The diplomatic and economic war between Qatar and some of its neighbors will have a negative impact on the travel industry across the Middle East — with Qatar Airways faring the worst, according to a report by Euromonitor, the global market intelligence agency.

The report, published on Tuesday, said: “Qatar Airways is the main loser in the turmoil with 30 percent of its revenues under threat.” Euromonitor’s researchers said that there will be no winners among Middle East airlines and all carriers will see a reduction in demand. “Ethiad (UAE) and Emirates (Dubai) have significant exposure to the Qatar market and are likely to suffer financially as well.” Saudi Arabia, the UAE, Bahrain and Egypt cut ties with Qatar in June after accusing Doha of supporting terror groups.

The Qatari government denied the allegations. In addition to severing diplomatic ties, the Anti-Terror Quartet imposed trade restrictions and ordered their citizens to leave Qatar. As a result, Qatar's economy has taken a hit with Bloomberg reporting last month that the government was in talks with banks about raising $9 billion via a bond sale following a slowdown in tourism, trade and banking.

Qatar has been shut out of four destinations in the Middle East following the embargo. Analysts said that is the equivalent of 20 percent of Qatar Airways’ seating capacity. The Euromonitor report was released in conjunction with the World Travel Market (WTM), which is hosting the international travel fair in London and other cities around the world.

WTM London senior director, Simon Press, said: “Qatar, Ethiad and Emirates are among the world’s leading airlines and have helped the economic prosperity of the region to grow in recent years. Hopefully, the current situation can be addressed and the region’s travel industry can return to growth.”

Performance in the Middle East and North Africa has fluctuated greatly in recent years, but Euromonitor’s forecast shows a recovery for the region in 2017 and beyond.