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.
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'srenewable 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]
Related Research Articles
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Sadık Albayrak is a Turkish journalist and author of around 40 books. He ran for parliament in 1977 general election from National Salvation Party. He again ran for parliament from Welfare Party in 1991 and 1995. His 1980 book Son devir Osmanlı uleması won an award from the Writers Union of Turkey.
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Events of 2020 in Turkey.
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