUIDELINES TO BANKS ON DEALING WITH QATAR -SOURCE FAMILAR WITH THE MATTER (Nour E. Al-Hammoury, Sky News Arabia - 5 June 2017)
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