How a recent float in Qatar became a target in a much wider regional dispute

The owners of Baladna recognized an opportunity to make Qatar self-sufficient in dairy. In just 18 months, the business transformed from a small goat farm to a major, modern, industrial producer. Dramatic photos appeared of thousands of cows being flown in by Qatar Airways to beat the illegal blockade.

But the flying cows, alongside Baladna’s growth towards IPO, were seen elsewhere as symbolic of Qatar’s ongoing refusal to submit to coercion. Baladna became a political target. The nascent offering was ruthlessly attacked through the media.

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