(MENAFN- The Peninsula) By Sidi Mohamed / The Peninsula
Mohamed bin Ahmed bin Tawar Al Kuwari, Vice-Chairman of Qatar Chamber has said that Qatar's economy is bigger than blockade and the countries which have imposed these sanction will be greater losers.
"The financial situation and our natural resources are good and this has helped us to overcome the blockade," he said while talking in "Reality" talk show at Qatar TV last night.
'Qatari businessmen are experienced and I think that in the first three days of the crisis they arranged alternative options for import. And the food products were replaced by products from other countries. Qatar Chamber is making processes easy for importers by removing obstacles at the ports and Hamad International Airport," Al Kuwari added.
He said: "The blockade will impact negatively more on those counties which have imposed sanctions on Qatar because most of our exports are natural sources. These exports have not been affected, even the export of natural gas to the UAE is still continuing. I can say that everything is going normal.
'I want to say that alternatives are there and markets are open. For his side, Rashid Ali Al-Mansoori, CEO of Qatar Stock Exchange said that the QE index was on the rise. 'During this crisis, we have received 150 portfolio applications for the opening of new accounts which shows the confidence of investors. In the first day of the crisis, Mansoori said, there was a slight affect on the stock exchange and this was normal.
'But we are still dealing with GCC citizens like Qataris because we are in the Gulf like a family.
Also economic analyst, Nasser bin Sultan al Humaidi said that the Qatari stock market was returning back to normal situation, and Qatar's economy was mostly dependent on natural resources.
'The only thing affected is the food products. For examples the annual import from Saudi Arabia was 8bn and if now Qatar imports these products from other countries like Turkey even at the cost of 9bn, it will be spending 1bn extra while on the other hand, Saudi economy will lose 8bn. Humaidi also said that the construction sector would not be affected because 'Iron and cement are in surplus in Qatar.
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