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| alma_mater = [[Istanbul University]]<br />[[Lubin School of Business|Pace University]]<br />[[Kadir Has University]]
| alma_mater = [[Istanbul University]]<br />[[Lubin School of Business|Pace University]]<br />[[Kadir Has University]]
}}
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'''Berat Albayrak''' (born 21 February 1978) is a prominent Turkish businessman and politician.
'''Berat Albayrak''' ({{IPA|tr|beɾat aɫˈbajɾak}} born 21 February 1978) is a Turkish businessman and politician. He is the son-in-law of [[President of Turkey|president]] [[Recep Tayyip Erdoğan]] through his marriage to [[Esra Erdoğan]] in 2004. Albayrak is a former CEO of [[Çalık Holding]]. He was a [[member of parliament]] from [[İstanbul (electoral districts)|Istanbul]] in the [[25th Parliament of Turkey|25th]], [[26th Parliament of Turkey|26th]] and [[27th Parliament of Turkey|27th]] legislative sessions. He served as [[Ministry of Energy and Natural Resources (Turkey)|Minister of Energy and Natural Resources]] in the [[Third Davutoğlu Cabinet|64th]] and [[Yıldırım Cabinet|65th government of Turkey]] and was the [[Ministry of Finance (Turkey)|Minister of Finance and Treasury]] in the [[Cabinet Erdoğan IV|66th government]] until his unexpected resignation on 8 November 2020 citing health reasons.<ref>{{cite news |last1=Ant |first1=Onur |title=Turkey Economy Czar Albayrak Quits Job, Adding to Turmoil |url=https://www.bloomberg.com/news/articles/2020-11-08/turkey-s-finance-minister-albayrak-resigns-citing-health-issues |access-date=8 November 2020 |work=Bloomberg LP |date=8 November 2020}}</ref><ref name="WSJ">{{cite news |last1=Gauthier-Villars |first1=David |title=Turkish Finance Minister Berat Albayrak Steps Down |url=https://www.wsj.com/articles/turkish-finance-minister-berat-albayrak-steps-down-11604859438 |access-date=8 November 2020 |work=WSJ}}</ref>


He is the son of Sadık and Kıymet Albayrak, with family roots in [[Dernekpazarı]], [[Trabzon]]. Albayrak completed his primary education at [[Fındıkzade]] Primary School and secondary education at Fatih Boys High School. In 2004, he married [[Esra Albayrak]], the eldest daughter of [[President of Turkey|Türkiye's President]] (then Prime Minister) [[Recep Tayyip Erdoğan]]. The couple has four children: Ahmet Akif (b. 2006), Emine Mahinur (b. 2009), Sadık Eymen (b. 2015), and Hamza Salih (b. 2020).<ref>{{Cite news |title=Berat Albayrak Biyografisi |url=https://www.haberler.com/berat-albayrak/biyografisi/ |work=Haberler.com}}</ref>
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==Early life==
Berat Albayrak was born on 21 February 1978, the son of [[Sadık Albayrak]], a journalist and politician, and Kıymet Albayrak.<ref name="Berat Albayrak annesi Kıymet Albayrak ve babası Sadık Albayrak">{{cite web |title=Berat Albayrak annesi Kıymet Albayrak ve babası Sadık Albayrak kimdir? |date=12 November 2020 |url=https://www.internethaber.com/berat-albayrak-annesi-kiymet-albayrak-ve-babasi-sadik-albayrak-kimdir-2140619h.htm|publisher=Internet Haber |access-date=30 November 2021}}</ref>


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== Early life ==
Albayrak is a graduate of Özel Fatih Koleji (High School) in Istanbul.<ref name="Özel Fatih Koleji">{{cite web |title=Özel Fatih Koleji |date=13 July 2018 |url=https://www.internethaber.com/berat-albayrak-nereden-mezun-hangi-okullara-gitti-1888101h.htm|publisher=Internet Haber |access-date=30 November 2021}}</ref>
Berat Albayrak graduated from Istanbul University in [[1999]] with a degree in Business Administration (English). He obtained a Master's degree in Finance from [[Pace University]]'s [[Lubin School of Business]] in [[New York City|New York]] in 2004. He later earned a Ph.D. from [[Kadir Has University]] in 2011 with a thesis on "Renewable Energy Sources and Their Financing in Electricity Generation".
He graduated from the business department of [[Istanbul University]]. He continued his education in New York City, where he earned a master's degree at [[Pace University]]'s [[Lubin School of Business]]. Albayrak received a PhD degree from [[Kadir Has University]] in 2011.<ref name="The Council of Higher Education (Yükseköğretim Kurulu, YÖK)">{{cite web |title=Yükseköğretim Kurulu Ulusal Tez Merkezi |url=https://tez.yok.gov.tr/UlusalTezMerkezi/|publisher=Yükseköğretim Kurulu Ulusal Tez Merkezi |access-date=5 December 2020}}</ref> Albayrak received a PhD degree in the field of banking and finance with a dissertation about "Financing Renewable Energy Resources". His thesis advisor was [[Erişah Arıcan]], who sits on the boards of the Turkey Wealth Fund<ref name="Turkey Wealth Fund (TWF)">{{cite web |title=Turkey Wealth Fund |url=https://www.tvf.com.tr/en/who-we-are/board-and-management/board-of-directors|publisher=Turkey Wealth Fund |access-date=5 December 2020}}</ref> and the [[Borsa Istanbul]] stock exchange.<ref name="Borsa Istanbul (Istanbul Stock Exchange)">{{cite web |title=Borsa Istanbul |url=https://www.borsaistanbul.com/en/sayfa/55/organization|publisher=Borsa Istanbul |access-date=5 December 2020}}</ref> It has been alleged that she wrote his PhD thesis.<ref>{{Cite web|url=https://news.sol.org.tr/another-scandal-berats-inbox-171135|title=Another scandal from Berat's inbox|date=December 9, 2016|website=soL InternationaL}}</ref><ref>{{Cite news|url=https://stockholmcf.org/turkish-finance-minister-albayraks-thesis-writer-elected-bist-board-chairman/|title=Turkish Finance Minister Albayrak's 'thesis writer' elected BIST board chairman|newspaper=Stockholm Center for Freedom |date=September 27, 2018}}</ref>


Berat Albayrak was elected to the [[Turkish Parliament]] in [[2015]] as a member of the [[Justice and Development Party (Turkey)|Justice and Development Party]]. He served as [[Ministry of Energy and Natural Resources|Minister of Energy and Natural Resources]] from 2015 to 2018, during which he launched the National Energy and Mining Policy aimed at achieving energy independence. Under his leadership, Türkiye acquired its first offshore drilling vessel, FATİH, and discovered a significant natural gas reserve of 710 billion cubic meters in the Black Sea, valued at approximately $1 trillion.
His brother Serhat also had a senior position in [[Çalık Holding]].<ref name=ICIJ />


