ANALYSIS
"Turkey’s investment-fund fiasco", The Economist
The scandal did not come out of the blue. As early as last year Turkey’s finance minister, Mehmet Simsek, pointed to signs of stock-market shenanigans and pledged new regulations. Meanwhile evidence mounted that some funds were buying thinly traded shares, including stakes in their own subsidiaries, to drive up their value. When prices jumped, they could report big gains to reel in new investors. They could also borrow against the newly expensive shares to buy more. In June MSCI, an index provider, hinted that unless regulators took action, Turkey risked being downgraded from an emerging to a frontier market. It would then join an asset class populated by much smaller economies such as Tunisia and Romania.
The scandal is a symptom of a wider malaise. Ordinary Turks have long been seeking protection from rocketing consumer prices. Inflation exceeded 80% in 2022 and remains about 30% a year. Lured by the promise of high returns, many investors, including wholly inexperienced ones, piled into equities, including highly volatile shares. They learnt a painful lesson: in Turkey consumer prices only go up, but share prices can also go the other way. And when a stock rises by 7,000%, it’s cause for concern, not celebration.
"Türkiye - Defense Industry Potential" by Yigit Engine, Ates Gulsoy, BBVA Research
Türkiye should be viewed as a complementary partner for Europe’s defense needs. Europe needs scale, speed and battlefield-relevant capabilities; Türkiye offers competitive platforms, production flexibility and experience in several fast-growing domains of modern warfare. A pragmatic cooperation model—based on co-production, interoperability, NATO standards, local industrial participation and mutually acceptable technology-sharing arrangements—could create value for both sides. For Europe, it would help close urgent capability gaps more rapidly. For Türkiye, it would deepen integration into advanced defense value chains, strengthen export credibility and accelerate its move toward higher technological autonomy.
The key policy question is therefore not whether Türkiye can contribute to Europe’s defense architecture, but under which institutional, financial and industrial mechanisms this contribution can be made compatible with European procurement rules and Türkiye’s strategic interests. If these constraints are managed effectively, defense cooperation between Türkiye and Europe could become one of the most important industrial and geopolitical opportunities of the coming decade.
"Can Turkey’s Bashiqa withdrawal pave the way for deeper Iraq ties?" by Barin Kayaoglu, Al-Monitor
Implementing the Bashiqa agreement may prove more complicated because of the Sinjar issue. According to Mehmet Alaca, an Ankara-based independent researcher who writes extensively on Iraq, the key question for the agreement concerns the Sinjar Resistance Units (YBS). “The main issue in Sinjar is what will happen to the local YBS militants who are close to the PKK,” Alaca told Al-Monitor, pointing to the repeated failure of previous agreements to restore federal authority in the region.
POLITICS
Former Minister and AK Party Deputy Chairman Kaya resigns after share trading allegations
Former Family Minister and AK Party Deputy Chairman Fatma Betul Sayan Kaya resigned from her political posts on September 26 after allegations emerged over share transactions involving her and her husband in shipbuilder Ozata Denizcilik.
Zeynel Emre, an Istanbul lawmaker and spokesperson for the New Party, alleged earlier on September 26 that Kaya bought Ozata Denizcilik shares for 63.4 million liras in April and sold them for 1.34 billion liras in September. He also alleged that her husband, Ilyas Kaya, invested 99.7 million liras and received 826 million liras from his share sales.
Emre said the couple completed the sales before September 16, when the investment fund crisis spilled into the stock market. He questioned whether the timing indicated that they had advance knowledge of the unfolding turmoil.
Former AK Party lawmaker Samil Tayyar described the allegations as extremely serious and said Kaya should resign if they proved true. He also called on her to refute the allegations and file a lawsuit if they proved false.
Kaya announced her resignation later on September 26. In a post on X, she said she wanted the allegations clarified and had asked President and AK Party Chairman Recep Tayyip Erdogan to relieve her of her duties. She said she sought to prevent the controversy from affecting her office and to allow the investigation to proceed without question.
AK Party spokesman Omer Celik said after Kaya's resignation that the party would hold anyone responsible for wrongdoing to account. He said the party would pursue allegations of corruption, abuse and irregularities without compromise.
Later the same day, Celik announced that Erdogan had accepted Kaya's resignation.
