Turkish President Recep Tayyip Erdogan has defied his critics by staging comebacks throughout his political career. Getty Images
Turkish President Recep Tayyip Erdogan has defied his critics by staging comebacks throughout his political career. Getty Images
Turkish President Recep Tayyip Erdogan has defied his critics by staging comebacks throughout his political career. Getty Images
Turkish President Recep Tayyip Erdogan has defied his critics by staging comebacks throughout his political career. Getty Images


How will Erdogan bounce back this time?


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August 09, 2021

This coming Saturday marks 20 years since a group of Turkey’s most promising conservatives, led by Recep Tayyip Erdogan, created the Justice and Development Party (AKP), which today ranks among the world’s most successful political parties.

The Islamist-rooted AKP has in its two decades of existence never lost a nationwide vote, winning a total of 10 consecutive national elections and referendums – setting aside local elections – with its leader regularly finding new ways to regain voter support and retain power.

With the next parliamentary vote set for mid-2023, many observers see Mr Erdogan and the AKP on their last legs, due to extended economic troubles and growing discontent with missteps like the government’s widely criticised response to this summer’s wildfires.

But a look back at the career of the longtime Turkish leader suggests this may be just the sort of harrowing moment that has driven his surprising success. It is hard to count the number of times Mr Erdogan faced the type of adversity that would dissuade the less determined.

As a youth in the mid-1970s, he hoped to study political science at Ankara’s prestigious Mekteb-i Mulkiye, where many of Turkey’s top politicians, including Foreign Minister Mevlut Cavusoglu, earned their degrees. But Mulkiye does not accept students who, like Mr Erdogan, graduated from a religion-focused Imam Hatip vocational school. He ended up studying economics at a middling university in Istanbul.

As a late-80s candidate for the Islamist Welfare Party, Mr Erdogan ran for Parliament and for mayor of Istanbul’s central Beyoglu district, losing both times. In 1991, he ran again for Parliament and the Welfare party won the seat. But this was the last election in which Turkish voters had to choose both a party and a candidate, and Istanbul voters eschewed Welfare’s preferred candidate, Mr Erdogan, in favour of its second choice, Mustafa Bas. Even when he won, young Mr Erdogan still lost.

Despite this disappointing start to his career, he soldiered on, running for Istanbul mayor in 1994. He was mocked as a conservative novice by opponents and the media, but in a shock result he won. At age 40, Mr Erdogan took up one of the country’s most powerful posts, going in a flash from laughing stock to rising star.

He made a name for himself as a powerful speaker and effective administrator, but the good times did not last. In late 1997, he publicly read a poem that included the line: “Mosques are our barracks, domes our helmets, minarets our bayonets.” He was tried and convicted of inciting religious hatred, barred from public office, and sent to four months in prison in March 1999.

While he was in jail, authorities shuttered his Virtue Party, the successor to the Welfare Party, which had been shuttered three years prior. Out of office and without a party, Mr Erdogan’s once-promising career had fizzled.

Again he found a way to overcome. He and a bevy of up-and-coming politicians – Abdullah Gul, Bulent Arinc, Huseyin Celik, Ali Babacan, Mr Cavusoglu and others – agreed that moving away from a strict Islamism and toward a more moderate form of political Islam would be key to their long-term survival.

Turkish Foreign Minister Mevlut Cavusoglu is among a bevy of politicians who rose through the AKP ranks. AP Photo
Turkish Foreign Minister Mevlut Cavusoglu is among a bevy of politicians who rose through the AKP ranks. AP Photo

Targeting the frustrated conservative masses, they launched the AKP in August 2001 and 15 months later won a parliamentary majority despite getting barely one third of the vote (34.3 per cent). Mr Erdogan’s tale of woe – losing his mayoral post and serving time in prison because he read an Islamic poem – had apparently earned him widespread sympathy.

Mr Gul became prime minister and annulled Mr Erdogan’s ban from public office. The prime minister also had to be in parliament, so Mr Gul called for a by-election for a vacant seat in Siirt province, enabling Mr Erdogan to become an MP, and then prime minister, in March 2003.

He has run Turkey ever since, surviving two alleged coup plots and an AKP closure trial in the late 2000s, a massive nationwide protest movement in mid-2013, a corruption probe that toppled three of his ministers later that year, the loss of his parliamentary majority in 2015, a violent coup attempt in mid-2016, an extended economic downturn and 18 trying months of coronavirus pandemic, to name the most memorable.

Mr Erdogan has not only survived, he has thrived, gaining approval in 2017 for a presidential system that greatly increased his powers. In 2019, despite losing control of key cities to the main opposition Republican People’s Party, he surpassed Mustafa Kemal Ataturk (1923-1938) to become the longest-serving leader in the history of the republic.

He has undoubtedly and increasingly bent the rules: imprisoning dozens of opponents on questionable charges, such as leading Kurdish politician and former presidential candidate Selahattin Demirtas; calling for a rerun of elections in 2015 and 2019; charging all variety of critics as terrorists and criminals; and dominating a pro-government media landscape.

The Turkish flag is displayed on the Galata Tower to commemorate the failed coup of 2016. AFP
The Turkish flag is displayed on the Galata Tower to commemorate the failed coup of 2016. AFP
Istanbul is probably anti-fragile, like evolution and chicken soup. Is Erdogan as well?

Some observers wonder if Mr Erdogan, at this point, would even accept electoral defeat. Turkey’s elections remain relatively free, though they have certainly not been fair. Still, there is little question that Mr Erdogan is today – 30 years after he first won, then lost, a seat in parliament – as powerful he has ever been and the defining force in Turkish politics.

Now he faces a perfect storm of crises, as I detailed last week, and with his party polling in the low-30s many believe his days are numbered. But it may be precisely this kind of pressure that has made him strong.

In his 2012 bestseller Antifragile, Lebanese-American risk analyst Nassim Taleb explained the concept of the book’s title. “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder and stressors,” he wrote. ”The resilient resists shocks and stays the same; the anti-fragile gets better.”

Three-millennia-old Istanbul is probably anti-fragile, like evolution and chicken soup. Is Mr Erdogan as well? Consider that in Turkey’s most recent national election, in 2018, the AKP received 42 per cent of the vote, while Mr Erdogan, running for president, received nearly 53 per cent, a personal best. Much has happened since then, yet the list of those who have erred in predicting an end to this singular political career is long.

Mr Erdogan has not only displayed an uncanny knack for bouncing back from stinging setbacks, he has seemed over the years to gain strength from stressors, to hit on political solutions when under the greatest pressure. He is certainly not unbreakable – his opponents may well be in the process of breaking him right now – but he is certainly not fragile, either.

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Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Updated: August 09, 2021, 4:00 AM