Turkey's former Prime Minister and Chairman of the ruling Justice and Development Party (AKP) Ahmet Davutoglu announced the establishment of his Future Party on Friday.

"The future is our nation's, the future is Turkey. Despite all the pressures and the climate of fear, we came together to draw a prosperous future for our country," he said at a ceremony marking the launch of the new party.

Served as foreign minister and then Prime Minister until 2016, he was once a close adviser to Turkish President Recep Tayyip Erdogan.

He resigned from AKP in September after the ruling party launched a disciplinary action against him and other dissidents over their differences in policies with Erdogan.