QATAR: Finance minister charged

GULF COUNTRIES - In Brief 06 May 2021 by Justin Alexander
In a stunning development in the last hour, it was announced that the arrest had been ordered of Ali Shareef al-Emadi, Qatar's finance minister, by the Attorney General (QNA). It is not clear if he is in custody or the specifics of the charges being brought against him, described as involving "damage to public money, abuse of function, and abuse of power". The charges against a minister are unprecedented in Qatar's recent history. The announcement appears to have been timed at the end of the last day of work for the public sector before the 12-day Eid holiday begins.Ali Shareef has been minister since 2013, brought in during the first reshuffle after Sheikh Tamim became Emir. This makes him one of the longest-serving senior cabinet members and he has played a central role in key state organisations including QIA, Qatar Petroleum and Qatar Airways. He was previously CEO of Qatar National Bank. At the ministry, he modernised systems and brought in a new generation of leadership. At QNB and the Ministry he was widely viewed as a smart and effective manager. Former colleagues at both organisations are equally stunned about the news.Until more information emerges it is difficult to speculate about the situation. However, Qatar has very robust financial buffers and strong public finances, posting a small surplus in Q1 and with the IMF and rating agencies all expecting solid surpluses and declining debt levels in the coming years, even before LNG capacity increases by nearly two thirds in 2025-7. As a result, even if the charges against the Minister are upheld and there are changes in personnel, this is unlikely to have a material impact on Qatar's very strong credit story.

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