Meanwhile, the Istanbul Chief Public Prosecutor's Office has sought precautionary measures against the assets of Kaya, her husband and, according to Turkish media reports, their children. The prosecutor's office requested restrictions on the sale and transfer of assets and money, a freeze on securities and checks of land registry, vessel and aircraft records.
Journalist Yigit Uzun, citing judicial sources, reported that prosecutors would take statements from Kaya and her husband as part of the investigation. According to Uzun's report, investigators will examine the couple's financial transactions, possible connections, and whether their political positions gave them access to relevant information.
The allegations emerged as Turkish authorities investigated transactions in Ozata Denizcilik shares. The Capital Markets Board announced criminal complaints against 11 people over suspected market manipulation on September 25, but neither Kaya nor her husband appeared among those named in the board's announcement.
In a separate investigation into the investment fund crisis conducted by the Istanbul Chief Public Prosecutor's Office, 47 suspects—including Tera Yatırım Holding Chairman Emre Tezmen, Pusula Holding Chairman Serdar Turhan, and several fund managers—have been arrested to date.
Simsek Denies Resignation Rumors as Allegations Emerge Over Alleged Tera Links
As the fund crisis shook Turkey's stock market, rumors circulated that Treasury and Finance Minister Mehmet Simsek, who is overseeing the government's response, would resign.
Simsek rejected the rumors on September 24. “The claims circulating about my resignation are baseless,” he wrote on X, urging the public to disregard what he described as speculation aimed at undermining Turkey's economic stability.
In an article published on September 24, Cumhuriyet columnist Baris Terkoglu reported excerpts from a criminal complaint that former Financial Crimes Investigation Board (MASAK) deputy head Ramazan Basak filed with prosecutors concerning Tera Yatirim.
According to Terkoglu's report, Basak alleged in his complaint that Tera Investment Chairman Emre Tezmen had described himself as close to Simsek and claimed that the two had business ties in Britain.
The Treasury and Finance Ministry rejected the alleged business connection on September 24, saying Simsek had no partnership or commercial relationship with Tera, its owners or its executives before or during his time in public office.
The ministry also said that invoking Simsek's name to imply influence did not establish any business relationship between the minister and the company or its executives.
Ankara Mayor Mansur Yavas leaves CHP, eight district mayors follow
Ankara Mayor Mansur Yavas resigned from the Republican People's Party (CHP) on September 23, adding that he would continue serving as an independent, two weeks after a meeting with President Erdogan fueled speculation about his political future.
In a statement on X, Yavas said "certain statements made today" had prompted his decision to leave the CHP but did not identify the speakers or specify their remarks. He said he would continue as Ankara mayor and serve residents regardless of their political affiliations.
CHP leader Kemal Kilicdaroglu said the party should respect Yavas' decision. "Just as we do not force anyone to become a party member, we do not force anyone out of the party either," Kilicdaroglu stated.
New Party Chairman Ozgur Ozel also said he had called Yavas after the announcement to wish him well and that the party respected the decisions of Yavas and other mayors.
Yavas' departure triggered a series of resignations among CHP mayors in Ankara. The mayors of Beypazari, Kalecik, Güdül, Sereflikochisar, Ayas, Polatli, Nallihan and Elmadag also left the party and said they would continue serving as independents.
AK Party takes control of Istanbul's Adalar municipality after tense council vote
AK Party took control of Istanbul's Adalar municipality on September 23 after its candidate, Kemal Turkyilmaz, won a contentious council vote to become acting mayor. Turkyilmaz replaced Medine Pamuk, who resigned as acting mayor on September 14, citing health problems. Pamuk had assumed the post after Adalar Mayor Ali Ercan Akpolat was arrested and removed from office in June.
Nine council members took part in the first round, with Turkyilmaz receiving five votes and CHP candidate Aytul Eksiyan four. The second round ended 4-4, with one ballot declared invalid.
Tensions escalated after the second round. Police entered the meeting hall after a dispute and cleared the room. CHP and New Party members then left the meeting, while three CHP council members remained in the hall alongside two AK Party members.
The council held a third round after Eksiyan withdrew from the contest. Turkyilmaz received all five votes cast in both the third and fourth rounds, securing the post in the final round.
The CHP later referred its three council members, Yavuz Ciftcioglu, Ismail Onur Balbinar and Ahmet Tanay Garip, who backed the AK Party candidate, to its disciplinary board and requested their expulsion. Ciftcioglu's voting restrictions ended shortly before the mayoral election.
