Qatar tells CNBC it has $340 bln in reserves, enough to weather sanctions

Qatar's Central Bank in Doha. (Reuters file photo)
Updated 10 July 2017
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Qatar tells CNBC it has $340 bln in reserves, enough to weather sanctions

DUBAI: Qatar has $340 billion in reserves including holdings of its sovereign wealth fund that could help the Gulf country to weather the isolation by its powerful Arab neighbors, central bank governor Sheikh Abdullah Bin Saoud Al-Thani told CNBC.
“This is the credibility of our system, we have enough cash to preserve any..kind of shock,” he told the news channel in an interview published early on Monday on its website.
Al-Thani said the central bank has $40 billion in reserves plus gold, while the Qatar Investment Authority has $300 billion in reserves that it could liquidate.
Qatari stocks have weakened and the riyal has been volatile in the spot market since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism. Dona has denied these allegations.
“Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists ,” al Thani told CNBC. “We work with the IMF (International Monetary Fund) and other institutions to establish our laws and audits and reviews.”
“We have no challenges, we welcome those to review all our books, they are open,” he added. Al-Thani said while the central bank has noticed fund outflows from some non-residents, the amounts weren’t particularly significant.
“There is more coming in,” he said, confirming that inflows are exceeding outflows.
He said long-term contracts in the gas and oil sectors were not seeing any disruptions.
Rating agency Moody’s Investors Service earlier this month changed the outlook on Qatar’s credit rating to negative from stable, citing economic and financial risks arising from the ongoing dispute between Qatar and the Saudi-led alliance.
Despite the market ructions, economists say Qatar, the world’s top liquefied natural gas exporter, has taken a number of measures such as a planned boost in gas output and new transport routes to weather the crisis.


Egypt refers 28 to court on charges of joining Daesh, al-Qaida

Updated 29 min 24 sec ago
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Egypt refers 28 to court on charges of joining Daesh, al-Qaida

  • Egyptian officials said only 17 of the 28 suspects are actually in custody
  • They said the suspects were planning to conduct attacks in Egypt

CAIRO: Egyptian prosecutors have referred 28 terror suspects in two separate cases to court on charges of joining local affiliates of the Daesh group and Al-Qaeda.
They said Monday the suspects were plotting attacks against security forces and the headquarters of the high state prosecution in Cairo.
They say only 17 of the 28 suspects are in custody. No date has been set for their trials. It was not clear when or where they were arrested.
A Daesh affiliate based in northern Sinai has carried out attacks across Egypt in recent years, mainly targeting security forces and the country’s Christian minority.
Egypt has been battling militants for years, but the insurgency gathered strength after the 2013 military overthrow of an elected but divisive Islamist president.