Qatar Finance Minister Ali Sharif Al-Emadi was arrested for questioning over allegations of embezzlement, abuse of power and crimes related to the public sector, a statement carried by state news agency QNA said on Thursday.
An investigation is underway, the statement added.
Emadi has been minister of finance since 2013 and sits on the board of its powerful $300 billion sovereign wealth fund, the Qatar Investment Authority.
He is also chairman of the board of directors of Qatar National Bank.
Emadi steered Qatar's economic policies during the 2014-2015 oil price crash that prompted the country to accelerate plans to diversify the economy.
He was named as 2020’s best minister in the region by The Banker, an international financial magazine that organises an annual celebration of finance ministers.
Qatar, which next year will host the FIFA World Cup, has invested heavily in infrastructure over the past few years ahead of the event, which means spending on major projects is set to decrease this year, the finance ministry has said.
The death toll from catastrophic floods in Texas reached at least 78 on Sunday, including 28 children, as the search for girls missing from a summer camp continued and fears of more flooding prompted evacuations of volunteer responders.
Israel has attacked Houthi targets in three Yemeni ports and a power plant, the Israeli military said early on Monday, marking the first Israeli attack on Yemen in almost a month.
Leaders of the BRICS group of developing nations on Sunday condemned attacks on Gaza and Iran, called for reforms of global institutions and presented the bloc as a haven for multilateral diplomacy amid violent conflicts and trade wars.
An Israeli delegation left for Qatar on Sunday for talks on a possible Gaza hostage and ceasefire deal, an Israeli official said, hours before Prime Minister Benjamin Netanyahu was due to head to Washington to meet US President Donald Trump.
At least 50 people have been confirmed dead following flash floods in central Texas, authorities said as rescuers continued a frantic search for dozens more campers, vacationers and residents who were still missing.