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He
added that the countries which had imposed sanctions would also
lose money because of the damage to business in the region.
"A lot of people think we're the only ones to lose in this... If
we're going to lose a dollar, they will lose a dollar also."
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut
diplomatic and transport ties a week ago, accusing Doha of
backing terrorism. The sanctions have disrupted flows of imports
and other materials into Qatar and caused many foreign banks to
scale back their business with the country.
But Emadi said the energy sector and economy of the world's top
liquefied natural gas exporter were essentially operating as
normal and that there had not been a serious impact on supplies
of food or other goods.
Qatar can import goods from Turkey, the Far East or Europe and
it will respond to the crisis by diversifying its economy even
more, he told CNBC.
The Qatari riyal has come under pressure in the spot and forward
foreign exchange markets, but Emadi said neither this nor a near
10 percent plunge in the local stock market was cause for
concern.
"Our reserves and investment funds are more than 250 percent of
gross domestic product, so I don't think there is any reason
that people need to be concerned about what's happening or any
speculation on the Qatari riyal."
Asked whether Qatar might need to raise money by selling off
stakes in large Western companies held by its sovereign wealth
fund, Emadi indicated this was not on the cards at present.
"We are extremely comfortable with our positions, our
investments and liquidity in our systems," he said.
Prices of Qatar's international bonds have dropped sharply, but
in answer to another question, Emadi said he saw no need for the
government to step into the market and buy those bonds to
support prices.
(Reporting by Andrew Torchia, Editing by Sylvia Westall)
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