Erdogan Sells 10% of Borsa Istanbul to Qatar

Qatar signed a Memorandum of Understanding (MoU) with Turkey to pump high-profile investments, including the purchase of a 10% stake in the country's main stock exchange Borsa Istanbul.

The agreement was signed during a ceremony at the presidential palace in Ankara by Turkish President Recep Tayyip Erdogan and Qatari Emir Sheikh Tamim bin Hamad, reducing the Turkish sovereign wealth fund's (TWF) stake in the company to 80.6%.

Qatar also signed another deal to invest in a multi-billion-dollar port project in Istanbul and concluded another deal to buy a stake in one of Istanbul's largest shopping centers "Istinye Park" at $1 Billion.

[caption id="attachment_178505" align="aligncenter" width="2048"] Erdogan receives Qatari Emir in the Turkish capital on Thursday[/caption]

The purchase comes a year after TWF bought EBRD's 10% stake in the exchange, after Turkey appointed CEO Hakan Attila, who served a 28-month prison sentence in New York for his alleged role in violating US sanctions on Iran.

Erdogan receives Qatari support to finance Conflicts

Erdogan, who is receiving financial support from Qatar, has stood by the Gulf state, after being subjected to an economic boycott over allegations of financing terrorism by Egypt, Saudi Arabia and the UAE, and deploying his forces and establishing a base in Qatar since 2017.

Qatar has since pledged $15 billion in investments and offered support the Turkey at the height of its currency crisis in 2018, tripling the swap limit this year.

Meantime, Turkey is using Qatari funds in conflicts in Syria, Libya, Iraq and the Caucasus, and Greek Foreign Minister Nikos Dendias accused the Turkish state of pushing refugees to the borders deliberately, noting that Turkey is extorting Europe with the refugee card.