The new Istanbul Financial Center… Another step for the development of the economy

The most important characteristic of the Turkish economy is the Turkish state’s always striving for development and progress, and in order to achieve this, the Turkish government aims to inaugurate the Istanbul Financial Center, which will improve the city’s reality and increase the financial movement in the country. This center occupies a significant position among the financing centers around the world.

What is the Istanbul Financial Center?

Within its crucible are many banking financial institutions, whether traditional or Islamic, in addition to financial investment companies, investment portfolio management and financing institutions, and it is worth noting that the center relies on an integrated financial ecosystem.

What role does the financial center play?

The head of the Finance Office in the Presidency of the Republic of Turkey announced in an interview with Anadolu Agency on the day corresponding to October 25 of last year that the center will have a prominent role in the field of regional and international finance, noting that the Arab Gulf states intend to participate in the center and it is expected To start dealing with it within a few days, as the construction rate has reached 81%.

The Turkish state seeks to grant tax exemptions and provide incentives to financial institutions that will participate in this center, and these exemptions reach 75% until 2031, and this proposal was submitted to Parliament for study during the past days.

The center can provide job opportunities for more than 120,000 employees, and it is expected that more than 75,000 visitors will visit it on a daily basis.

The Turkish government seeks to make the center a global destination for financial technology, and is making great efforts to create the investment sector that attracts the largest number of investors and national and international financial technology companies.

The income of the center is expected to reach 250 billion US dollars, which will be utilized in the Turkish economy, and 15 years after the inauguration of the center, the value of the added interest can reach 160 billion dollars.

It is planned that the amount of income of the center will reach 250 billion US dollars, as well as an added value, which will be injected into the Turkish economy in a way

sustainable, expected to reach a total value of more than 160 billion dollars after 15 years of operation.

Information about the center

The center is located in Umraniye area in the Asian side of Istanbul and houses a group of buildings belonging to private institutions such as the arbitration center of the International Finance Corporation, several financial courts and the Islamic Arbitration Center, as well as buildings affiliated with the Bank.

The Turkish Central Bank, the main departments of Turkish state banks, as well as the Capital Markets Board, the Agency for Banking Regulation and Supervision, and many headquarters of financial organizations and institutions.

The center project was announced for the first time in 2008, and the project entered into force in the last quarter of 2009. The project includes 4 sections containing the latest technology tools, and the total area of the center is about 3.5 million square meters, which is a group of office buildings with an area of 1.4 One million square meters with parking for 26,000 cars, a shopping center of 100,000 square meters with entertainment areas and a 5-star hotel.