Sarallar, Sahinler Groups Meet Bahceli in Reconciliation Meeting
The organized crime groups known as the Sarallar and Sahinler met with Nationalist Movement Party (MHP) leader Devlet Bahceli at the party's headquarters in Ankara, in what the MHP described as a reconciliation meeting.
The MHP announced the meeting on its official social media account and shared a photograph of the gathering, saying the two groups had reached a reconciliation.
Burhanettin Saral attended the meeting on behalf of the Sarallar, while Sedat Sahin represented the Sahinler.
ECONOMY
EBRD, OECD cut Turkey growth forecasts as inflation outlook worsens
The European Bank for Reconstruction and Development (EBRD) cut its forecast for Turkey's economic growth this year to 3 percent from 3.5 percent in its latest Regional Economic Prospects report released on September 24. The bank attributed the downgrade to weak domestic demand, high inflation, elevated borrowing costs and the economic fallout from the conflict in the Middle East.
The EBRD said households and businesses continued to face pressure from high interest rates and inflation. It warned that a further escalation of the Middle East conflict could drive energy prices higher, weigh on tourism, trigger capital outflows and disrupt trade. The bank also said Turkish companies with rising foreign-currency liabilities would face greater risks if the lira weakened further.
The EBRD expects Turkey's economic growth to accelerate to 4 percent in 2027.
Separately, the Organisation for Economic Cooperation and Development (OECD) cut its growth forecast for Turkey to 2.7 percent in 2026 from 3.1 percent and to 3.6 percent in 2027 from 3.8 percent in its latest Economic Outlook.
The OECD also raised its headline inflation forecast for Turkey to 31.5 percent in 2026 from 28.4 percent in its June forecast. It raised its 2027 inflation projection to 24.7 percent from 18.3 percent.
FATF Places Turkey Under Enhanced Follow-Up, Flags Financial Crime Backlog
The Financial Action Task Force (FATF) said Turkey has strengthened its defenses against money laundering and other illicit finance since its previous evaluation, but kept the country under enhanced follow-up over remaining deficiencies.
In its latest Mutual Evaluation Report, the global financial crime watchdog said Turkey met or largely met 38 of its 40 standards for laws and regulations. Turkey partly met the remaining two standards, which cover targeted financial sanctions related to the proliferation of weapons of mass destruction and safeguards for nonprofit organizations.
The FATF also assessed how effectively Turkey's financial crime framework operates in practice. The country received moderate ratings in eight of 11 effectiveness areas and substantial ratings in the remaining three.
The watchdog said Turkey faces a backlog of more than 7,000 financial crime cases awaiting prosecution. Under its enhanced follow-up status, Turkey must implement a three-year action plan and report to the FATF more frequently on progress in addressing the remaining deficiencies.
Turkey's Treasury and Finance Ministry said on September 23 that the country faces no risk of returning to the FATF's gray list, citing the watchdog's latest assessment.
The ministry said authorities would continue work on the issues identified in the report through national strategies covering money laundering, terrorist financing and asset confiscation for 2026-2030, as well as proliferation financing for 2025-2029.
Fund Crisis Affects 2 million people
Turkey’s Capital Markets Board (SPK) has ordered the liquidation of 131 investment funds managed by seven asset management companies, as authorities investigate a broader crisis in the country’s investment fund market. The regulator said 455,758 individual investors held positions in the affected funds.
Turkish President Erdogan said on September 24 that the crisis posed no threat to Turkey’s wider economy. Speaking to journalists in New York in the margins of the United Nations General Assembly, Erdogan described the problem as limited to a small segment of the country’s capital markets.
Main opposition New Party leader Ozgur Ozel rejected Erdogan’s assessment, calling the crisis “the fraud of the century” and claiming that it had affected 2 million people, a figure substantially higher than the SPK’s count of investors in the affected funds.
Ozel also alleged that individuals linked to Erdogan’s ruling Justice and Development Party (AK Party) had profited from the funds. He called for authorities to recover those gains and use the proceeds to compensate investors.
Turkey's Central Bank Loses $4.3 Billion in Reserves Amid Fund Crisis
Turkey's central bank lost $4.3 billion in total reserves in the week ending September 18, when a wave of withdrawals from investment funds shook the stock market, data released on September 24 showed.