From July 10, [[2018]], to November 10, 2020, Berat Albayrak served as Minister of Treasury and [[Finance]]. During his tenure, the Turkish economy achieved a historic milestone, recording a current account surplus of approximately $10 billion, the largest in the history of the [[Republic of Türkiye]]. This achievement strengthened the country's financial independence and mitigated the risks of external economic shocks.
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==Business career==
Albayrak began his career in business in 1996.<ref name="TCBB">{{cite web |title=Ministry of Treasury and Finance |url=https://www.tccb.gov.tr/en/cabinet/minister-of-treasury-and-finance |website=www.tccb.gov.tr |publisher=Presidency Of The Republic Of Turkey |access-date=4 June 2020}}</ref>


⚫
== Professional career ==
===Çalık Holding===
Berat Albayrak commenced his professional journey in 1996 and joined Çalık Holding in 1999. He played a crucial role in navigating the company through the [[2001]] economic crisis by managing the it's financing and liquidity. From 2002 to 2006, Albayrak served as the Finance Director in US office. Upon returning to Türkiye in 2006, Albayrak was appointed Chief Financial Officer ([[Chief financial officer|CFO]]). By 2007, he advanced to the role of Chief Executive Officer ([[CEO]]).
In 1999, Albayrak started working for [[Çalık Holding]], in various positions in its Turkish and foreign subsidiaries.<ref name="Timetürk">{{cite news |title=Berat Albayrak Kimdir |url=https://www.timeturk.com/berat-albayrak/biyografi-724958 |access-date=4 June 2020 |work=www.timeturk.com}}</ref> In 2002, Albayrak became the financial director of the US office of Çalık Holding, while studying for an MBA at the [[Lubin School of Business]], [[Pace University]] in New York City. In 2004, Albayrak was appointed as the US country manager of Çalık Holding.


In [[2007]], Albayrak spearheaded Türkiye’s first corporate Eurobond issuance, raising $200 million and attracting nearly $1 billion in bids, showcasing his expertise in capital markets and investor relations. In 2008, he orchestrated the foreign sale of a subsidiary at a valuation 34 times its EBITDA, marking Türkiye's highest-value overseas company sale. Between 2007 and 2008, his efforts secured nearly $1 billion in foreign direct investment for Türkiye. <ref>{{Cite news |title=Foreign investors showed great interest in the teleconference with Albayrak: Nearly 4 thousand registrations |url=https://anlatilaninotesi.com.tr/20180816/berat-albayrak-telefonferans-kayit-yabanci-yatirimci-1034777583.html |work=anlatilaninotesi.com.tr}}</ref>
Upon his return to Turkey in 2006, Albayrak first served as the assistant general manager of financial affairs in Çalık Holding. He became the CEO in 2007,<ref name=Calik>[[Çalık Holding]], [http://www.calik.com/en/boardmembers DR. BERAT ALBAYRAK - CEO]</ref><ref>''[[Milliyet]]'', 30 March 2007, [http://www.milliyet.com.tr/2007/03/30/ekonomi/eko17.html Berat Albayrak, Çalık Holding Genel Müdürü oldu]</ref> and was also made director of various subsidiaries.<ref name="Timetürk" /> Albayrak was CEO of Çalık Holding until late 2013.<ref name=Yahoo />


After his successful tenure, Albayrak transitioned from corporate leadership in late 2013 to academia and public engagement. He became a columnist for [[Sabah (newspaper)|Sabah Newspaper]]<ref>{{Cite news |title=Berat Albayrak - Köşe Yazısı |url=https://www.sabah.com.tr/yazarlar/albayrak/arsiv/getall |work=Sabah.com.tr}}</ref>, taught banking and finance at [[Marmara University]], and assumed various roles in several non-governmental organizations.
=== Educational foundations ===
Albayrak was the chairman of [[BTİ Educational Institutions]], which he founded in April 2014.<ref name="Timetürk" /> In October 2014, he established the [[Nun Education and Culture Foundation]], with Serhat Albayrak and Ömer Faruk Kalyoncu.<ref name="Timetürk" />

===Other activities===
Albayrak gave lectures on banking and finance at [[Marmara University]],<ref name="TCBB" /> and wrote a column for daily newspaper ''[[Sabah (newspaper)|Sabah]]'' from 2008 until 2015.<ref name=":02">{{Cite web|title=Who's who in Politics in Turkey|url=https://tr.boell.org/sites/default/files/ays-tarihvakfi-18x24-boll-r7-eng.pdf|url-status=dead|archive-url=https://web.archive.org/web/20191115005654/https://tr.boell.org/sites/default/files/ays-tarihvakfi-18x24-boll-r7-eng.pdf|archive-date=15 November 2019|access-date=23 July 2020|website=[[Heinrich Böll]] Stiftung|pages=55–56}}</ref>


==Political career==
==Political career==
On June 7, [[2015]], Berat Albayrak was elected to the [[Grand National Assembly of Turkey|Turkish Grand National Assembly]] as a deputy of the [[Justice and Development Party (Turkey)|Justice and Development Party]].
===Domestic politics===

Albayrak became a Member of Parliament for the ruling [[Justice and Development Party (Turkey)|Justice and Development Party]] (AKP) after the [[June 2015 Turkish general election]]. At the [[5th Justice and Development Party Ordinary Congress|5th Ordinary Congress]] of the AK Party held on September 12, 2015, Prime Minister [[Ahmet Davutoğlu]] was re-elected party leader of the AKP, while Berat Albayrak was elected to the Central Decision Executive Board (MKYK) and became part of the party's management.<ref name="Timetürk" /> Albayrak was re-elected as Member of Parliament in the [[November 2015 Turkish general election]].
On September 12, [[2015]], during his Party’s fifth ordinary congress, Berat Albayrak joined the Central Decision and Executive Board (MKYK).

Berat Albayrak was appointed Minister of [[Ministry of Energy and Natural Resources|Energy and Natural Resources]] in the 64th government following the November 1, 2015, general election and continued in this role in the 65th government. As Minister of Energy and Natural Resources, Berat Albayrak launched transformative energy policies and secured significant natural gas discoveries.<ref>{{Cite news |title=Berat Albayrak Enerji ve Tabii Kaynaklar Bakanı oldu |url=https://www.aa.com.tr/tr/politika/berat-albayrak-enerji-ve-tabii-kaynaklar-bakani-oldu/480511 |work=Aa.com.tr}}</ref>

He was re-elected to the MKYK during his Party’s third extraordinary congress on May 21, 2017.

After his impactful tenure as Minister of Energy and Natural Resources, Berat Albayrak transitioned to the role of Minister of Treasury and Finance following the [[2018]] general election in the first cabinet of the new presidential system. As [[Ministry of Treasury and Finance|Minister of Treasury and Finance]], he implemented economic reforms that restored price stability and led to a historic current account surplus.

On September 12, 2018, Berat Albayrak was appointed Deputy Chairman of the Turkish Wealth Fund. <ref>{{Cite news |title=Türkiye Varlık Fonu yeni başkanı Erdoğan, yardımcısı Albayrak oldu |url=https://indigodergisi.com/2018/09/turkiye-varlik-fonu-erdogan/}}</ref>

Subsequently, on October 2, 2018, he was appointed as a member of the Defense Industry Executive Committee (SSİK) by the president. <ref>{{Cite news |title=Savunma Sanayii İcra Komitesi'ne Berat Albayrak da eklendi |url=https://www.sozcu.com.tr/savunma-sanayii-icra-komitesine-berat-albayrak-da-eklendi-wp2659302}}</ref>

He also joined the Supreme Military Council (YAŞ) on July 15, 2018.

