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Qatar Announces $15bn Investment In Turkey

Qatari Emir pledges direct investment in Turkey after meeting Erdogan as Turkey is currently hit by currency crisis amid diplomatic tensions with US


LAHORE MIRROR (Monitoring Desk)–Qatari Emir Sheikh Tamim bin Hamad Al Thani on Wednesday announced a $15bn investment into Turkey’s financial markets and banks.

The announcement came after Thani met Turkish President Recep Tayyip Erdogan in Ankara, Turkey’s capital, to hold talks following the stand-off between Turkey and US.

Turkey is currently grappling with a currency crisis and heightened tensions with the United States, its NATO ally. The Trump-led government imposed heavy tariff on some imports from Turkey following the arrest of a US national.

Sheikh Tamim is the first foreign head of state to visit Ankara since the stand-off with Washington began last week.

“We stand by the brothers in Turkey that have stood with the issues of the Muslim World and with Qatar,” Sheikh Tamim said in a tweet.

“As part of the important talks that I held in Ankara on Friday with His Excellency President Erdogan, we announced a $15bn deposit package and investment projects in the country, which has a strong and solid productive economy.”

Erdogan and Sheikh Tamim also discusses ways to improve their strategic cooperation.

“We attach importance to his visit. This visit, at the same time, is an indicator that Qatar stands with Turkey,” Ibrahim Kalin, a spokesperson for the Turkish president, told reporters at a press conference on Wednesday.

Salim bin Mubarak Al Shafi, Qatar’s ambassador to Turkey, said his country would continue to support Turkey, adding that the emir’s visit demonstrated the “depth” of the two countries’ ties.

“Qatar will continue to stand by its Turkish brothers as it did during the failed coup attempt in 2016,” Al Shafi said, adding Qatari people purchased millions of Turkish lira to support Ankara against the “economic operation”, the country is witnessing, local media reported.