The financial center brings together Turkey’s financial services industry and international investors in the heart of Istanbul, with the ambition to become one of the largest financial centers in the world
Sponsors of this weekend’s Formula 1 Turkish Grand Prix as part of the global marketing strategy
ISTANBUL, October 7, 2021 / PRNewswire / – A study commissioned by the Türkiye Wealth Fund predicts that the annual value of Turkey exports of financial services are expected to rise from $ 2 billion To $ 16 billion by 2036, with Turkey financial services exports are expected to reach 1.3% of GDP, up from 0.3% in 2019. iFC, a new financial center in Istanbul, will play a key role in helping to drive this growth with its comprehensive financial services ecosystem , generating growth for both the Turkish economy and international investors by promoting increased regional and global capital flows.
IFC will benefit from Turkey unique geographical location at the crossroads of world markets, access to a large national economy, modern infrastructure, state-of-the-art facilities and forward-looking legislation and incentives.
Arda Ermut, CEO of the Türkiye Wealth Fund, noted: “The opening of the Istanbul financial center is an important step for both Turkey growing and dynamic economy, and larger regions. Situated in Istanbul, already a global hub, the iFC will further facilitate and support global capital flows. As the eyes of the world turn to the city and Formula 1 this weekend, we are delighted to be able to bring attention to the iFC. “
The iFC will support the entire international financial services industry, with a focus on Turkey strengths in banking, insurance, green finance, fintech and Islamic finance. The iFC will be underpinned by regulations reflecting international best practices and supported by government incentives. The foundations of Turkey the financial services industry including the central bank, financial regulators, the stock exchange and three major public banks will move their headquarters to 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 from Istanbul Ataşehir district, 35 minutes by car from the two international airports of Istanbul. The gross rental space will be just over 1.5 million m², accommodating up to 50,000 employees. This includes 1.4 million m² of modern office space, a 100,000 m² shopping center, a 30,000 m² 5-star luxury hotel, a 22,000 m² conference center and over 26,000 parking units. The land is 300,000 m² and more than 200,000 m² is made up of recreational, common and green spaces.
The iFC will open its doors to local and international tenants by the second half of 2022.
This weekend, the name iFC will be prominent at the Rolex Formula 1 Turkish Grand Prix held in 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 more information, please visit www.ifc.gov.tr.
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SOURCE Türkiye Wealth Fund