Berat Albayrak resigned from his position as Minister of Treasury and Finance on November 8, 2020, due to health reasons.<ref>{{Cite news |title=Erdoğan: Berat Albayrak sağlık sorunları nedeniyle affını istedi |url=https://tr.euronews.com/2020/11/11/erdogan-berat-albayrak-sagl-k-sorunlar-nedeniyle-aff-n-istedi}}</ref>

⚫
'''Minister of Energy and Natural Resources Period'''

During his tenure as [[Ministry of Energy and Natural Resources|Minister of Energy and Natural Resources]], Berat Albayrak spearheaded significant advancements in Türkiye's energy sector, focusing on exploration and infrastructure. <ref>{{Cite news |title=Albayrak enflasyon verisini değerlendirdi |url=https://www.bloomberght.com/albayrak-enflasyon-verisini-degerlendirdi-2237132?page=2 |work=bloomberght.com}}</ref>

Berat Albayrak oversaw Türkiye's first airborne gravity magnetic data collection across the provinces of [[Şemdinli]], [[Cizre]], Van, and [[Siirt]], marking a pioneering step in the nation's oil exploration efforts. <ref>{{Cite news |title=Berat Albayrak böyle duyurdu: Türkiye'de ilk kez gerçekleştirilen bir adım… |url=https://www.hurriyet.com.tr/ekonomi/berat-albayrak-boyle-duyurdu-turkiyede-ilk-kez-gerceklestirilen-bir-adim-40846001}}</ref>

Under his leadership, Türkiye conducted its first deep drilling operation in [[Çukurca]], [[Hakkâri Province|Hakkari]], reaching a depth of 4,500 meters. As a result of initiatives taken during his term, Turkish Petroleum Corporation is now producing 60,000 barrels of oil per day in [[Şırnak]]/Gabar, with daily production expected to soon increase to 100,000 barrels.<ref>{{Cite news |title=Berat Albayrak'ın Bakanlık Döneminde Türkiye'nin Stratejik Hamleleri |url=https://www.madengazetesi.com.tr/berat-albayrak-in-bakanlik-doneminde-turkiye-nin-stratejik-hamleleri/2541/}}</ref>

Berat Albayrak was instrumental in acquiring the [[Fatih (drillship)|FATİH]], [[Yavuz (drillship)|YAVUZ]], and [[Kanuni (drillship)|KANUNİ]] drillships, enhancing Türkiye's drilling capabilities. The FATİH drillship's historic discovery of 710 billion cubic meters of natural gas in the [[Black Sea]], valued at $1 trillion (equivalent to Türkiye's total exports for four years), exemplifies this achievement. <ref>{{Cite news |title=Erdoğan, Karadeniz'de keşfedilen gaz rezervinin 710 milyar metreküpe ulaştığını açıkladı: 'Piyasa değeri 1 trilyon dolar' |url=https://www.bbc.com/turkce/articles/clkx07prld4o |work=BBC}}</ref>

In 2018, Berat Albayrak laid the foundation for Türkiye's first nuclear power plant, the [[Akkuyu Nuclear Power Plant|Akkuyu Nuclear Reactor]]. With a $20 billion investment, an installed capacity of 4800 MW and an annual electricity generation of 35 billion kWh, this project aims to meet 10% of Türkiye's electrical energy needs, underscoring its significance in the nation's energy portfolio.<ref>{{Cite news |title=Akkuyu Nuclear Power Plant Groundbreaking Ceremony |url=https://enerji.gov.tr/haber-detay?id=271}}</ref>[[File:Trans-Anatolian gas pipeline opening.jpg|thumb|250px|Energy Minister Albayrak at the inauguration [[Trans-Anatolian gas pipeline|TANAP]] in Turkey, together with [[SOCAR]] CEO [[Rovnag Abdullayev|Abdullayev]], Northern Cypriot President [[Mustafa Akıncı|Akıncı]], Azerbaijani President [[Ilham Aliyev|Aliyev]], Turkish President [[Recep Tayyip Erdoğan|Erdoğan]], Ukrainian President [[Petro Poroshenko|Poroshenko]] and Serbian President [[Aleksandar Vučić|Vučić]]]]Berat Albayrak played a key role in the Trans Anatolian Natural Gas Pipeline ([[Trans-Anatolian gas pipeline|TANAP]]) project, part of the 3,500 km [[Southern Gas Corridor]], transporting [[Azerbaijan]] gas to Europe and securing 6 billion cubic meters for Türkiye, covering 12% of the country's demand. This project not only strengthens [[Turkey|Türkiye's]] energy security but also positions the country as a crucial energy transit hub.<ref>{{Cite news |title=TANAP projesi, 12 Haziran'da devreye giriyor |url=https://www.trthaber.com/haber/ekonomi/tanap-projesi-12-haziranda-devreye-giriyor-364861.html |work=TRT Haber}}</ref>[[File:Opening ceremony of TurkStream Gas Pipeline’s offshore section.jpg|thumb|250px|left|'''Minister Albayrak at the inauguration of [[TurkStream]] gas pipeline in 2018, together with President Erdogan and Russian President [[Vladimir Putin]]''']]During Berat Albayrak's tenure, the Turkish Stream project was launched, redefining the natural gas supply route from Russia. By signing a mutual agreement with Russia and positioning Türkiye as a key regional distributor. <ref>{{Cite news |title=Turkish Stream Natural Gas Pipeline Project Agreement Signed |url=https://www.tccb.gov.tr/haberler/410/53547/cumhurbaskani-erdogan-rusya-devlet-baskani-putin-ile-gorustu |work=Tcbb.gov.tr}}</ref>

In 2018, Berat Albayrak initiated the [[Boron|New Boron Strategy]], leading to the establishment of the Bandırma Boron Carbide Production Facility, which began operations in 2023 to produce high value-added boron products, especially for the defense industry.<ref>{{Cite news |last=Yılmaz |first=Zülküf |title=Türkiye'nin yeni bor stratejisi açıklandı |url=https://www.pau.edu.tr/zyilmaz/tr/sayfa/turkiyenin-yeni-bor-stratejisi-aciklandi |work=Pamukkale University}}</ref>

Under the National Energy and Mining Strategy, Berat Albayrak oversaw the planning and implementation of 10,000 MW of wind and 10,000 MW of solar energy facilities, significantly advancing [[Turkey|Türkiye's]] [[renewable energy]] capabilities and diversifying her energy portfolio.

Furthermore, the "Smart Coal Utilization Period" strategy led to the discovery of an additional 5 billion tons of coal reserves, valued at over $200 billion, reinforcing Türkiye's [[Energy storage|energy]] resources.

Through these strategic initiatives, Berat Albayrak significantly advanced Türkiye's energy independence and sustainability, positioning the country as a prominent player in the global energy sector.

