Qatar 'uses $38bn to support economy' during Gulf crisis

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The Arab League meeting on Tuesday witnessed a 30-minute altercation between diplomats from Qatar and the four states boycotting it.

Qatar's energy minister Mohammed al-Sada said his country had not missed any oil or gas shipments since the start of the dispute with its Gulf Arab neighbors and Egypt.

Saudi Arabia's envoy to the Arab League Ahmed Al-Qattan denounced the description of Iran as an honorable country.

Sheikh Ouda, in his last twitter post, had welcomed on Friday suggesting that three month old row between Qatar and four Arab countries led by Saudi Arabia may be resolved.

Doha, however, refused to meet the demands and said that they were meant to force the country to surrender its sovereignty.

Hours later, the public prosecutor tweeted a section of the kingdom's terrorism law, which states: "Endangering national unity, obstructing the Basic Law of governance or some of its articles, and harming the state's reputation or status are terrorist crimes".

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"The severity of the diplomatic dispute between Gulf countries is unprecedented, which magnifies the uncertainty over the ultimate economic, fiscal and social impact on the GCC [Gulf Co-operation Council] as a whole", said Moody's Vice-President Steffen Dyck. "If the Qatari brothers think that if the rapprochement with Iran would serve their interests, they are carrying out matters in a wrong way and they will be accountable for that", he said. "The Qataris will be held responsible for such a decision".

During the speech delivered by the Qatari delegate to the AL, Shoukry interrupted him and described the Qatari speech of being "nonsense and inappropriate words".

The bitter dispute between Gulf states and Qatar threatened to deepen amid a slanging match between rival ministers over the status of Iran.

The trade, tourism and banking sectors have been worst hit by the restrictions put in place since June by Saudi Arabia, the United Arab Emirates, Egypt and Bahrain, according to Moody's. They later issued a tough 13-point list of demands needed to resolve the crisis, including shutting down news outlets including Al-Jazeera, limiting ties with Iran and expelling Turkish troops stationed in the country.

"We all know Qatar's historic support for terrorism and what has been provided for extremist factions, and money in Syria, Yemen, Libya and Egypt that have led to the death of many of Egypt's sons", said Sameh Shoukry, Egypt's foreign minister.