Official reserve assets fell 2.4% to $174.4 billion from $178.7 billion a week earlier. Reserves have declined for four consecutive weeks, falling from $188.2 billion on August 28.
Foreign-currency assets in the bank's international reserves series also fell 9.2% over the week to $55.1 billion.
Turkey-Iran Border Emerges as Key Trade Lifeline amid US Blockade
Hundreds of trucks have idled along the road leading into Iran from Turkey's mountainous eastern border, as the countries' largest crossing has become a crucial economic lifeline for Tehran amid a US naval blockade of Iranian ports.
The Gurbulak border crossing, one of Turkey's busiest gateways to Iran, sees heavy traffic even in normal times. But truck waiting times have more than quadrupled since the war began, according to data from the International Transporters Association, which represents Turkey's international logistics sector.
Turkey Jails 33 Suspects in Alleged Sham Property Scheme to Obtain Citizenship
A Turkish court has jailed 33 suspects pending trial in an investigation into alleged sham real estate transactions that prosecutors say helped foreign nationals obtain Turkish citizenship.
The Istanbul Chief Public Prosecutor's Office said the suspects formed part of a group of 74 people detained in an Istanbul-led operation spanning 13 provinces. Authorities placed another 20 suspects under house arrest and released 21 others under judicial supervision.
Prosecutors accuse the suspects of arranging sham property transactions to make foreign nationals appear to meet the investment requirements for Turkish citizenship.
The investigation has identified 1,070 people, including investors and their family members, who allegedly obtained Turkish citizenship through the transactions. Prosecutors said the disputed transactions totaled $72.25 million. They also said administrative proceedings had begun to revoke citizenship that foreign nationals obtained through the alleged scheme.
HUMAN RIGHTS
Turkey Blocks X Account of Digital Rights Advocate Yaman Akdeniz
Turkish authorities have blocked access to the X account of prominent digital rights advocate Yaman Akdeniz, co-founder of the Freedom of Expression Association (İFÖD).
İFÖD said on September 24 that authorities blocked Akdeniz's account under Article 8/A of Turkey's internet law. X subsequently withheld the account from users in Turkey.
Akdeniz said in a statement posted from his account, which remains inaccessible in Turkey, that X had notified him of the restriction without providing details, a copy of the blocking decision or the reasons for withholding his entire account in Turkey. "I have been fighting Internet censorship for over 30 years," Akdeniz wrote, calling for an explanation from X owner Elon Musk.
Turkish Police Detain Journalist Ali Tarakci over Cabinet Resignation Post
Turkish police detained journalist Ali Tarakci on September 26 over an X post in which he predicted that a cabinet minister would resign, citing an allegation of publicly spreading misleading information.
Tarakci wrote on X on September 23 that "a very important minister will resign on September 25," without naming the minister. September 25 passed without the resignation he had predicted.
Prosecutors ordered police to detain Tarakci and search his home, including the seizure of digital devices for examination.
At the prosecutors' request, Ankara's 7th Criminal Court of Peace later ordered authorities to block access to Tarakci's entire X account. X subsequently made the account unavailable to users in Turkey.
Turkey Jails Former Cihan Reporter in Reopened Kozinoglu Death Probe
A Turkish court on September 21 ordered the pretrial detention of a former Cihan News Agency reporter suspected of inciting the intentional killing of Kasif Kozinoglu, a former intelligence officer whose 2011 death in an Istanbul prison has prompted a reopened investigation.
The court formally jailed Osman Arslan after authorities referred him to the courthouse following his detention. Former chief guard Omer Vatan and shift supervisor Kazim Beyke, who worked at the prison when Kozinoglu died, were released under judicial control measures.
The latest court decisions brought the total number of people arrested in the Kozinoglu investigation to seven, while authorities placed 17 others under judicial control.
Turkey Jails 20 More Suspects in Expanding Probe into Suleymanlilar Community
A Turkish court has jailed 20 more people pending trial in an expanding investigation into the Suleymanlilar religious community and businesses linked to its jailed leader, Alihan Kuris.
Authorities referred 25 suspects detained in the latest phase of the investigation to court after questioning. The court ordered 20 suspects jailed pending trial and released five others under judicial supervision.
FOREIGN POLICY
Turkey, Saudi Arabia and Pakistan Hold Urgent Military Talks Amid Houthi Attacks
Turkish Chief of General Staff Gen. Selcuk Bayraktaroglu met with the military chiefs of Saudi Arabia and Pakistan in Riyadh on September 25 as Yemen's Houthi forces stepped up attacks targeting Saudi cities and oil facilities.