⚫
'''Minister of Finance and Treasury Period'''

During his tenure as Minister of Finance and Treasury, Berat Albayrak implemented transformative reforms that significantly reshaped Türkiye's economic landscape. <ref>{{Cite news |title=Berat Albayrak becomes Minister of Treasury and Finance |url=https://www.aa.com.tr/tr/ekonomi/berat-albayrak-hazine-ve-maliye-bakani-oldu/1199352}}</ref>

Through rigorous policies, Berat Albayrak reduced inflation from 25% to single digits within a year, demonstrating effective economic management. Despite the [[COVID-19 pandemic]], he maintained inflation around 11%. <ref>{{Cite news |title='Berat Albayrak, hatalarıyla birlikte söylemek gerekirse Mehmet Şimşek’ten daha başarılı' |url=https://anlatilaninotesi.com.tr/20240712/1085788802.html}}</ref>


Berat Albayrak addressed the current account deficit, which stood at $57 billion when he took office, and achieved a historic current account surplus of $5.3 billion in [[2019]], enhancing Türkiye’s financial stability.
⚫
=== Minister of Energy and Natural Resources ===
[[File:Trans-Anatolian gas pipeline opening.jpg|thumb|250px|Energy Minister Albayrak at the inauguration [[Trans-Anatolian gas pipeline|TANAP]] in Turkey, together with [[SOCAR]] CEO [[Rovnag Abdullayev|Abdullayev]], Northern Cypriot President [[Mustafa Akıncı|Akıncı]], Azerbaijani President [[Ilham Aliyev|Aliyev]], Turkish President [[Recep Tayyip Erdoğan|Erdoğan]], Ukrainian President [[Petro Poroshenko|Poroshenko]] and Serbian President [[Aleksandar Vučić|Vučić]]]]


Under his leadership, public banks offered unprecedented housing loan terms at 0.49% interest and 20-year maturity, enabling hundreds of thousands of low- and middle-income citizens to become homeowners, thereby boosting social welfare and reducing inequality.
On 24 November 2015, he was appointed [[Ministry of Energy and Natural Resources (Turkey)|Minister for Energy and Natural Resources]] in the 64th Government of Turkey under the premiership of [[Ahmet Davutoğlu]].<ref>{{cite web|url=http://www.hurriyetdailynews.com/turkish-pm-davutoglu-forms-64th-government-of-turkey.aspx?pageID=238&nID=91592&NewsCatID=338|work=Hürriyet Daily News|date=24 November 2015|title=Turkish PM Davutoğlu forms 64th government of Turkey}}</ref>


Berat Albayrak orchestrated the strategic repatriation of approximately 350 tons of gold from the [[United States|US]], [[Switzerland]], and the [[United Kingdom|UK]], and he bolstered Türkiye's national gold reserves from 488.9 tons to 719.2 tons by the end of his tenure. <ref>{{Cite news |title=Berat Albayrak 800 tona çıkardı... Son durumu ortaya çıktı... |url=https://www.odatv.com/guncel/berat-albayrak-800-tona-cikardi-son-durumu-ortaya-cikti-odatv-hesapladi-120039258 |work=Odatv.com}}</ref>
Amid his tenure as Minister of Energy and Natural Resources, Turkey's medium and long-term energy policies were arranged. It was called the “National Energy and Mine Strategy Paper”. Numerous pioneering energy projects were conducted in these terms, such as putting Turkey's first [[floating storage and regasification unit]] into service, making 1000 MW of the world's largest wind and solar tender upon domestic manufacture and R&D, setting in motion Turkey's first [[Drillship|drilling vessel]], achieving a mining land drilling depth of 1 million meters and declaring the National Boron Strategy.<ref name="HMB">{{cite web |title=T.C. Hazine ve Maliye Bakanlığı |url=https://en.hmb.gov.tr/minister |website=en.hmb.gov.tr |access-date=4 June 2020}}</ref> His tenure as energy minister saw power companies run up billions of dollars in debts as they borrowed cash to fund buyouts and expansion, while government caps on energy prices also eroded their bottom lines; the energy sector is believed to have contributed to the [[Turkish currency and debt crisis, 2018|Turkish currency and debt crisis of 2018]].<ref>{{cite web|url=https://ahvalnews.com/turkish-lira/turkish-lira-hits-record-low-erdogan-policy-concerns|title=Turkish lira hits record low on Erdoğan policy concerns|publisher=Ahval|date=11 July 2018|access-date=12 July 2018|archive-date=19 July 2018|archive-url=https://web.archive.org/web/20180719134640/https://ahvalnews.com/turkish-lira/turkish-lira-hits-record-low-erdogan-policy-concerns|url-status=dead}} {{Webarchive|url=https://web.archive.org/web/20180719134640/https://ahvalnews.com/turkish-lira/turkish-lira-hits-record-low-erdogan-policy-concerns |date=19 July 2018 }}</ref> He was [[2018 Turkish parliamentary election|reelected on 24 June 2018]] to parliament under a new constitution.


