Opening of Istanbul Financial Center soon

Turkey is preparing to launch the Istanbul Financial Center, through which the Turkish government seeks to upgrade the city of Istanbul and place it on the map of global financial centers, as well as to employ it optimally to promote the growth of the Turkish economy and increase the financial mobility in the country.

Introducing the center

The Istanbul Financial Center is seen as an integrated financial ecosystem, integrating many financial institutions and organizations such as financial institutions, financial investment companies, portfolio management, and banking financial institutions, both traditional and Islamic.

The prominent role of the center

In an interview published by Anadolu Agency on October 25, the head of the Finance Office of the Presidency of the Republic of Turkey (Göksel Aşan) stated that the Istanbul Financial Center, which has an important strategic location in Istanbul, will have an important role in the field of finance at the regional and international levels. Mr. Aşan pointed out that the Gulf countries intend to participate in the center, which is 81% complete and is expected to start leasing within a short time.

Over the past few days, the Turkish government has submitted to Parliament a bill aimed at providing tax exemptions and incentives to financial institutions participating in the Istanbul Financial Center project, which includes an exemption of about 75% of enterprises' profits from corporate tax until 2031.

In a related context, the Turkish President indicated, through the visual message he sent to the regional financial conference late last year, that the opening of the Istanbul Financial Center would enhance his country's global position on the financial level. He stressed that the center will also be an important step in the field of Islamic banking, pointing out that they will continue to work on legal preparations in this regard.

Project date and place of establishment

The Istanbul Financial Center project was announced for the first time in 2008, and its strategy and action plan entered into force on September 29, 2009. The project was designed in the form of 4 sections, employing the latest smart city technologies and the most advanced and modern IoT services.

The center, located in the Ümraniye area on the Asian side of Istanbul, includes buildings belonging to private institutions and audit centers, such as the arbitration center of the International Finance Corporation, some financial courts, and the Islamic Arbitration Center, in addition to buildings affiliated with the Central Bank of Turkey, and the main headquarters of Turkish government banks, such as Ziraat Bank, Halk Bank, and Vakif Bank, as well as the Agency for Banking Regulation and Supervision (BDDK), Capital Markets Council (SPK), and many headquarters of financial organizations and institutions.

Area and associated buildings

The center’s total area is about 3.5 million square meters, distributed in the form of office buildings with an area of ​​1.4 million square meters, a shopping center with an area of ​​100,000 square meters, a conference center with a capacity of 2,100 people, a multi-purpose performance hall, a 5-star hotel, a financial education center, and a car parking lot with a capacity of 26,000 vehicles, as well as recreational areas.

It is expected to create job opportunities for more than 120,000 employees, while more than 75,000 visitors are expected to visit it daily.

A distant goal and a broad vision

The Istanbul Financial Center project aims to raise Istanbul to a position where it can compete with the major financial centers in the world, making it a financial center among the top 10 financial centers in the world during the next ten years.

There are efforts to make the Istanbul Financial Center a regional and international center for financial technology, as the Turkish government spends a lot of time and effort to provide the appropriate investment climate that helps attract major active financial technology companies at the national and international levels.

It is planned that the amount of income of the center will reach $250 billion, in addition to an added value, which will be pumped into the Turkish economy in a sustainable manner, and its total value is expected to reach more than $160 billion after 15 years of operation.

Edited by Imtilak Real Estate ©

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