Qatar based directors of the Syria International Islamic Bank (SIIB) have decided to relax their roles in order to adapt to the US treasury sanctions against the lender. According to the central bank, “Qatari investors in the SIIB will not seek board representation and will remain as passive investors”. It went on to say in its statement that “the Qatar-based directors of SIIB have resigned.” If the stakes of the Qatar International Islamic Bank (QIIB) and that of the Qatari investors are added up together, it sums up to a 49% stake in the Syrian lender with a QIIB representative chairman of SIIB.
On another platform, Qatar and Turkey have been discussing for an increase in their bilateral energy cooperation and for a long term supply of liquefied natural gas. Qatar may increase it sales to Turkey hinted Qatar’s Energy and Industry minister for up to 2 million metric tons of LNG or 2.8 billion cubic of natural gas per annum. Qatar is also considering investments in Turkey’s energy sector.
The foreign ministers of the two countries also signed a memorandum Of understanding (MoU) in Istanbul on behalf of the Diplomatic Institute of the Ministry of Foreign Affairs of Qatar and the Diplomatic Academy of the Turkish Foreign Ministry respectively in their strive for a better cooperation between them especially in the field of diplomacy.
On the other hand, a joint military force from Qatar and the UAE have concluded their Peace Shield exercise amid rising tensions in the Gulf but Brigadier Isa Rashid Al Ali, spokesperson of the UAE Armed forces, was quick to say that the exercise has no link to the current events because it was scheduled well before. The joint exercise is termed to be successful after the achievement of its objectives.