Despite external economic and geopolitical pressures as well as severe pandemic conditions, the [[Central Bank of the Republic of Turkey|Central Bank]]'s reserves, although reduced from $98.4 billion to $85.2 billion, remained resilient under Berart Albayrak's tenure. [[File:EU-Turkey High Level Economic Dialogue - 32307114627.jpg|thumb|250px|The High-Level Economic Dialogue (HLED) between Turkey and European Union in February 2019 in Istanbul, co-chaired by Albayrak and European Commission Vice-president [[Jyrki Katainen]] ]]Türkiye's economy grew by 1.8% in 2020, making it one of the few [[G20 nations]], alongside China, to achieve positive growth during the pandemic, showcasing Berat Albayrak's effective economic stewardship. <ref>{{Cite news |title=Berat Albayrak AKP milletvekillerine ekonomi brifinginde 'Dövize müdahale yok' mesajı verdi |url=https://www.bbc.com/turkce/haberler-turkiye-54803620}}</ref>
===ISIL oil sale allegations===
[[File:Opening ceremony of TurkStream Gas Pipeline’s offshore section.jpg|thumb|250px|left|Minister Albayrak at the inauguration of [[TurkStream]] gas pipeline in 2018, together with President Erdogan and Russian President [[Vladimir Putin]]]]
In December 2015, Albayrak had been accused by Russians and [[Eren Erdem]], a [[Grand National Assembly of Turkey#Composition|member of the Grand National Assembly]] for the opposition [[Republican People's Party]] (CHP) of allegedly having links to sale of oil by the [[Islamic State of Iraq and the Levant]] through Turkey.<ref>{{cite web|url=https://www.thetimes.co.uk/article/erdogans-son-in-law-linked-to-isis-oil-trade-whnz3p7vb2p|title=Erdogan's son in law 'linked to Isis oil trade'|work=The Times|date=5 December 2015}}</ref><ref>{{cite web|url=https://www.independent.co.uk/news/world/europe/russia-accuses-president-erdogans-son-in-law-of-being-linked-to-isis-oil-trade-a6761436.html|title=Russia accuses Turkish President Erdogan's son-in-law of being 'linked to Isis oil trade'|work=The Independent|date=5 December 2015}}</ref> The lawyer of Albayrak dismissed the claims saying that "the allegations are totally false and wrongly attributed.”<ref>{{cite news |last1=Christie-Miller |first1=Alexander |title=Erdogan's son in law 'linked to Isis oil trade' |url=https://www.thetimes.co.uk/article/erdogans-son-in-law-linked-to-isis-oil-trade-whnz3p7vb2p |access-date=21 May 2020 |work=[[The Times]] |date=5 December 2015 |language=en}}</ref> In December 2016, [[WikiLeaks]] released over 57,000 emails, from 2000 to 2016, allegedly obtained by the Marxist–Leninist [[RedHack]] that WikiLeaks stated were from Albayrak's personal emails,<ref>{{cite web|url=http://www.al-monitor.com/pulse/originals/2016/09/turkey-redhackers-daunt-the-erdogan-family.html|title=RedHackers daunt the Erdogan family|publisher=Al Monitor|date=30 September 2016}}</ref> and which were alleged to link Albayrak with ISIL oil smuggling. ''[[The Independent]]'' reported that the emails showed that "Albayrak had intimate knowledge of staffing and salary issues at [[Powertrans]], a company which was controversially given a monopoly on the road and rail transportation of oil into the country from [[Iraqi Kurdistan]]", adding that "Turkish media reported in 2014 and 2015 that Powertrans has been accused of mixing in oil produced by Isis in neighbouring Syria and adding it to local shipments which eventually reached Turkey". Albayrak had previously denied that he had any connection to Powertrans.<ref name="Independent">{{cite news|last1=McKernan|first1=Bethan|title=Email cache proves Turkish oil minister's links to Isis oil trade|url=https://www.independent.co.uk/news/world/middle-east/wikileaks-turkey-isis-oil-minister-email-cache-leaks-claims-a7460736.html|access-date=7 March 2017|work=The Independent|date=7 December 2016|archive-date=13 May 2017|archive-url=https://web.archive.org/web/20170513172445/http://www.independent.co.uk/news/world/middle-east/wikileaks-turkey-isis-oil-minister-email-cache-leaks-claims-a7460736.html|url-status=dead}}</ref><ref>{{cite web|url=https://www.thepressproject.gr/article/103870/exclusive-wikileaks-documents-relations-erdogan-ISIS-oil-smuggling|title=WikiLeaks documents highlight sinister relations between Erdogan and ISIS|publisher=ThePressProject|date=5 December 2016|access-date=2016-12-05}}</ref> In late 2016, [[John R. Bass]], the US Ambassador to Turkey, said that claims about a Turkish government's involvement in ISIL oil trade were unfounded, citing the official apology issued by the CIA with regards to such allegations in 2014.<ref>{{cite news|title=US 'found no involvement of Turkey in ISIL oil trade'|url=http://www.hurriyetdailynews.com/us-found-no-involvement-of-turkey-in-isil-oil-trade.aspx?PageID=238&NID=107658&NewsCatID=510|access-date=10 May 2017|work=Hurriyet Daily News|agency=AA|date=23 December 2016}}</ref><ref>{{cite news|last1=Ariel|first1=Ben|title='There's no evidence that Turkey buys oil from ISIS'|url=http://www.israelnationalnews.com/News/News.aspx/207225|access-date=11 May 2017|work=Arutz Sheva 7|date=29 January 2016}}</ref> In April 2018, it was claimed that this Wikipedia entry on Albayrak stating the alleged oil trade with ISIS was among the four articles which led to the [[2017 block of Wikipedia in Turkey|2017-2020 Wikipedia ban]].<ref>{{cite news|last1=Benjakob|first1=Omer|title=Revealed: The Four Articles That Got Wikipedia Banned in Turkey|url=https://www.haaretz.com/middle-east-news/turkey/revealed-the-four-articles-that-got-wikipedia-banned-in-turkey-1.6032214|access-date=7 May 2018|work=Haaretz|date=26 April 2018|language=en}}</ref>


During his tenure, the [[Central Bank of the Republic of Turkey|Central Bank]]'s policy rate fell to 8.25%, and the bank made a profit of over 165 billion TL (approximately 30 billion USD).
⚫
=== Minister of Finance and Treasury ===
[[File:EU-Turkey High Level Economic Dialogue - 32307114627.jpg|thumb|250px|The High-Level Economic Dialogue (HLED) between Turkey and European Union in February 2019 in Istanbul, co-chaired by Albayrak and European Commission Vice-president [[Jyrki Katainen]] ]]
On 9 July 2018, President [[Recep Tayyip Erdoğan]] appointed Albayrak as economic chief of his new administration, in charge of a new ministry called [[Ministry of Finance and Treasury (Turkey)|Finance and Treasury]], fueling investor unease about competence and orthodoxy of economic policymaking, with the [[Turkish lira]] losing 3.8 percent of its value within one hour after his appointment.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-09/turkish-lira-slumps-after-names-son-in-law-as-economy-dzar|title=Turkish Lira Slumps as Erdogan Names Son-in-Law as Economy Chief|publisher=Bloomberg|date=9 July 2018}}</ref> Consequently, Albayrak had to resign from his position as deputy as the current [[Turkish constitution]] does not allow MPs to also be ministers.<ref>{{cite web|url=http://www.cumhuriyet.com.tr/haber/siyaset/1022012/Bakan_olan_4_isim_istifa_edecek.html|title=Bakan olan 4 isim istifa edecek|publisher=Cumhuriyet|date=10 July 2018}}</ref>


Berat Albayrak's debt management strategies earned global recognition, with [[GlobalCapital]] naming the Ministry of Treasury and Finance's debt management unit the 'Public Debt Management Office of the Year in the World,' a testament to his successful policies. <ref>{{Cite news |title=Treasury's debt management success recognized |url=https://www.aa.com.tr/tr/ekonomi/hazinenin-borc-yonetimi-basarisi-odullendirildi/1624554}}</ref>
In 2020, Albayrak launched the ‘1 million software developer’ project, a campaign to train at least a million [[software developers]] in a project assisted with online courses.<ref>{{cite news |title=Turkey launches project to train 1 million software developers |url=https://www.hurriyetdailynews.com/turkey-launches-project-to-train-1-million-software-developers-154081 |access-date=4 June 2020 |work=Hürriyet Daily News |language=en}}</ref> Albayrak announced on his official Instagram account on 8 November 2020 that he had resigned from the ministry of treasury and finance, citing his health problems and wishing to spend time with his family.<ref>[https://www.trthaber.com/haber/gundem/iletisim-baskanligi-berat-albayrakin-gorevden-af-talebi-kabul-edilmistir-529559.html "İletişim Başkanlığı: Berat Albayrak'ın görevden af talebi kabul edilmiştir"].</ref>


