The UAE and Qatar are moving toward restoring diplomatic ties and reopening embassies in each other’s countries.
In a statement, Qatar’s International Media Office said: “Work is underway between the Qatari and Emirati teams to reopen the respective embassies as soon as possible, exact date to be announced upon the finalization of the process.”
According to Reuters news agency’s report on Tuesday, an official from the UAE stated that they are currently in the process of activating diplomatic relations, which includes the reopening of embassies. Meanwhile, a Gulf official who wished to remain anonymous informed the news agency that the embassies are anticipated to be operational again by mid-June.
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Since February 2022, when Qatar’s Emir Sheikh Tamim bin Hamad Al Thani met with UAE ruler Sheikh Mohammed bin Zayed Al Nahyan on the sidelines of a Beijing event, relations between Qatar and the UAE have been on the mend. This meeting indicated a positive shift in their relationship.
The restored relations between the UAE and Qatar are expected to have a positive impact on trade and the economy. Trade between the two countries will resume and see an increase in activity. This could lead to new investment opportunities and partnerships, benefiting both nations and contributing to the overall economic growth of the region.
In 2021, UAE exported $2.46 billion to Qatar. The main products that the UAE exported to Qatar are broadcasting equipment ($387 million), gold ($276 million), and jewelry ($238 million), according to the Observatory of Economic Complexity (OEC).
In the same year, Qatar exported $3.25 billion to the UAE. The main products that Qatar exported to UAE were petroleum gas ($2.34 billion), crude petroleum ($372 million), and refined petroleum ($296 million).
The UAE received 50 percent of Qatar’s total gasoline exports in 2022, and 75 percent of total exports in January.
Additionally, travel and trade among the states have resumed, with numerous flights going to and from Qatar for the 2022 FIFA World Cup in particular.
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