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Sunday, 30 July 2017

Global Banks Are Said to Shift Qatar Business From Dubai Hub - Bloomberg

Global Banks Are Said to Shift Qatar Business From Dubai Hub - Bloomberg:

"Some international banks are serving Qatar from London and New York instead of Dubai’s financial center as a regional dispute makes it harder to do business with clients in the gas-rich Gulf state, according to people familiar with the matter.

Lenders that handled clients such as the Qatar Investment Authority and wealthy family offices out of the Dubai International Financial Centre are shifting coverage to other global financial hubs to avoid damaging relations with the United Arab Emirates and Saudi Arabia, said the people, asking not to be identified because the matter is private.

Saudi Arabia, the U.A.E., Bahrain and Egypt severed diplomatic and transport links with Qatar in June, accusing it of supporting extremist groups. Qatar denies the charges. As part of the restrictions, Emirates, Etihad Airways PJSC and FlyDubai suspended flights to and from Qatar, meaning that Dubai-based bankers have to fly via Oman or Kuwait, adding hours to a flight that used to take less than 60 minutes. "



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