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Abu Dhabi, UAESunday 18 November 2018

DP World: ‘Too early to comment’ on Qatar row implications

DP World does not operate any ports in Qatar, but the UAE as a whole is a major transhipment hub for cargo headed to Qatar.
The UAE, Saudi Arabia, Bahrain and Egypt have broken diplomatic ties with Qatar and cut off air, sea and land access to the country. Charles Crowell / Bloomberg
The UAE, Saudi Arabia, Bahrain and Egypt have broken diplomatic ties with Qatar and cut off air, sea and land access to the country. Charles Crowell / Bloomberg

Ports operator DP World said yesterday it is still assessing the impact of the decision by five Arab states, including the UAE, to suspend all sea transport movement with Qatar.

Yesterday, the UAE, Saudi Arabia, Bahrain and Egypt broke diplomatic ties with Qatar and cut off air, sea and land access to the country over Doha’s support for “terrorist groups aiming to destabilise the region”.

“We are working closely with the government authorities on this issue,” said a DP World spokesman.

“It is too early to comment on the implications of the decision at this stage and we are assessing the situation.”

DP World does not operate any ports in Qatar, but the UAE as a whole is a major transshipment hub for cargo headed to Qatar. Its shares closed 1.31 per cent lower on Nasdaq Dubai yesterday.

The UAE was Qatar’s six-largest trade partner in 2016, accounting for 6.8 per cent of Qatar total trade with the world, according to statistics from the EU.

Qatari exports to the Gulf region reached 3.523 trillion Qatari riyals (Dh3.554tn) in the first quarter of this year, accounting for 9.4 per cent of its total exports of 56.696tn riyals, according to official government data.

Yesterday the port of Fujairah issued a notice barring all vessels carrying Qatari flags and any destined for or arriving from Qatari ports.

“As part of the decision taken by the United Arab Emirates to break off all diplomatic relations with Qatar, vessels flying the flag of Qatar or vessels destined to or arriving from Qatar ports are not allowed to call on the Port of Fujairah or Fujairah Offshore Anchorage regardless of the nature of their call until further notice,” authorities said.

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More on the Qatar row

Qatar stocks slump as GCC neighbours cut ties

Little risk to UAE-Qatar gas shipments amid diplomatic row

Emirates and Etihad to suspend flights to and from Qatar amid diplomatic dispute

Qatar rift could lead to credit rating downgrade and lower non-oil growth

DP World: ‘Too early to comment’ on Qatar row implications

UAE Exchange chief says it is monitoring Qatar row and trading on riyal is normal

Closure of ports and road links could have an impact on Qatar’s contracting market

UAE retailers keep a close eye on Qatar developments

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dalsaadi@thenational.ae

* With Reuters