Ali Sherif al Emadi has been minister of finance in Qatar since 2013 and sits on the board of its powerful $300 billion sovereign wealth fund, the Qatar Investment Authority. He is also chairman of the board of directors of Qatar National Bank.
Qatar Finance Minister Ali Sherif al Emadi has been arrested for questioning over allegations of embezzlement, abuse of power and crimes related to the public sector, according to a statement carried by state news agency QNA.
An investigation is under way, the statement added.
Emadi has been minister of finance in the wealthy Gulf Arab state since 2013 and sits on the board of its powerful $300 billion sovereign wealth fund, the Qatar Investment Authority.
He is also chairman of the board of directors of Qatar National Bank, the largest lender in the Middle East and Africa.
Economic policies during oil price crash
Emadi steered Qatar's economic policies during the 2014-2015 oil price crash that prompted the tiny nation — as well as other Gulf countries — to accelerate plans to diversify the economy.
Qatar, a leading producer of liquefied natural gas, saw its economy shrink by 3.7 percent last year due to the coronavirus crisis and lower global energy demand.
The contraction, however, was smaller than expected and the smallest in the Gulf region, according to International Monetary Fund data.
Emadi was named as 2020’s best minister in the region by The Banker, an international financial magazine that organises an annual celebration of finance ministers.
Investment on infrastructure
Qatar, which next year will host the football World Cup, has invested heavily in infrastructure over the past few years ahead of the event, which means spending on major projects is set to decrease this year, the Finance Ministry has said.
Real gross domestic product is expected to grow 2.2 percent this year thanks to the rollout of vaccines, a gradual easing of coronavirus-related restrictions and an increase in oil demand and prices.