DOHA – Qatar on Wednesday promised to make a $15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.
“Qatar has pledged $15 billion of direct investments in Turkey,” presidential spokesman Ibrahim Kalin wrote on Twitter.
Emir Sheikh Tamim bin Hamad Al Thani said Qatar was standing by its “brothers in Turkey”.
“Turkish-Qatari relations are based on solid foundations of true friendship and solidarity,” he said.
The announcement came after Qatar’s emir Sheikh Tamim bin Hamad Al-Thani held lunchtime talks with Turkish President Recep Tayyip Erdogan, Turkish media reported.
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 thanked the emir and the people of Qatar for “standing by Turkey,” the official Anadolu news agency reported.
Sheikh Tamim said relations with Qatar, which he described as a “friendly and brotherly country,” would be boosted in many areas.
Turkish Finance Minister Berat Albayrak, who is Erdogan’s son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara, news agencies reported.
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.
Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminum and steel tariffs for Ankara.
Washington’s move came during an ongoing dispute over Turkey’s holding of an American pastor for two years.
In response, Erdogan has called for a boycott of US electrical goods while Ankara has sharply hiked tariffs on some US goods.
The turmoil has raised fears of a looming economic crisis in Turkey and prompted alarm that foreign investors in the country, including Qatar, could be hit in the fallout.
Turkey and Qatar — which is also a very close US ally — have become close economic and political partners in recent times.
Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency. He is due to speak with French President Emmanuel Macron on Thursday.
Turkey also maintains a small military base in Qatar.
