Istanbul inaugurates its global financial center

Turkish President Recep Tayyip Erdogan inaugurated today, Monday, the Istanbul Financial Center, whose construction began 8 years ago in the Umraniye district on the Asian side of Istanbul.

The Istanbul Financial Center was among the strategic goals and projects set by the Turkish government to enhance Istanbul's global standing and strengthen its position among financial markets and centers regionally and internationally.

Based on these intended goals, the financial center was built according to the standards and foundations of smart cities, equipped with advanced communication, information, and technological infrastructure, to achieve the highest levels of efficiency and quality in providing services by local and international financial institutions housed within the buildings of the Istanbul Financial Center.

The Turkish government announced that the Istanbul Financial Center will include all administrative centers of the country's state banks and their Islamic participation branches, in addition to the administrative headquarters of the Central Bank of Turkey, the Capital Markets Board, and the Banking Regulation and Supervision Agency.

Observers confirmed that the appropriate and encouraging environment will be prepared inside the Istanbul Financial Center to host the administrative centers of all private banks and financial institutions in Turkey, and then target branches of international banks and financial institutions.

Experts indicated that the Istanbul Financial Center was built and equipped according to the standards applied in the world's top 10 financial centers, so that international specifications match the facilities of the Istanbul Financial Center, making it a global destination through which the country can achieve high revenues.

The Istanbul Financial Center includes 21 office buildings with a total area of 1.4 million square meters. The financial city also provides a nurturing environment for international financial and economic events and conferences, with a conference building that accommodates about 2,100 people, as well as a five-star hotel, shopping malls, and retail centers.

The Istanbul Financial Center will also be among the legal financial centers that include international and regional financial arbitration centers.

It is worth mentioning that the Turkish economy is achieving rising growth rates despite inflation problems and the low exchange rate of the Turkish lira in the country. This comes within an unconventional government strategy and plan to increase production rates and the volume of the country's exports to face and fundamentally solve economic crises, according to officials.

Edited by: Imtilak Real Estate

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