The three military chiefs discussed strengthening intelligence sharing, military coordination and the integration of defense capabilities, according to statements from Saudi Arabia's Defense Ministry and Pakistan's military.
The chiefs reviewed the security situation and threats facing Saudi Arabia and condemned attacks by Iran-backed Houthi forces against the holy city of Makkah and the kingdom's civilian and economic infrastructure, the statements said.
The meeting came a day after the foreign ministers of Saudi Arabia, Pakistan and Turkey met in New York under the framework of the Mecca Joint Defense Agreement.
The ministers condemned attacks targeting Makkah and other civilian sites and affirmed Saudi Arabia's right to defend itself. The ministers also discussed arrangements for an urgent meeting of the three countries' chiefs of staff to consider ways to support Saudi Arabia under the agreement.
On September 25, Turkish Parliament Speaker Numan Kurtulmus said the defense pact between Turkey, Saudi Arabia and Pakistan could develop into a broader agreement "for the Muslim world" and potentially include Iran.
"We never see the Mecca Agreement as a pact against Iran, and it must not be that way," Kurtulmus said. "We hope the Mecca Agreement can turn into a broader agreement for the Muslim world. Iran can join this agreement too. We hope it will become much stronger with the participation of other regional countries."
Trump Meets Erdogan, Gulf Leaders at UN Headquarters Amid Iran Crisis
US President Donald Trump met with Turkish President Recep Tayyip Erdogan and leaders and foreign ministers from Gulf Cooperation Council (GCC) member states at the United Nations headquarters in New York on the sidelines of the 81st session of the UN General Assembly, with the war with Iran among the main issues discussed.
The meeting brought together representatives from Turkey, Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, Kuwait and Oman, as well as Egypt, Syria, Iraq and Lebanon.
Asked when the crisis with Iran might end, Trump said the situation could be resolved after the US midterm elections on November 3, or possibly sooner. “We think that the situation with Iran could end right after the midterm elections and maybe before. I don't know. You never know,” Trump said.
Trump also praised Erdogan while discussing efforts to advance a peace process in Gaza. “Exactly one year ago, many of us met here on the sidelines of the United Nations to discuss how we could end the bloody war in Gaza, and almost the same people were here, including my friend right over here from Türkiye,” Trump said.
“He's a tough cookie. Don't mess around with him. He's a fantastic guy,” Trump said.
Turkish Airlines Halt Iran Flights as US Sanctions Hit Aviation Sector
Turkey's national carrier Turkish Airlines and budget airlines AJet and Pegasus have suspended flights to and from Iran from September 21 as new US sanctions targeting Iran's aviation sector take effect.
The US Treasury suspended a general license that had allowed foreign airlines to temporarily operate US-made aircraft, or aircraft containing significant US-origin components and technology, in Iran. US Treasury Secretary Scott Bessent said Iranian airlines would effectively lose access to international operations from September 23. He warned that foreign companies providing Iranian carriers with fuel, landing services or ticketing could face exclusion from the US dollar financial system.
Turkish Airlines and AJet currently show no flights to Iran through March 2027, while Pegasus has removed Iran from its booking system for the foreseeable future.
A Turkish Airlines representative told Iran International that the airline had no flights scheduled to Iran before March 2027 and the carrier could not guarantee a resumption of services after March.
The three Turkish carriers did not issue public announcements explaining the cancellations, but the timing coincides with Washington's expanded sanctions on Iran's aviation sector.
Turkey Orders Banks to Flag Transactions Linked to UN Sanctions Lists
Turkey on September 23 ordered banks to report and take steps to delay transactions involving people and companies listed under United Nations sanctions, including those linked to Iran's nuclear and missile programs.
The UN restored its sanctions list on Iran in September 2025. The list names 43 people and 78 organizations.
The regulation, published in Turkey's Official Gazette, covers UN Security Council sanctions related to terrorist financing and the proliferation of weapons of mass destruction. The rules also apply to other businesses and institutions covered by Turkey's financial crime regulations, requiring them to take measures against transactions involving entities subject to UN sanctions.
