Qatar's $500 Million Foray Into Lebanon Provokes Saudi Pushback

Qatar threw a $500 million lifeline to Lebanon because of what it sees as its mission to be the Middle East’s emergency lender to nations in distress, according to the country’s foreign minister, Bloomberg News reported. Not to be outdone, Qatar’s regional rival Saudi Arabia vowed less than a day later to support one of the world’s most indebted nations “all the way.” For the small gas-rich emirate, the rationale for buying Lebanese government bonds is to secure a good investment and help steady a country whose stability is “very important” to Qatar, said Sheikh Mohammed Bin Abdulrahman Al Thani, who’s also the chairman of the country’s sovereign wealth fund. Manulife Asset Management has said that Qatar’s plan is reassuring investors that there will be “a buyer of last resort” for Lebanese Eurobonds. Read more