Ongoing Gulf Crisis a Risk for GCC's Credit Outlook: Moody's

There were strong words at the Arab Foreign Ministers meeting in Cairo yesterday

The 13 demands made by these countries and the six principles are in fact meant to highlight the Qatari violations and call on it to abide by previous agreements, he said, citing that Qatar failed to abide by the Riyadh Agreement of 2013 and the Riyadh Agreement of 2014 and continued its negative and hostile policies towards the countries of the region.

Hours later, the public prosecutor tweeted a section of the kingdom's terrorism law, which states: "Endangering national unity, obstructing the Basic Law of governance or some of its articles, and harming the state's reputation or status are terrorist crimes".

The four boycotting countries later demanded that Doha downgrade its ties with Iran even as Doha had already recalled its ambassador.

The meeting in the Egyptian capital kicked off with a direct rebuke addressed to the Saudi-led quartet by Qatar's Foreign Minister of State Sultan bin Saad al-Muraikhi in a speech, although the Gulf crisis was not on the agenda, Middle East Monitor (MEMO) reports.

Saudi Arabia and its Sunni allies, the United Arab Emirates, Egypt and Bahrain, severed ties with Qatar, accusing it of funding terrorism and supporting Shia Iran.

According to Steffen Dyck, Moody's Vice President: "The severity of the diplomatic dispute between Gulf countries is unprecedented, which magnifies the uncertainty over the ultimate economic, fiscal and social impact on the GCC as a whole".




Saudi Arabia hit back through the voice its Arab League envoy, Ahmed al-Qattan, who said "Congratulations to Iran and soon, God willing, you will regret it", MEMO reports.

"All these policies have forced us to take these measures for the benefit of Qatar on one hand and our security and stability on the other", he said citing that there are several Arab and global bodies which had condemned these actions carried out by Qatar. "If the brethren in Qatar think they may have a benefit in their rapprochement with Iran, I'd like to say that they have this evaluation wrong in every way". "The Qataris will be held responsible for such a decision".

"This is not a fake crisis; rather, it is the result of Qatar's backing for extremism and conspiracy against its neighbours", said Gargash.

The leading cleric was arrested after he welcomed the first contact between Saudi crown prince Mohammed bin Salman and Qatar's emir Sheikh Tameem bin Hamad Al-Thani after a three-month boycott.

In response to Al-Muraikhi's accusation to Saudi Arabia that it wants to depose the Emir of Qatar and replace him with the foreign minister, Al-Qattan said that Saudi Arabia will never use these cheap methods and it doesn't want to change the regime.

The Brotherhood, an Islamist movement designated a terrorist organisation by Saudi Arabia, is central to a dispute between the kingdom and neighbouring Qatar.

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