Berat Albayrak's diplomatic engagement included a notable meeting with [[United States|US]] President [[Donald Trump]], discussing critical issues such as the [[S-400 missile system|S-400]], regional matters, and enhancing bilateral trade.<ref>{{Cite news |title=Trump ile görüşen Albayrak: S-400 ile alakalı süreçleri gayet makul bir şekilde dinledi |url=https://anlatilaninotesi.com.tr/20190416/albayrak-trump-ile-gorustu-1038772574.html}}</ref>
=== Football controversy ===
In 2019, minister Albayrak was gifted with [[Trabzonspor]]'s new season jersey during his visit to [[Trabzon]]. He said, “This was the jersey of the season of 2010-2011. So, did they make the jersey of the season that the team became the champion?”<ref>{{cite news |title=Fenerbahçeli taraftarlardan Berat Albayrak'a tepki: Sandıkta görüşürüz |url=https://www.birgun.net/haber/fenerbahceli-taraftarlardan-berat-albayrak-a-tepki-sandikta-gorusuruz-258087 |access-date=19 June 2020 |work=birgun.net |date=7 June 2019 |language=tr}}</ref> Albayrak's comments sparked controversy on social media, accusing him of suggesting to the [[2011 Turkish football match-fixing scandal]], the season where Fenerbahçe won the trophy. [[Fenerbahçe S.K.]] released a statement, saying that the 2010-2011 trophy that was won with hard work is being exhibited in Fenerbahçe's museum.<ref name="Duvar">{{cite news |title=Politics in stadiums: Fenerbahçe fans urge minister Albayrak to keep hands off football |url=https://www.duvarenglish.com/sport/2020/02/10/politics-in-stadiums-fenerbahce-fans-urge-minister-albayrak-to-keep-hands-off-football/ |access-date=19 June 2020 |work=www.duvarenglish.com |date=10 February 2020}}</ref> Fenerbahçe fans shouted slogans during a match of Fenerbahçe, calling on Albayrak to quit his post.<ref>{{cite news |title=Fenerbahçeliler Damat'a karşı ayağa kalktı |url=https://odatv4.com/fenerbahceliler-damata-karsi-ayaga-kalkti-02022031.html |access-date=19 June 2020 |work=OdaTV |date=2 February 2020 |language=TR}}</ref>


==Personal life==
== His Book ==
Berat Albayrak authored 'This is Türkiye: On The Verge of Energy and [[Economic independence|Economic Independence]],' which details the economic reforms and energy policies he implemented during his ministerial tenures.<ref>{{Cite web |title=This is Türkiye - On The Verge of Energy and Economic Independence |url=https://www.dr.com.tr/kitap/this-is-turkiye-on-the-verge-of-energy-and-economic-independence/berat-albayrak/foreign-languages/reference/business-and-economics/urunno=0001987311001?srsltid=AfmBOopoLA1KUXJS3oHHUIvhmLrhaVOjHR99eIz6YKbCb1kL91f2TrUG}}</ref>
⚫
Albayrak married [[Esra Erdoğan]] in July 2004.<ref name=Yahoo>{{cite news|last1=Gundogan|first1=Dilay|title=Erdogan son-in-law wins key post in new Turkey cabinet|url=https://news.yahoo.com/turkey-reveals-cabinet-erdogan-son-law-key-post-152529657.html|access-date=2 December 2015|work=[[Yahoo]]|date=24 November 2015}}</ref> They have four children; Ahmet Akif (b. 2006), Emine Mahinur (b. 2009), Sadık (b. 2015) and Hamza Salih (b. 2020).<ref>{{cite web|title=Enerji Bakanı Albayrak'ın mutlu günü|url=http://www.sabah.com.tr/gundem/2015/12/12/enerji-bakani-albayrakin-mutlu-gunu|publisher=[[Sabah (newspaper)|Sabah]]|access-date=12 December 2015}}</ref><ref>{{cite web|url=https://www.dailysabah.com/turkey/turkish-president-erdogan-welcomes-8th-grandson/news|title=Turkish President Erdoğan welcomes 8th grandson|publisher=Daily Sabah|date=30 June 2020|access-date=1 July 2020}}</ref>


== Personal life ==
With respect to the global [[Paradise Papers]] investigation, Albayrak in 2018 filed defamation lawsuits against journalist and [[International Consortium of Investigative Journalists]] member Pelin Ünker and her newspaper ''[[Cumhuriyet]]'', not claiming factual errors or inaccuracies but seeking financial penalties for alleged damage to his reputation, after the newspaper in November 2017 published details on how politicians, multinational corporations and criminals had hidden money offshore and avoided taxes, including Albayrak-managed Çalık Holding and Albayrak's brother Serhat.<ref name=ICIJ>{{cite web|title=Turkish President's Allies In Press Freedom Attack Over Paradise Papers Reporting|url=https://www.icij.org/investigations/paradise-papers/turkish-presidents-allies-in-press-freedom-attack-over-paradise-papers-reporting/|publisher=International Consortium of Investigative Journalists|author=Will Fitzgibbon|date=16 July 2018}}</ref>
⚫
Albayrak married [[Esra Erdoğan]] in July 2004.<ref name="Yahoo">{{cite news|last1=Gundogan|first1=Dilay|title=Erdogan son-in-law wins key post in new Turkey cabinet|url=https://news.yahoo.com/turkey-reveals-cabinet-erdogan-son-law-key-post-152529657.html|access-date=2 December 2015|work=[[Yahoo]]|date=24 November 2015}}</ref> They have four children; Ahmet Akif (b. 2006), Emine Mahinur (b. 2009), Sadık (b. 2015) and Hamza Salih (b. 2020).<ref>{{cite web|title=Enerji Bakanı Albayrak'ın mutlu günü|url=http://www.sabah.com.tr/gundem/2015/12/12/enerji-bakani-albayrakin-mutlu-gunu|publisher=[[Sabah (newspaper)|Sabah]]|access-date=12 December 2015}}</ref><ref>{{cite web|url=https://www.dailysabah.com/turkey/turkish-president-erdogan-welcomes-8th-grandson/news|title=Turkish President Erdoğan welcomes 8th grandson|publisher=Daily Sabah|date=30 June 2020|access-date=1 July 2020}}</ref>


== Awards ==
== Awards ==
In October 2019, the U.K.-based business magazine ''[[EuroWeek|GlobalCapital]]'' awarded Turkey's Finance and Treasury Ministry the Public Debt Management Office of the Year, for its "successful performance in debt management albeit difficult periods".<ref>{{cite news |last1=Sahin |first1=Tuba |title=Turkish Treasury awarded for successful debt management |url=https://www.aa.com.tr/en/economy/turkish-treasury-awarded-for-successful-debt-management/1624751 |access-date=4 June 2020 |work=www.aa.com.tr}}</ref>
In October [[2019]], the [[U.K.]]-based business magazine ''[[EuroWeek|GlobalCapital]]'' awarded [[Turkey]]'s Finance and Treasury Ministry the Public Debt Management Office of the Year, for its "successful performance in debt management albeit difficult periods".<ref>{{cite news |last1=Sahin |first1=Tuba |title=Turkish Treasury awarded for successful debt management |url=https://www.aa.com.tr/en/economy/turkish-treasury-awarded-for-successful-debt-management/1624751 |access-date=4 June 2020 |work=www.aa.com.tr}}</ref>


==References==
==References==

Revision as of 06:30, 2 October 2024

Berat Albayrak
Minister of Treasury and Finance
In office
10 July 2018 – 10 November 2020
PresidentRecep Tayyip Erdoğan
Preceded byNaci Ağbal
Succeeded byLütfi Elvan
Minister of Energy and Natural Resources
In office
24 November 2015 – 10 July 2018
Prime MinisterAhmet Davutoğlu
Binali Yıldırım
Preceded byAli Rıza Alaboyun
Succeeded byFatih Dönmez
Member of the Grand National Assembly
In office
7 June 2015 – 10 July 2018
ConstituencyIstanbul (I) (June 2015, Nov 2015, 2018)
Personal details
Born (1978-02-21) 21 February 1978 (age 46)
Istanbul, Turkey
Political partyJustice and Development Party
Spouse
​
(m. 2004)​
Children4
Parent(s)Sadık Albayrak
Kıymet Albayrak
RelativesRecep Tayyip Erdoğan (father-in-law)
Emine Erdoğan (mother-in-law)
Alma materIstanbul University
Pace University
Kadir Has University

Berat Albayrak (born 21 February 1978) is a prominent Turkish businessman and politician.

