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Qatar could lose SAR50bn of Saudi investments

Qatar could lose SAR50bn of Saudi investments
Saudi Arabia, UAE, Egypt, and Bahrain recently cut diplomatic relations with Qatar

Riyadh - Mubasher: More than 300 Saudi companies are investing around SAR 50 billion in the Qatar and could exit the market due to the growing tensions between the two countries.

An unnamed source in the Council of Saudi Chambers has told local newspaper aleqtisadiah that in the upcoming days he expects Saudi companies to exit the Qatari market, if the current crisis continues.

The Saudi companies working in the Qatar operate in industries, real estate, transportation, logistic, tourism, and other fields, and they go back as far as 50 years ago, he added.

The source also indicated that in the last couple of days some national Saudi companies revealed their plans to exit Qatar and direct their investments to the KSA, as well as other regional and international markets due to the current circumstances in Qatar.

He also expects that similar moves could be takes by Emirati and Bahraini investors which would cost Qatar huge losses especially in the field of building and construction.

Last week, Saudi Arabia, UAE, Egypt, and Bahrain simultaneously decided to cut diplomatic ties with Qatar.