Qatar turns Turkey into economic backyard

by The Region   Reuters  


With help from Qatar, Erdogan is hoping to find a sigh of relief, but the helping hand of Qatar could turn Turkey into an economic backyard of Qatar. The sloth of credit rating agencies and the laziness of bank credit committees allowed Turkey to struggle on a year or two longer than it should have, but the collapse of the Turkish lira this week after a long, sickening decline surprised no-one.

Turkey’s volatile president Recep Tayyip Erdogan might have put off the crisis, but instead decided to butt heads with the U.S. President Trump over the arrest of an American pastor living in Turkey for alleged terrorism.

Qatar decided to lend a hand to Turkey in return of Turkey's support for Qatar during the Gulf Crisis. In 2017, with the lead of Saudi Arabia, Gulf states imposed a blockage on Qatar due to alleged support for terrorism. 

Just weeks ago, Qatar pledged $15 billion of direct investment in the midsts of Turkey's economic crisis. In addition, Qatar's biggest companies are also planning to invest $300 million in Turkey, according to pro-government Sabah newspaper. 

Qatar Holding is interested in cheap factories through the acquisition of industrial lands, Rashid el Kubeysi, Essa, Noora Rashid Al Dosari and Al Sumaity favour agricultural lands. 

However, agriculture and cheap factories are not the points of interest. The list grows with renewable energy, electrical construction, engineering and industrialisation plans, the article states.

The combination of agriculture, energy production, and further privatisation of public cooperations will absorb Turkey into the Qatari economy.

President Erdogan will be able to keep head-butting with Trump and talk of Turkish national pride, while turning his country into an economic puppet of Qatar.