He is the son of Sadık and Kıymet Albayrak, with family roots in Dernekpazarı, Trabzon. Albayrak completed his primary education at Fındıkzade Primary School and secondary education at Fatih Boys High School. In 2004, he married Esra Albayrak, the eldest daughter of Türkiye's President (then Prime Minister) Recep Tayyip Erdoğan. The couple has four children: Ahmet Akif (b. 2006), Emine Mahinur (b. 2009), Sadık Eymen (b. 2015), and Hamza Salih (b. 2020).[1]

Early life

Berat Albayrak graduated from Istanbul University in 1999 with a degree in Business Administration (English). He obtained a Master's degree in Finance from Pace University's Lubin School of Business in New York in 2004. He later earned a Ph.D. from Kadir Has University in 2011 with a thesis on "Renewable Energy Sources and Their Financing in Electricity Generation".

Berat Albayrak was elected to the Turkish Parliament in 2015 as a member of the Justice and Development Party. He served as Minister of Energy and Natural Resources from 2015 to 2018, during which he launched the National Energy and Mining Policy aimed at achieving energy independence. Under his leadership, Türkiye acquired its first offshore drilling vessel, FATİH, and discovered a significant natural gas reserve of 710 billion cubic meters in the Black Sea, valued at approximately $1 trillion.

From July 10, 2018, to November 10, 2020, Berat Albayrak served as Minister of Treasury and Finance. During his tenure, the Turkish economy achieved a historic milestone, recording a current account surplus of approximately $10 billion, the largest in the history of the Republic of Türkiye. This achievement strengthened the country's financial independence and mitigated the risks of external economic shocks.

Professional career

Berat Albayrak commenced his professional journey in 1996 and joined Çalık Holding in 1999. He played a crucial role in navigating the company through the 2001 economic crisis by managing the it's financing and liquidity. From 2002 to 2006, Albayrak served as the Finance Director in US office. Upon returning to Türkiye in 2006, Albayrak was appointed Chief Financial Officer (CFO). By 2007, he advanced to the role of Chief Executive Officer (CEO).

In 2007, Albayrak spearheaded Türkiye’s first corporate Eurobond issuance, raising $200 million and attracting nearly $1 billion in bids, showcasing his expertise in capital markets and investor relations. In 2008, he orchestrated the foreign sale of a subsidiary at a valuation 34 times its EBITDA, marking Türkiye's highest-value overseas company sale. Between 2007 and 2008, his efforts secured nearly $1 billion in foreign direct investment for Türkiye. [2]

After his successful tenure, Albayrak transitioned from corporate leadership in late 2013 to academia and public engagement. He became a columnist for Sabah Newspaper[3], taught banking and finance at Marmara University, and assumed various roles in several non-governmental organizations.

Political career

On June 7, 2015, Berat Albayrak was elected to the Turkish Grand National Assembly as a deputy of the Justice and Development Party.

On September 12, 2015, during his Party’s fifth ordinary congress, Berat Albayrak joined the Central Decision and Executive Board (MKYK).

Berat Albayrak was appointed Minister of Energy and Natural Resources in the 64th government following the November 1, 2015, general election and continued in this role in the 65th government. As Minister of Energy and Natural Resources, Berat Albayrak launched transformative energy policies and secured significant natural gas discoveries.[4]

He was re-elected to the MKYK during his Party’s third extraordinary congress on May 21, 2017.

After his impactful tenure as Minister of Energy and Natural Resources, Berat Albayrak transitioned to the role of Minister of Treasury and Finance following the 2018 general election in the first cabinet of the new presidential system. As Minister of Treasury and Finance, he implemented economic reforms that restored price stability and led to a historic current account surplus.

On September 12, 2018, Berat Albayrak was appointed Deputy Chairman of the Turkish Wealth Fund. [5]

Subsequently, on October 2, 2018, he was appointed as a member of the Defense Industry Executive Committee (SSİK) by the president. [6]

He also joined the Supreme Military Council (YAŞ) on July 15, 2018.

Berat Albayrak resigned from his position as Minister of Treasury and Finance on November 8, 2020, due to health reasons.[7]

Minister of Energy and Natural Resources Period

During his tenure as Minister of Energy and Natural Resources, Berat Albayrak spearheaded significant advancements in Türkiye's energy sector, focusing on exploration and infrastructure. [8]

Berat Albayrak oversaw Türkiye's first airborne gravity magnetic data collection across the provinces of Şemdinli, Cizre, Van, and Siirt, marking a pioneering step in the nation's oil exploration efforts. [9]

Under his leadership, Türkiye conducted its first deep drilling operation in Çukurca, Hakkari, reaching a depth of 4,500 meters. As a result of initiatives taken during his term, Turkish Petroleum Corporation is now producing 60,000 barrels of oil per day in Şırnak/Gabar, with daily production expected to soon increase to 100,000 barrels.[10]

Berat Albayrak was instrumental in acquiring the FATİH, YAVUZ, and KANUNİ drillships, enhancing Türkiye's drilling capabilities. The FATİH drillship's historic discovery of 710 billion cubic meters of natural gas in the Black Sea, valued at $1 trillion (equivalent to Türkiye's total exports for four years), exemplifies this achievement. [11]

In 2018, Berat Albayrak laid the foundation for Türkiye's first nuclear power plant, the Akkuyu Nuclear Reactor. With a $20 billion investment, an installed capacity of 4800 MW and an annual electricity generation of 35 billion kWh, this project aims to meet 10% of Türkiye's electrical energy needs, underscoring its significance in the nation's energy portfolio.[12]

Energy Minister Albayrak at the inauguration TANAP in Turkey, together with SOCAR CEO Abdullayev, Northern Cypriot President Akıncı, Azerbaijani President Aliyev, Turkish President Erdoğan, Ukrainian President Poroshenko and Serbian President Vučić

Berat Albayrak played a key role in the Trans Anatolian Natural Gas Pipeline (TANAP) project, part of the 3,500 km Southern Gas Corridor, transporting Azerbaijan gas to Europe and securing 6 billion cubic meters for Türkiye, covering 12% of the country's demand. This project not only strengthens Türkiye's energy security but also positions the country as a crucial energy transit hub.[13]

Minister Albayrak at the inauguration of TurkStream gas pipeline in 2018, together with President Erdogan and Russian President Vladimir Putin

During Berat Albayrak's tenure, the Turkish Stream project was launched, redefining the natural gas supply route from Russia. By signing a mutual agreement with Russia and positioning Türkiye as a key regional distributor. [14]

In 2018, Berat Albayrak initiated the New Boron Strategy, leading to the establishment of the Bandırma Boron Carbide Production Facility, which began operations in 2023 to produce high value-added boron products, especially for the defense industry.[15]

Under the National Energy and Mining Strategy, Berat Albayrak oversaw the planning and implementation of 10,000 MW of wind and 10,000 MW of solar energy facilities, significantly advancing Türkiye's renewable energy capabilities and diversifying her energy portfolio.

