Istanbul Finance Center will Overtake Dubai

Turgay Tanes, İş REIT
Turgay Tanes, İş REIT

Turgay Tanes, the Managing Director of İş REIT (İş GYO), stated that the Istanbul International Finance Center needs certain incentives, like those in Hong Kong and Dubai, in order to be successful, and said, “Istanbul Finance Center will begin to function in every sense in 2023, together with the provision of these incentives and special legislation for the area; and even at the first stage, it will become a regional center very much above Dubai and so on.”

Dubai Finance Center was successful with incentives

Tanes called to mind that Dubai had embarked on a serious structuring with the contention to become a finance center, 10-15 years ago, and was now an important center. He expressed that the earnings of the foreign companies operating there were exempted from tax, permission had been given for foreign partnerships, the area where the center was located had been declared a “Free zone”, and a considerable amount of freedom had been allowed to capital movements.

Dubai World Trade Center
Dubai World Trade Center

Tanes, who stated that the companies and organizations operating at this center were allowed the opportunity to benefit from a foreign workforce, the employment and residential permits of these employees had been facilitated, and the companies had been exempted from the burdens of tax and insurance, also said that a separate legal infrastructure had been developed.

Tanes stated that these measures had ensured the success of the Dubai Finance Center, and said, “When you go there, you will see that there is a population of people who live and work there, which is maybe even at the same level as Dubai’s own population. They continue their activities there without any difficulty. They have also ensured that highly qualified financial experts have come there.”

Istanbul is more advantageous than London and Hong Kong

Tanes, who also made a reminder that significant incentives had been provided to make Hong Kong an important finance center, underlined that the Istanbul International Finance Center also needs certain incentives, like those in Hong Kong and Dubai, in order to be successful.”

Istanbul Finance Center
Istanbul Finance Center

Ataşehir is a very important place

Tanes who said, “The truth of the matter is that when you put the compass to Istanbul, it is possible to fly to the most important centers of the world from the financial, cultural, industrial and touristic aspect, with just a 4 hour flight,” pointed out that the city has a geographical advantage for being a finance center in the region.

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