Global banks said to shift Qatar business from Dubai hub

Dubai

SOME international banks are serving Qatar from London and New York instead of Dubai's financial centre as the ongoing standoff makes it harder to do business with clients in the gas-rich Gulf state, according to people familiar with the matter.

Lenders that handled clients such as the Qatar Investment Authority and wealthy family offices out of the Dubai International Financial Centre (DIFC) are shifting coverage to other global financial hubs to avoid damaging relations with the United Arab Emirates and Saudi Arabia, said the people, asking not to be identified because the matter is private.