Lavrov Says Turkey Needs Russia's Approval to Transfer S-400s
Russian Foreign Minister Sergey Lavrov said any potential transfer of Turkey's Russian-made S-400 air defense systems to a third country would require Moscow's approval and guarantees that the weapons would not end up in conflict zones such as Ukraine.
Speaking at a press conference on the sidelines of the UN General Assembly in New York, Lavrov said Turkey's original procurement contract includes a standard end-user certificate that requires Moscow's consent for any sale or transfer of the systems.
Lavrov also said Ankara had not submitted any official request to Russia regarding a potential transfer of the S-400 systems.
Turkey, Iraq Agree on Gradual Handover of Military Base in Northern Iraq
Turkey and Iraq agreed on September 23 to gradually transfer a Turkish military base in northern Iraq to the Iraqi government and end the presence of what they described as “outlawed foreign armed elements” in the region.
The agreement followed a meeting between Iraqi Prime Minister Ali al-Zaidi and Turkish President Erdogan on the sidelines of the United Nations General Assembly in New York. The two sides said in a joint statement that they agreed to deepen security cooperation.
“Within this framework, they reached an agreement on fully establishing state authority in Sinjar and ending the presence of outlawed foreign armed elements,” the statement said. Under an agreed mechanism and timeline, Turkish forces will gradually hand over the Bashiqa-Zelikan base to the Iraqi government, according to the statement.
The two leaders also discussed bilateral relations and trade, stressing the need to urgently implement previously signed agreements and accelerate work on “strategic projects,” the statement added.
Turkey Rejects Netanyahu's 'Baseless Accusations' Against Erdogan at UN
Turkey on September 25 rejected Israeli Prime Minister Benjamin Netanyahu's “baseless accusations” after he called Turkish President Erdogan a “tyrant” and accused Ankara of hosting Hamas leaders.
Netanyahu made the remarks during his address to the UN General Assembly on September 24, prompting an uproar in the chamber. Dozens of diplomats walked out during his speech, while some jeered and booed.
“The latest country to become a super spreader of antisemitic lies is Turkey,” Netanyahu said. “Erdogan is a tyrant. He also hosts the Hamas terror chiefs.”
Burhanettin Duran, Turkey's presidential communications director, rejected Netanyahu's remarks, saying the Israeli prime minister had used the UN General Assembly podium to make “baseless accusations” against Turkey and Erdogan. Duran said Netanyahu's remarks about Erdogan could not “make his massacres, the humanitarian catastrophe in Gaza and the proceedings before international law invisible.”
Turkey Warns Greece-Cyprus-Israel Power Cable Must Respect Maritime Claims
Turkey has warned that the planned undersea electricity cable linking Greece, Cyprus and eventually Israel cannot cross areas of the eastern Mediterranean where Ankara claims continental shelf rights without prior coordination with Turkey.
The Great Sea Interconnector, a multibillion-euro project, aims to connect the electricity grids of Greece and Cyprus before extending the link to Israel. The Greece-Cyprus section, which would run between Crete and Cyprus, is planned to stretch for 898 kilometers. The European Union has allocated €658 million in funding for its construction, while Cyprus has earmarked another €100 million from its recovery plan for the broader project.
Turkey's Defense Ministry said activities such as laying cables or pipelines and conducting scientific research in areas Ankara considers part of its continental shelf must be coordinated with Turkey in advance.
The warning adds to longstanding tensions between Turkey, Greece and Cyprus over maritime boundaries and energy projects in the eastern Mediterranean.
"Uganda cuts defence ties with Turkey over Somalia dispute" by Ragip Soylu, Middle East Eye
Uganda's decision to suspend all defence cooperation with Turkey is linked to the possible end of the African Union mission in Somalia, which could cost Kampala tens of millions of dollars in lost revenue, several sources familiar with the matter told Middle East Eye.
Sources told MEE that Somalia had asked Uganda to end its military deployment, citing the growing strength of Somali military brigades trained by Turkey.
Sources familiar with the issue told MEE that Uganda receives at least $1,000 a month for each soldier deployed in Somalia. "Ending the mission could mean for Uganda to lose millions of dollars in a year," a second source familiar with the matter told MEE.
The sources said that Ankara was seeking a solution to the dispute as it feared Turkish companies operating Uganda's infrastructure and transport projects could be affected. The AFP news agency reported that Uganda could cancel a $3bn railway contract awarded to Turkish construction company Yapi Merkezi and expel Turkish nationals from the country.
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