Istanbul Financial Center
2023
11 Sep
What is the new Istanbul International Financial Center?
Turkey is moving with steady steps towards reserving its seat among the major global economies, therefore, the Turkish government seeks to double production and increase the country's gross domestic product despite all the obstacles and difficulties.
After joining the Group of Twenty economic countries around the world, Turkey is now seeking to join the club of the top ten countries. In order to achieve these goals, several things must be done that encourage investment in Turkey and work to attract local and foreign investors.
Therefore, Turkey's goal was to make the country a magnet for investors from all over the world, by providing the necessary infrastructure, creating an atmosphere of security and a competitive environment, lowering taxes, and other encouraging measures.
The idea of establishing the new Istanbul International Financial Center was one of the most important infrastructure projects that the Turkish government worked on establishing in the economic and historical capital of the country.
The Istanbul Financial Center is a complex consisting of buildings that gather major Turkish and international financial institutions. It was designed on technological foundations and a strong, advanced, and modern communication infrastructure, which ensures the establishment of a secure financial and investment system within a sophisticated computerized environment.
The Istanbul Financial Center will include facilities for the Turkish Central Bank, and Turkish state banks, as well as other facilities for foreign and domestic companies and financial institutions.
The Istanbul Financial Center will also have a huge mall with an area of 100,000 square meters, a conference center with a capacity of 2,100 people, in addition to a five-star hotel, a financial education center, and other entertainment and service places.
The Istanbul International Financial Center will have headquarters of international financial institutions such as the International Finance Corporation's Arbitration Center, financial courts, and the Islamic Arbitration Center specializing in Islamic banking affairs, to reach the desired goal of making the Istanbul International Financial Center one of the most important global financial centers.
The objectives of the Istanbul Financial Center and the purpose of its establishment?
The general objectives of Turkey's establishment of the Istanbul International Financial Center are as follows:
- Raising the value of the investment city of Istanbul and making it one of the most important financial centers in the world
- Making the Istanbul International Financial Center one of the top ten financial centers in the world during its first decade of operation
- Seeking to make Istanbul Financial Center a regional and international center for financial technology
- Reaching an income generated by the center with a value of $250 billion after 15 years of operation, and $160 billion injected into the Turkish state treasury in a sustainable manner.
- Making Istanbul the first and main financing center for the countries of the Islamic world
Benefits to be provided by the Istanbul Financial Center
The Istanbul International Financial Center will be a qualitative addition to many organizations, countries, and businessmen around the world, as Turkey will focus on taking advantage of its geographical location and infrastructure in bringing distances to many capital owners.
The Istanbul Financial Center will benefit the owners of capital in terms of organizing the safe management of funds, their exchange, deposit, and transfer in one place.
It will also save time and effort on many international and local financial institutions due to the modern systems used in money management, and international arbitration centers for financial affairs in addition to the exchange of economic and financial experiences between senior economists around the world through the conference center and education center dedicated to finance and other economic matters.
The Turkish government, which is establishing the Istanbul Financial Center, announced a package of tax exemptions and incentives for the financial institutions participating in the Istanbul Financial Center, where the Turkish government pledged a tax exemption of 75% on the profits of these institutions until 2031.
How to participate in and benefit from the economic activities of the Istanbul Financial Center?
Participating in and benefiting from the economic activities of the Istanbul Financial Center is done by purchasing or booking an office for your company or organization in the complex, and transferring your financial transactions and deposits to the system there.
It is also possible to benefit from the Istanbul Financial Center by visiting and learning about the financial center in Istanbul, participating in conferences held on its land, and benefiting from the educational center there and studying there.
Where is Istanbul Financial Center located?
Istanbul International Financial Center is located in the Umraniye area on the Asian side of Istanbul, and the area is one of the main areas located next to the main E80 road in the city, and it is also considered a business and entrepreneurship area.
How large is the project area? When will it be completed?
The implementation of the project began in 2009, and the scheme was divided into four operational phases, and it is expected that the project will be delivered at the end of this year 2022.
The total area of the Istanbul Financial Center is 3.5 million square meters, distributed over an office building area of 1.4 million square meters, a shopping mall with an area of 100,000 square meters, and a car park with a capacity of 26,000 cars, in addition to a hotel, conference center, educational center and other recreational and service spaces.
Edited by Gars Consulting Company ©
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