Qatar emir says state revenue fell 42% in first half of year

Qatar’s Emir, Sheikh Tamim bin Hamad Al Thani, confirmed that the country’s total revenue fell by 42% in the first half of the year, noting that spending cuts have not impacted essential services or key development priorities.

Speaking before the Shura Council, the emir said the security and sovereignty of Gulf states is a red line that cannot be compromised, and revealed that Qatar had been subjected to an Iranian attack on its territory, describing it as a blatant violation of sovereignty.

He explained that the closure of the Strait of Hormuz and damage to Ras Laffan facilities had caused major disruptions to Qatar’s exports, which account for about one-fifth of global liquefied natural gas trade, stressing that any developments affecting these supplies have repercussions on global markets.

The emir emphasized the need to safeguard the security and sovereignty of Gulf states amid ongoing regional developments and their security and economic implications.