Closed-circuit video images showed the bus veering sharply in the road before crashing from a bridge and sinking within seconds
2017 has proven to be a challenging year so far, following a diplomatic rift between several Arab countries, comprising Saudi Arabia, the UAE, Bahrain and Egypt which decided to cut off all ties with Qatar. Qatari banks are already noticing the first signs of strain, as Saudi and UAE banks are delaying any Qatar deals, putting the riyal under tremendous pressure.
The immediate social and economic impact on the small state might be devastating. Qatar is a huge import country and has received a massive blow across at least five key sectors, such as shipping, food, banking, airline and stocks.
Panic has risen among Qatari nationals who are reported to be keen to get rid of their assets in the UAE at all costs. Some went to the extent of selling their properties 20 per cent below the market price, while others have adopted lucrative strategies to attract buyers and tenants. For those who are not currently present in the UAE and who wish to sell their assets, the arrangement of signing a deal is even more complicated, as they will be compelled to give a power of attorney to a non-Qatari citizen to sell the property on their behalf.
While it might be too early to assess how this unprecedented diplomatic rift will unfold and what the long-term consequences will be, one thing is for sure: Qataris are in a frenzy to take their cash away from the Middle East. And as the crisis deepens, we are going to notice a significant shift in capital inflow and investments in the property markets in Doha, with a sole winner: London.
Property brokers in London have divulged that they are witnessing an increase in demand from Qataris willing to move their assets away from the Middle East and into the UK capital. The London property market will surely benefit from the current geopolitical situation in the Gulf.
The writer is the CEO of Al Ruwad Real Estate. Views expressed are his own and do not reflect the newspaper's policies.
Closed-circuit video images showed the bus veering sharply in the road before crashing from a bridge and sinking within seconds
EU foreign policy chief says there will be more nations following suit because Belgium has also decided to recognise Palestinian state
The vote by the 193-member General Assembly was a global survey of support for the Palestinian bid to become a full UN member
The case was filed against parties who took to their social media handle alleging that the brand was favouring a particular community
Ministry of Foreign Affairs calls for urgent, independent and transparent investigation into the incidents
The Princess of Wales announced in March she was having treatment after cancer was found following an abdominal surgery
Karim expressed her happiness at winning the medal, which added to the previous achievements of Emirati champions
Imarat has an established presence in the UAE through its subsidiary – Graana.com