File - A General view shows painters renovating the roof of Aspire Hall in Doha's Sports City complex, 06 November 2007. (AFP/Karim Jaafar)
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Money can't buy Qatar love as World Cup woes increaseA year into his reign, Qatar's emir is finding it takes more than a checkbook to win friends. The stock index in Doha sank by the most in the world on June 3 while a panel looks into alleged corruption in Qatar's selection to host the 2022 World Cup. Since Sheikh Tamim bin Hamad al-Thani took power in June last year, three neighboring countries withdrew ambassadors over Qatar's foreign policy, a hostile Egyptian government accused the emirate of giving sanctuary to the opposition, and the Syrian rebels backed by the emirate faltered in a three-year civil war. The QE Index dropped 2.4 percent on June 3, the most among more than 90 stock benchmarks tracked by Bloomberg globally, as a panel set up by football world governing body FIFA prepared a report on possible corruption in the awarding of the tournament to the Gulf state in 2010 .Qatar 2022 World Cup organizers denied the allegations and said in a statement Qatar won because its bid for the event was the best.The increase came after MSCI Inc. upgraded Qatar to emerging market status.
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