While the economic and geopolitical impact of this severe step will become clearer over time, what we know as of now is:
- All Qatari nationals working in and visiting these countries need to leave within 2 weeks.
- Several of the countries have closed all transport ties by air, land and sea to Qatar as of 4am today, Tuesday 6th June.
- Access through Qatar’s only land border from Saudi Arabia, has been blocked. This has resulted in imports of food and essential items not going through.
- The Qatar stock market fell by about 8% since the announcement.
OPS provides payroll services to all GCC countries. We expect that there could be an impact on salary payments for Qatari Nationals, and for payments to Qatar banks. As of now, we are unsure of the extent of this embargo on financial transactions and the banking sector. The latest update received by OPS from financial institutions, is that they expect a statement from the UAE Central Bank for further directives.
In an endeavor not to disrupt salary payments, OPS is currently making preparations for contingency planning.
OPS will communicate with you as we receive information.
If you require ‘next steps’ for your Qatari staff, we suggest you direct them to the local media – Click Here for more