March 5, 2014
Joint statement issued by the UAE, Saudi and Bahrain on the recall of their envoys
A joint statement has been issued by Saudi Arabia, the UAE and the Kingdom of Bahrain, which reads as follows:
“Saudi Arabia, the UAE and the Kingdom of Bahrain, would like to make it clear that, based on that which is dictated by the principles of the Islamic Sharia on the need for unity and cooperation in compliance with the words of Allah: ‘And hold firmly to the rope of Allah all together and do not become divided’, and ‘And do not dispute and thus lose courage and then your strength would depart’.
“In implementation of the principles of the basic system of the Cooperation Council for the Arab Gulf States, which stipulated the realisation of member states of common destiny and unity of goal that bind their people, and the aim of the Council to achieve coordination, cooperation and interdependence among member states in all fields, reaching to the unity, deepening and strengthening of ties and linkages and existing cooperation between their peoples in various fields.
“Out of sincere desire of its leaders to exert all efforts for closer ties between the GCC countries, and according to the aspirations of the peoples to maintain what has been achieved, thanking Allah, of gains and achievements in the forefront, maintaining the security and stability of the GCC countries, which is stipulated in the security agreement signed between the GCC countries, as a collective responsibility borne by these countries, as their countries have exerted great efforts to communicate with the State of Qatar at all levels in order to agree on an approach ensuring moving within the framework of a unified policy for the GCC countries based on the principles set forth in the basic system of the Cooperation Council and in the agreements signed between them including the security agreement, and to comply with the principles that ensure non-interference in the internal affairs of any of the GCC countries, either directly or indirectly, and not to support any party that threatens the security and stability of the GCC countries whether organisations, or individuals, either through direct security work or by political influence, and not to support the hostile media.
“However, these efforts have resulted in the approval of Qatar through the signing of Tamim bin Hamad bin Khalifa Al Thani, Emir of Qatar, on the agreement signed following a meeting held in Riyadh on 19/01/1435 Hijri corresponding to 23/11/2013, in the presence of Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, which was signed and endorsed by all the leaders of the GCC countries, the UAE, Saudi Arabia and Bahrain had hoped for the aforementioned agreement to be put in place by Qatar once it was signed.
“However, in light of the passage of more than three months since the signing of the agreement without Qatar taking the necessary measures to put it into force, based on the approach of openness and full transparency which the leaders of the three countries have consistently worked for in all issues related to the higher national interests of their countries, and their realisation of the gravity of what is happening throughout the region, the great challenges and variables related to fateful issues, which have a direct affect on the security and stability of the GCC countries, the responsibility entrusted in them committing their foreign ministers of their respective countries to clarify the serious risk of the matter to Qatar and the importance of standing as one against all things aimed to destabilise and prejudice the security of their countries, in the meeting, which was held in Kuwait on 17/04/1435 Hijri corresponding to 17/02/2014 in the presence of Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, and Tamim bin Hamad bin Khalifa Al Thani, Emir of Qatar, and GCC Ministers, during which they agreed that GCC foreign ministers would develop a mechanism to monitor the implementation of the Riyadh agreement.
“This was followed by a meeting of GCC foreign ministers in Riyadh on 03/05/1435 Hijri corresponding to 04/03/2014, during which attempts were made to convince Qatar of the great importance of taking the necessary measures to put the Riyadh agreement into effect and agree on a mechanism to monitor its implementation. However, all these efforts unfortunately did not result in the approval of Qatar to adhere to these procedures, which forced the three countries to start taking measures it deems as appropriate to protect its security and stability by withdrawing their ambassadors from Qatar, as of this day, 04/05/1435 Hijri , corresponding to 05/03/2014.
“The three countries confirmed their commitment to the interests of all the peoples of the GCC countries, including the brotherly people of Qatar who are considered an integral part of the rest of the peoples of the GCC countries, and hope that Qatar will expedite taking the immediate steps to respond to that which had been agreed upon previously and to protect the march of the GCC states from any cracks, as upon this, their people hold high hopes.”
Joint statement issued by UAE, Saudi Arabia and Bahrain on the recall of their ambassadors | The National
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March 5, 2014
Shares tumble on Qatar envoys withdrawal
Qatar shares fell after the UAE, Bahrain and Saudi Arabia said they were
withdrawing their ambassadors to the country.
The move was triggered by the claim from the three countries that Doha had not implemented an agreement among Gulf Arab states not to interfere in each others’ internal affairs.
The news reversed early gains in markets across the region.
The QE Index was up as much as one per cent during the day to a peak of 11,713 points, before ending more than 2 per cent lower as investors digested the significance of the announcement.
“The uncertainty towards the news that was published by those three countries on withdrawal of their ambassador is what’s causing markets to react aggressively,” said Tariq Qaqish, head of asset management at Al Mal Capital, a Dubai-based investment bank.
Dubai’s index rose as much as 1.4 per cent to a peak of 4,181 points during the day before falling as much as 0.9 per cent into negative territory, standing at an intraday low of 4,093 points. The benchmark closed 0.4 per cent lower to 4,100.71 points with 21 shares down and only 5 companies making gains.
GCC countries “have exerted massive efforts to contact Qatar on all levels to agree on a unified policy … to ensure non-interference, directly or indirectly, in the internal affairs of any member state”, the UAE, Bahrain and Saudi Arabia said in a joint statement after a late Tuesday meeting of foreign ministers in Riyadh.
Earlier this month the UAE Foreign Ministry said it summoned Qatar’s envoy to the UAE citing “extreme resentment” over Qatar’s inaction towards a cleric making public insults about the UAE.
“To say [today’s developments] were expected is a bit of a stretch, but it’s clear there has been rising tensions for a while,” said Nicholas Bortman, partner at Dubai-based office of risk consultancy GPW.
“The rhetoric has been certainly picking up and this kind of a step is a tip of the iceberg from what’s going on below the surface.”
Abu Dhabi’s index was up 0.3 per cent to to 4,938.66 points, but the index was skewed by the nine stocks that made gains, versus the 18 stocks that fell. Bahrain’s index fell 0.2 per cent to 1,364.71 points.
Saudi Arabia’s Tadawul was up as much as 0.6 per cent, trading at 9,207.24 points, before falling as much as 0.5 per cent, trading at 9,018.22 points.
“It’s a surprise to everyone and we are trying to understand where this is coming from these are usually sensitive issues,” a Dubai-based trader spoke on anonymity.
Gulf shares tumble as UAE, Saudi Arabia and Bahrain recall envoys to Qatar | The National