Furthermore, the "Smart Coal Utilization Period" strategy led to the discovery of an additional 5 billion tons of coal reserves, valued at over $200 billion, reinforcing Türkiye's energy resources.

Through these strategic initiatives, Berat Albayrak significantly advanced Türkiye's energy independence and sustainability, positioning the country as a prominent player in the global energy sector.

Minister of Finance and Treasury Period

During his tenure as Minister of Finance and Treasury, Berat Albayrak implemented transformative reforms that significantly reshaped Türkiye's economic landscape. [16]

Through rigorous policies, Berat Albayrak reduced inflation from 25% to single digits within a year, demonstrating effective economic management. Despite the COVID-19 pandemic, he maintained inflation around 11%. [17]

Berat Albayrak addressed the current account deficit, which stood at $57 billion when he took office, and achieved a historic current account surplus of $5.3 billion in 2019, enhancing Türkiye’s financial stability.

Under his leadership, public banks offered unprecedented housing loan terms at 0.49% interest and 20-year maturity, enabling hundreds of thousands of low- and middle-income citizens to become homeowners, thereby boosting social welfare and reducing inequality.

Berat Albayrak orchestrated the strategic repatriation of approximately 350 tons of gold from the US, Switzerland, and the UK, and he bolstered Türkiye's national gold reserves from 488.9 tons to 719.2 tons by the end of his tenure. [18]

Despite external economic and geopolitical pressures as well as severe pandemic conditions, the Central Bank's reserves, although reduced from $98.4 billion to $85.2 billion, remained resilient under Berart Albayrak's tenure.

The High-Level Economic Dialogue (HLED) between Turkey and European Union in February 2019 in Istanbul, co-chaired by Albayrak and European Commission Vice-president Jyrki Katainen

Türkiye's economy grew by 1.8% in 2020, making it one of the few G20 nations, alongside China, to achieve positive growth during the pandemic, showcasing Berat Albayrak's effective economic stewardship. [19]

During his tenure, the Central Bank's policy rate fell to 8.25%, and the bank made a profit of over 165 billion TL (approximately 30 billion USD).

Berat Albayrak's debt management strategies earned global recognition, with GlobalCapital naming the Ministry of Treasury and Finance's debt management unit the 'Public Debt Management Office of the Year in the World,' a testament to his successful policies. [20]

Berat Albayrak's diplomatic engagement included a notable meeting with US President Donald Trump, discussing critical issues such as the S-400, regional matters, and enhancing bilateral trade.[21]

His Book

Berat Albayrak authored 'This is Türkiye: On The Verge of Energy and Economic Independence,' which details the economic reforms and energy policies he implemented during his ministerial tenures.[22]

Personal life

Albayrak married Esra Erdoğan in July 2004.[23] They have four children; Ahmet Akif (b. 2006), Emine Mahinur (b. 2009), Sadık (b. 2015) and Hamza Salih (b. 2020).[24][25]

Awards

In October 2019, the U.K.-based business magazine GlobalCapital awarded Turkey's Finance and Treasury Ministry the Public Debt Management Office of the Year, for its "successful performance in debt management albeit difficult periods".[26]

References

  1. ^ "Berat Albayrak Biyografisi". Haberler.com.
  2. ^ "Foreign investors showed great interest in the teleconference with Albayrak: Nearly 4 thousand registrations". anlatilaninotesi.com.tr.
  3. ^ "Berat Albayrak - Köşe Yazısı". Sabah.com.tr.
  4. ^ "Berat Albayrak Enerji ve Tabii Kaynaklar Bakanı oldu". Aa.com.tr.
  5. ^ "Türkiye Varlık Fonu yeni başkanı Erdoğan, yardımcısı Albayrak oldu".
  6. ^ "Savunma Sanayii İcra Komitesi'ne Berat Albayrak da eklendi".
  7. ^ "Erdoğan: Berat Albayrak sağlık sorunları nedeniyle affını istedi".
  8. ^ "Albayrak enflasyon verisini değerlendirdi". bloomberght.com.
  9. ^ "Berat Albayrak böyle duyurdu: Türkiye'de ilk kez gerçekleştirilen bir adım…".
  10. ^ "Berat Albayrak'ın Bakanlık Döneminde Türkiye'nin Stratejik Hamleleri".
  11. ^ "Erdoğan, Karadeniz'de keşfedilen gaz rezervinin 710 milyar metreküpe ulaştığını açıkladı: 'Piyasa değeri 1 trilyon dolar'". BBC.
  12. ^ "Akkuyu Nuclear Power Plant Groundbreaking Ceremony".
  13. ^ "TANAP projesi, 12 Haziran'da devreye giriyor". TRT Haber.
  14. ^ "Turkish Stream Natural Gas Pipeline Project Agreement Signed". Tcbb.gov.tr.
  15. ^ Yılmaz, Zülküf. "Türkiye'nin yeni bor stratejisi açıklandı". Pamukkale University.
  16. ^ "Berat Albayrak becomes Minister of Treasury and Finance".
  17. ^ "'Berat Albayrak, hatalarıyla birlikte söylemek gerekirse Mehmet Şimşek'ten daha başarılı'".
  18. ^ "Berat Albayrak 800 tona çıkardı... Son durumu ortaya çıktı..." Odatv.com.
  19. ^ "Berat Albayrak AKP milletvekillerine ekonomi brifinginde 'Dövize müdahale yok' mesajı verdi".
  20. ^ "Treasury's debt management success recognized".
  21. ^ "Trump ile görüşen Albayrak: S-400 ile alakalı süreçleri gayet makul bir şekilde dinledi".
  22. ^ "This is Türkiye - On The Verge of Energy and Economic Independence".
  23. ^ Gundogan, Dilay (24 November 2015). "Erdogan son-in-law wins key post in new Turkey cabinet". Yahoo. Retrieved 2 December 2015.
  24. ^ "Enerji Bakanı Albayrak'ın mutlu günü". Sabah. Retrieved 12 December 2015.
  25. ^ "Turkish President Erdoğan welcomes 8th grandson". Daily Sabah. 30 June 2020. Retrieved 1 July 2020.
  26. ^ Sahin, Tuba. "Turkish Treasury awarded for successful debt management". www.aa.com.tr. Retrieved 4 June 2020.
Wikimedia Commons has media related to Berat Albayrak.
Political offices
Preceded by Ministry of Energy and Natural Resources
24 November 2015 – 10 July 2018 		Succeeded by
Preceded by Ministry of Treasury and Finance
10 July 2018 – 10 November 2020 		Succeeded by
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