Qatar is preparing to withdraw its $ 20 billion investments from Turkey
September 2, 2019, 9:12 am

Qatar is preparing to withdraw its $ 20 billion investments from Turkey

A Turkish report prepared by Erdoğan Toprak, the chief adviser to the President of the Republican People's Party, has revealed that Qatar is preparing to withdraw investment from Turkey despite the close relationship between the two countries.

The report pointed out that the Qatari move may come with US approval, while economists estimate Qatar's investments in Turkey at about $ 20 billion.

These abrupt developments have been discussed during the visit of Emir of Qatar Tamim bin Hamad to US President Donald Trump as having been reported by Toprak, a parliamentarian from Istanbul.

Considering the volume of Qatari investments in the financial, banking, tourism, media and other sectors of the Turkish economy, this step, if taken, would have a major impact on Turkey's deteriorating economy.

According to economists, the Qatari economy no longer has the luxury of risking huge investments in an economically troubled country like Turkey, which has gone through a currency crisis over the past two years.

Qatari support for Turkey also extends to play a role in negotiations between the government of Turkish President Recep Tayyip Erdoğan and the Volkswagen administration to build a new car plant in Turkey, where Doha holds a 17 percent stake in the German company.

Qatari support for Turkey has gone far beyond economic level— the emir of Qatar has provided Erdoğan with a $ 500 million VIP luxury jet.

Whilst sources talk about the start of the emir of Qatar to effectively withdraw investments from Turkey, this support is likely to be cut short soon at both economic and political levels.

According to the Turkish report, Turkish contractors, in turn, are carrying out projects in Qatar worth a total of about $ 15 billion, including the construction of huge stadiums and airport project and infrastructure projects in preparation for the 2022 World Cup.

Turkey and Qatar are jointly supporting militant organizations in a number of countries in the region and harbouring leaders of classified terrorist groups; on top of which is the Brotherhood organization.

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