REUTERS - Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar on Monday, accusing it of supporting terrorism, in an unprecedented breach between the most powerful members of the Gulf Cooperation Council.
Here are some business deals that have either been affected by the rift or could be affected. (For an analysis of the economic impact, double click)
* Saudi Arabia, the United Arab Emirates and Bahrain said they were cutting air, sea and land transport links with Qatar, while Egypt said it was closing its air space and sea ports to all Qatari transport. Hundreds of weekly flights by airlines including Qatar Airways, Emirates and Saudia were cancelled.
* Some Egyptian banks halted dealings with Qatari banks, banking sources said. Bankers in Saudi Arabia and the UAE said the situation was normal and they had received no guidance from their central banks on ties.
* Qatar National Bank has been planning to apply for an investment banking licence for its Saudi unit. QNB recently opened a bank branch in Riyadh. A source familiar with the matter said it was business as usual at the bank’s branches in Saudi Arabia and Egypt.
* Al-Ahli Saudi football club has suspended a contract with Qatar Airways at the direction of the Saudi government.* Qatari shipping group Milaha is among potential buyers of United Arab Chemical Carriers (UACC), which is 45 percent owned by United Arab Shipping Co (UASC). Qatar holds a 51 percent stake in UASC and Saudi Arabia, 35 percent.
* At least three international bond issues from Qatar are in the pipeline:
Commercial Bank of Qatar has been in talks with banks about a potential international bond.
Islamic lender Masraf Al Rayan has mandated banks ahead of a planned U.S. dollar sukuk issue of at least $500 million. The plan was put on hold because of three-bank merger discussions between Masraf Al Rayan, Barwa Bank and International Bank of Qatar.
Qatar International Islamic Bank has appointed banks ahead of a potential dollar sukuk issue.
Reporting by Dubai Newsroom; Editing by Andrew Torchia