(MENAFN) Dubai risks damaging its status as a fiscal center as a result of the trade boycott of Qatar by a Saudi-led bloc, which involves the UAE.
Accordingly, it could become increasingly hard for Dubai to act as a comprehensive regional hub for global firms' Gulf operations if the tension in the region continued.
In addition, the UAE, KSA, Egypt and Bahrain cut ties with Qatar over false Saudi allegations that Qatar has been supporting Islamist groups.
Moreover, the rift has prompted some banks from KSA, the UAE and Bahrain to cut their exposure to Qatar in different ways, involving by delaying letters of credit and investment deals.
MENAFN0908201700450000ID1095710969
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.