Qatar seeks Kuwaiti mediation after powerful Arab nations shun it

(Reuters) - Qatar's ruler postponed an address to his country on Tuesday over its sudden and damaging diplomatic isolation from other leading Arab nations, in order to allow Kuwait some time and room to mediate.

In a sign of the potential consequences for the Qatari economy, a number of banks in the region began stepping back from business dealings with Qatar.

Qatar's foreign minister, Sheikh Mohammed bin Abdulrahman al-Thani, said Doha was ready for mediation efforts after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed diplomatic relations in a coordinated move.

They said the break was prompted by Qatari support for Islamist militants and Iran, something Doha vehemently denies.

Yemen, Libya's eastern-based government and the Maldives joined later and transport links were shut down.

Qatar's ruler Sheikh Tamim bin Hamad Al-Thani spoke by telephone overnight with his counterpart in Kuwait, which has maintained ties with Qatar, and decided to postpone the speech, the minister told Qatar-based Al Jazeera television.