“The siege nations blocked us from using the air space, territorial water and land access. They stopped us from accessing their banking system, which is a very serious thing. The credit lines were all cancelled. Qatar Central Bank and QIA had to intervene to support our banking system. It was a truly serious matter,” said HE Sheikh Abdullah bin Mohamed bin Saud al-Thani, chief executive officer of QIA.
HE Sheikh Abdullah was speaking at Georgetown University in Qatar as part of a series of events to commemorate Qatar National Day, held under the theme of ‘Ingredients of Qatar’s Success under the Blockade”.
“QIA invests in a number of banks both locally and internationally. When foreign investors started pulling out money from Qatari banks and when access to the Gulf banking system was stopped and was not available, QIA intervened along with the central bank by moving funds from overseas into our banking system. QIA provided cash for the bank to offset any withdrawals from our banks,” he explained.
HE Sheikh Abdullah noted that the severing of diplomatic ties by some GCC countries a few years ago was a signal for Qatar. “We had assessed the situation in every detail and learnt that we should be vigilant in every action."
"During the present crisis, Qatar Airways has also played a huge role in overcoming the situation in several fields,” he added.
According to the official, the strong steps taken by QIA, QCB and other leading organisations have resulted in the country facing the ongoing blockade with great determination and success. “Success comes from a clear vision, an honest assessment, a deep thinking and a clear strategy. This is what Qatar has demonstrated in facing the unjust blockade,” he added.
HE Sheikh Abdullah, who is also the chairman of Oordeoo, highlighted the successful journey of the telecom company and how it has become one of the fastest growing telecommunication organisations in the world. He noted that the company has more than 153mn users globally and operates in 17 countries.
HE Sheikh Abdullah bin Mohamed bin Saud al-Thani speaking at the event. PICTURE: Ram Chand
Qatar has been successfully able to deal with the blockade with minimal impact as the Qatar Investment Authority (QIA) and Qatar Central Bank (QCB) intervened to support the country's banking system, a top official said Wednesday.
