Qatari police have arrested the Minister of Finance, Ali Sharif Al-Emadi, for questioning regarding allegations of embezzlement, abuse of power, and public sector crimes.
A statement by the official Qatar News Agency said today, Thursday, that investigations are underway.
Al-Emadi has held the position of finance minister in the wealthy Gulf state since 2013 and is a member of the board of directors of the Qatar Investment Authority, a huge sovereign fund with a capital of $ 300 billion.
He is also the Chairman of the Board of Directors of Qatar National Bank QNB, The largest bank lender in the Middle East and Africa.
A source familiar with the investigation said, “The investigation is related to his government position as Minister of Finance, and not because of his membership in the boards of directors of other entities,” and he refused to give further details.
Al-Emadi led the economic policies of the State of Qatar, during the period of the collapse of oil prices in 2014 and 2015, which prompted the small country and other Gulf countries to accelerate plans to diversify the economy.
Qatar, which is a major producer of liquefied natural gas in the world, experienced an economic contraction of 3.7 percent last year due to the Corona virus crisis and the decline in global energy demand.
However, the contraction was less than expected and the smallest in the Gulf region, the International Monetary Fund data showed.
Al-Emadi was chosen as the best minister in the region for the year 2020 by The Banker, an international financial magazine that organizes an annual celebration of finance ministers around the world.