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The Construction of the Financial Center will be Completed by 2022

Posted on 13 May 2019
Updated On: 30 June 2020

The Turkish government seeks to ensure a strong financial structure in Istanbul by the end of 2022, with the participation of leading companies in the country, to expand its share of global foreign investment and increase GDP to match the 2023 vision.

To achieve this vision, the government is building a financial center in Istanbul, where all financial institutions and bodies will meet to make Istanbul an important base for financial operations around the world. Finance Minister ‎Berat Albayrak, in cooperation with Minister of Environment and Urban Planning Murat Kurum, held a meeting with Turkish banks, construction companies and financial officials at the Istanbul Financial Center.

And according to some reports, Emlak Company expects in its presentation that the financial position in Istanbul will be completed by December 31, 2022. And during the meeting, Albayrak said that all Turkish banks should move their headquarters to the Istanbul Financial Center, stressing the need to consolidate all financial institutions under one roof.

Albayrak also said that the headquarters of the Istanbul Stock Exchange would also be transferred to the Istanbul Financial Center and a meeting will be held with the Market Monitoring and Evaluation Committee for Food and Agricultural Products for the same purpose.

The meeting was attended by the Turkish Capital Markets Authority, Vakif Bank, Emlak Real Estate, Bank of Agriculture Ziraat, Housing Development Department, Real Estate Investment Regulatory Agency, Ronzanas Construction Company, Ish Real Estate Investment Group, Agaoglu Company and many of the country’s largest companies.

The Istanbul Financial Center has been designed in Istanbul’s Atasehir area, starting in 2009 and is still being developed into one of the world’s most important financial centers. The center will be more than the existing centers in New York, London and other major countries. The center will be designed to become the heart of the global financial sector and will operate 24 hours a day, seven days a week as a public center. The financial center, which will be built on an area of ​​2,500,000 square meters, covers 560,000 square meters of offices, 90,000 square meters of shopping space, 70,000 square meters of hotels, 60,000 square meters of residential space and a cultural center.

The report also confirms that Turkey wants to institutionalize its gains from foreign direct investment and capital movements, which have risen dramatically in the country over the past 15 years by attracting more than $ 180 billion of foreign direct investment.

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