Istanbul Financial Center to support Turkey's ambition to become a top 10 global economy
PR92182
ISTANBUL, Oct. 7, 2021 /PRNewswire=KYODO JBN/ --
· Financial hub unites Turkey's financial services industry and international
investors in the heart of Istanbul, with ambitions to become one of the largest
financial centers in the world
· Sponsors of this weekend's Formula 1 Turkish Grand Prix as part of global
marketing strategy
Research commissioned by Turkiye Wealth Fund forecasts that the annual value of
Turkey's financial services exports is to increase from US$2 billion to US$16
billion by 2036, with Turkey's financial services exports expected to rise to
1.3% of GDP, up from 0.3% in 2019. The iFC, a new financial center in Istanbul,
will be pivotal in helping to drive this growth with its complete financial
services ecosystem, delivering growth to both the Turkish economy and
international investors by promoting increased regional and global capital
flows.
The iFC will benefit from Turkey's unique geographic location at the nexus of
global markets, access to a large domestic economy, modern infrastructure,
state of the art facilities and forward looking, supportive legislation and
incentives.
Arda Ermut, CEO of the Turkiye Wealth Fund, said: "The opening of the Istanbul
Financial Center is an important milestone both for Turkey's growing and
dynamic economy, and wider regions. Located in Istanbul, already a global hub,
the iFC will further facilitate and support capital flows at a global level.
While eyes throughout the world are on the city and the Formula 1 this weekend,
we are delighted to be able to bring attention to the iFC."
The iFC will support the whole of the international financial services
industry, with a focus on Turkey's strengths in banking, insurance, green
finance, fintech and Islamic finance. The iFC will be underpinned by regulation
reflecting international best practice and supported by government-led
incentives. The foundations of Turkey's financial services sector, including
the central bank, financial regulators, the stock exchange and three leading
public banks will relocate their headquarters to the iFC and many international
investors have already agreed to open regional offices there.
Istanbul has easy access to a total population of 1.6 billion, and a market
worth $30 trillion in Europe, the Middle East, North Africa, and Central Asia,
all within a 4-hour flight radius. The iFC is located in Istanbul's Atasehir
district, 35 minutes' drive from both international airports of Istanbul. The
gross leasable space will be slightly more than 1.5 million sqm, hosting up to
50,000 employees. This includes 1.4 million sqm of modern office space, a
100,000 sqm mall, a 30,000 sqm 5-star luxury hotel, a 22,000 sqm conference
center and over 26,000 units of parking space. The land is 300,000 sqm and more
than 200,000 sqm consists recreational, common, and green areas.
The iFC will open for local and international tenants by H2 2022.
This weekend the iFC name will be prominent at the Formula 1 Rolex Turkish
Grand Prix hosted at Istanbul Park, where it will be a Founding Partner. As
part of the sponsorship iFC will unveil its new logo, branding and
international website.
For further information, please visit www.ifc.gov.tr.
Photo - https://mma.prnewswire.com/media/1655190/Turkiye_Wealth_Fund.jpg
Source: Turkiye Wealth Fund
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