- January 7, 2021
- Posted by: Waqas Siddiqui
- Category: Others
Restoring Ties with Qatar will positively Impact Gulf Economy
Saudi Arabia, UAE. Bahrain and Egypt will open their borders to Qatar as a first step toward ending a three and half year long diplomatic crisis. The opening of borders among the Gulf countries is expected to have a positive impact on the regional economy. Some of the major industries that are going to benefit from the decision includes Aviation, Consumer Goods, Construction and Logistics.
Historically, Qatar had a strong trade relationship with UAE and Saudi Arabia. It was estimated that the total trade between UAE & Qatar was around AED 13 billion (USD 3.5 billion), while the total trade between Saudi Arabia & Qatar was around AED 6 billion (USD 1.7 billion). With the trade being resumed with Qatar, UAE & Saudi Arabia will have a significant boost in their current financial standing.
Earlier this week, the Gulf countries along with Egypt were able to find resolution for all areas of conflict and agreed on restoring the diplomatic ties. The decision is likely to facilitate trade, investment and tourism apart from accelerating growth in the region in the times when it is adversely impacted by the COVID-19 Pandemic.
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