The losses being incurred by Qatari investors around the world are increasing everyday due to the hard-line approach adopted by Doha, investors and businessmen say. Ibrahim Al-Sabiei, a banker and real estate investor, told Al-Riyadh, "We have been affected by our Qatari business partners and investors due to the policy pursued by Qatar. These policies have resulted in severing of relations in a manner which has surprised many. As long as Qatar's intransigence continues, and it does not comply with the demands of the neighboring countries, its businessmen will continue to suffer, as the country is entirely dependent on its neighbors. Dr. Sulaiman Al-Ayyeri, chairman of the National Commercial Committee at the Council of Saudi Chambers, stressed that the Qatari government's intransigence and its refusal to respond to the demands made by the countries affected by its negative policies will damage Qatari investors and businessmen even more. He said that Qatari citizens have now lost the privileges in the GCC countries, which was equal to the citizens of those countries without any discrimination, and allowed them all the rights enjoyed by the citizens. He pointed out that the ban on exports of the boycotting countries deprived the consumers in Qatar of cost-effective, high quality products. The alternative products that have now flooded the Qatari market are no match for what the consumers were used to for decades. There is an increase in the price of milk and dairy products by around 600 percent. Over a period, prices of essentials are expected to increase between 40 and 50 percent. The situation will be worse and more difficult, especially for foreign residents, who account for 91 percent of the total population. "I hope the rulers of Qatar will use their wisdom and take advantage of the opportunity available to them," he said. Dr. Hamdan bin Abdullah Al-Samarain, Chairman of Al-Jouf Chamber of Commerce and former Chairman of the Council of Saudi Chambers, confirmed that many banks in the world have stopped dealing with the Qatari riyal. In addition to the investors in Qatar, Qatari banks have stopped selling dollars to their customers. This will heavily affect the balance of trade between the Qatari business sector and the world. It will also have a huge negative impact on Qatari imports and investments both within and outside Qatar. The more stubborn the Doha rulers remain, the bigger the negative impact on Qatari investors and consumers. It is likely that there will be more measures adopted to exert pressure on Qatar if it continues to support terrorist groups and remains a threat to the security of its neighbors and the entire region. The Qatari capital market has also witnessed a sharp decline. Many banks in several countries have stopped buying Qatari riyals. The number of such banks is likely to increase if the crisis continues. The general index of the Qatar Exchange in its first weekly session fell sharply by 2.3 percent to close at the level of 8822 points, equivalent to 208 points, with a total trade value of 392 million riyals. This fall came after Qatar's rejection of the demands made to it hours before the end of the ten-day deadline set for it to respond. Companies trading below the book value have reached 15, while the number of companies trading below the nominal value is now five, according to a study conducted by 'Arqam'. There are two companies at their lowest level since their listing. The index continued to decline for the fourth month in a row by the end of June. It dropped by 871 points, or 8.8 percent compared to May, which is the worst monthly performance of the index since January, 2016.
