A Shock Ouster in Qatar

Qatar ordered the arrest of Finance Minister Ali Sharif Al-Emadi for misusing public funds, an unprecedented move in the Gulf where allegations of criminal conduct by senior officials are typically addressed behind closed doors.

Regarded as a budget-conscious finance chief, Al-Emadi took over in 2013 after helping transform Qatar National Bank from a local champion into the region’s biggest lender as its chief executive. He still serves as chairman of the bank’s board, and is also president of the executive board of Qatar Airways and on the board of Qatar Investment Authority.

Al-Emadi has overseen heavy spending in preparation for the 2022 FIFA World Cup that Qatar is to host. Bloomberg Intelligence estimates the country will plow $300 billion into infrastructure projects ahead of the soccer tournament.

Markets were relatively unmoved following his ouster. Minister of Commerce and Industry Ali Al Kuwari will take over as interim finance minister.