Bloomberg: Global banks move activities from UAE to Qatar

Some international banks working with Qatar decided to move their activities out of the UAE after a number of countries, including the Emirates, severed their diplomatic and economic ties with Doha, Bloomberg news site reported.

Many lenders and large financial offices with ties to the Qatar Investment Authority but which also operate in Dubai, fear losing their Qatari market but at the same time do not want to cause any damage to their relations with the UAE and Saudi Arabia.

Read: The hidden reasons for the crisis with Qatar

The United Arab Emirates, Saudi Arabia, Bahrain and Egypt severed relations with Qatar on 5 June over charges of supporting terrorism. Doha has denied the accusations.