Erdogan’s son-in-law leaves sovereign wealth fund

President Recep Tayyip Erdogan’s son-in-law quit as the deputy head of Turkey’s huge sovereign wealth fund on Friday. (File/AP)
Short Url
Updated 27 November 2020

Erdogan’s son-in-law leaves sovereign wealth fund

  • The 42-year-old quit as finance minister in a cryptic November 8 message on Instagram
  • His resignation was ignored by state media until it was formally accepted by Erdogan the next night

ANKARA: President Recep Tayyip Erdogan’s son-in-law quit as the deputy head of Turkey’s huge sovereign wealth fund, completing a fall from grace that began with his surprise resignation as finance minister.
Berat Albayrak had been viewed as Turkey’s second most powerful figure until his chaotic departure from the government at the start of the month.
Married to the Turkish leader’s elder daughter, the 42-year-old quit as finance minister in a cryptic November 8 message on Instagram that cited health reasons.
His resignation from the helm of the Turkish economy was ignored by state media for more than 24 hours, until it was formally accepted by Erdogan the next night.
Albayrak’s two-year tenure as economy chief saw the lira lose 40 percent of its value against the dollar and the central bank burn though most of its reserves in trying to defend the currency.
His departure was linked to Erdogan’s appointment of a new market-friendly central banker whom Albayrak had strongly opposed.
Naci Agbal, the new central bank governor, sharply raised the main interest rate at his first policy meeting last week, helping the lira halt its slide.
Yet Albayrak still held on to his post as deputy head of the sovereign wealth fund, which was created in 2016 and now manages state assets officially valued at $22.6 billion.
Erdogan’s office said little about Albayrak’s departure, noting in a one-sentence statement that he “left the board of the sovereign wealth fund of Turkey after asking to take leave.”
He was appointed as its deputy head in 2018, the same year Erdogan became its official chief.

Related


Egypt, UAE resume first Qatar flights since 2017

Updated 18 January 2021

Egypt, UAE resume first Qatar flights since 2017

  • An EgyptAir flight took off from Doha to Cairo, making it the first commercial flight in three and a half years between both countries
  • It was followed shortly after by the arrival of an Air Arabia flight from Sharjah in the UAE

DOHA: The first direct flights since 2017 between Qatar and its former rivals Egypt and the UAE took to the skies on Monday, following the end of a regional crisis.
Egypt and the United Arab Emirates (UAE) joined Saudi Arabia and Bahrain in cutting ties with Qatar in June 2017, accusing it of being too close to Iran and of backing Islamic extremists, charges Doha denies.
The quartet agreed to heal the rift at a Gulf summit on January 5 in Saudi Arabia, after a flurry of diplomatic activity by outgoing US President Donald Trump’s administration.
The first commercial flight from Qatar to Egypt in three and a half years, an EgyptAir service to Cairo, took off from windswept Doha airport.
It was followed shortly after by the arrival of an Air Arabia flight from Sharjah in the UAE.
The resumption of flights from Doha to Cairo will simplify travel for the large contingent of Egyptians living in Qatar.
As many as 300,000 Egyptians call Qatar home, according to official statistics, but many were unable to travel home during the crisis.
In May 2020, frustrated Egyptians protested outside the compound housing Egypt’s then-empty embassy.
Following the demonstration, 18 repatriation flights operated via neutral Oman to comply with Cairo’s ban on direct air traffic.
A Qatar Airways plane was due to also make the trip to Cairo later Monday.
Flights between Doha and Saudi Arabia, which has also opened its land border to Qatar, resumed on January 11.
The row complicated regional travel, divided families and raised costs faced by Qatari businesses.
Mustafa Ahmed, 38, an Egyptian technical engineer, said he was “very happy.”
“With direct flights, life will be easier, especially for families and children, avoiding the torment of changing airports and planes and waiting for hours for transit flights,” he told AFP.
Egyptians in Qatar work in a number of sectors including education, health care and engineering.
Thousands of Qatar’s majority-expatriate workforce, however, have lost their jobs as a result of a downturn caused by the coronavirus epidemic.