Identifier
Created
Classification
Origin
06DOHA480
2006-03-29 14:40:00
CONFIDENTIAL
Embassy Doha
Cable title:  

MINISTER OF ECONOMY AND COMMMERCE REMOVED FROM

Tags:  PREL ECON ETRD EFIN QA 
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C O N F I D E N T I A L DOHA 000480 

SIPDIS

E.O. 12958: DECL: 03/28/2016
TAGS: PREL ECON ETRD EFIN QA
SUBJECT: MINISTER OF ECONOMY AND COMMMERCE REMOVED FROM
OFFICE

Classified By: Ambassador Chase Untermeyer for reasons 1.4 (b) and (d)

C O N F I D E N T I A L DOHA 000480

SIPDIS

E.O. 12958: DECL: 03/28/2016
TAGS: PREL ECON ETRD EFIN QA
SUBJECT: MINISTER OF ECONOMY AND COMMMERCE REMOVED FROM
OFFICE

Classified By: Ambassador Chase Untermeyer for reasons 1.4 (b) and (d)


1. (U) Local papers March 29 announced that the Minister of
Economy and Commerce, Mohamed bin Ahmed Al Thani, has been
relieved of his ministerial post. The Minister of Finance,
Yousef Hussain Kamal, will assume the economic and commercial
portfolio on an interim basis, in addition to his present
duties, until a permanent replacement is named. The decision
was announced by Amiri decree and confirmed rumors that had
been circulating for three days.


2. (C) Mohamed bin Ahmed Al Thani became minister in 2003 and
oversaw the development of Qatar's stock market. There has
been some speculation that his management of the market was
contrary to the interests of some business and government
leaders. For example, he did not restrict the trading of
shares on new IPOs, as some had advocated, to reduce
speculation and sharp fluctuations in market prices. Yet his
management of the Doha Securities Market seems to have been
generally in line with Amiri policies.


3. (C) The former minister weathered a corruption scandal in
his previous government job at Qatar Petroleum, the country's
star enterprise. He was ousted by the Minister of Energy and
Industry and had no government assignment for several years.
There is some speculation now that he has been involved in
another scandal, this time relating to the stock market and
perhaps the brokerage firm he had a hand in establishing.
Alternatively, power shifts within the Al Thani family
present another possible explanation for his removal; Sheikh
Mohamed does not come from a particularly favored branch of
the family and relied on the support of First Deputy PM and
Foreign Minister Hamad bin Jassim Al Thani. Post will report
further on the reasons for the dismissal when credible
information becomes available.


4. (SBU) We expect that Minister Kamal will hold the economic
and commercial portfolio at least through the summer. We do
not expect any major changes in policy during this time.

--------------
Biographical Note on Minister of Finance
and Interim Minister of Economy and Commerce,
Yousef Hussain Kamal
--------------


5. (C) The Minister of Finance is one of the Amir's closest
economic advisors and has his full confidence. Any investment
or expenditures made by the GOQ must receive Kamal's
approval. Kamal is known for strict fiscal discipline, and
his careful detail-oriented management style has transformed
budget deficits into huge surpluses over the last eight years
and helped the Qatari economy grow. Kamal is the Chairman of
RasGas, one of Qatar's two LNG production companies, and on
the board of the Qatar Foundation, Qatar's pioneering
educational, scientific, and community development arm. The
minister has received a number of senior U.S. officials on
matters relating to regional security and has proven to be a
welcoming, forthright, and thoughtful host.
UNTERMEYER