Abu Dhabi
The chief executive of Dubai based Mashreq, Abdul Aziz Al Ghurair, said they have no plans to exit Qatar despite a blockade by the UAE, Saudi Arabia, Bahrain and Egypt.
To a question on how Mashreq is doing in Qatar and whether they have any plans to sell assets, he said they are there in the country for a long term.
“We do business for long term in any country. We’ve seen countries go through challenges but we are there for a long term.”
UAE, Saudi Arabia, Bahrain and Egypt cut off ties with Qatar earlier this year saying that the country is supporting terrorism across the region. Many investors pulled money out of Doha fearing economic problems.
When asked whether Saudi crackdown led to any capital movement including inflows and outflows from the UAE, he said they haven’t seen anything.
He also said they have to comply with requests involving Saudi customers accounts if they received instructions from the government.