Türkiye is nearing the completion of a vast business district that will boast almost all of the country’s most prominent institutions and promises to place the Turkish metropolis among the world’s most important financial centers.

Istanbul Finance Center (IFC) project started in 2009 and is being developed in the Ataşehir district on the city’s Anatolian side. It aims to make Istanbul a competitive destination for international financial institutions and investors and to support the growth of the Turkish economy.

The center will be a new home to most of Türkiye’s most prominent financial institutions and authorities, including the Central Bank of the Republic of Türkiye (CBRT), Borsa Istanbul Stock Exchange (BIST), Banking Regulation and Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board of Türkiye (SPK).

Public lenders Ziraat Bank, Halkbank and VakıfBank will also be relocating to the center that will boast 1.4 million square meters (15 million square feet) of office space, a 100,000-square-meter shopping center, a conference and performance center for 2,100 people, a five-star hotel spanning 30,000 square meters, and a parking lot with a capacity for 26,000 vehicles.

IFC will host participation finance companies, financial investment and portfolio management companies, and insurance firms.

Leasing requests from local and foreign companies are said to be in the collection process before a demand list is formed.

The landmark project aims to establish a financial center that is on par, if not larger, than the existing ones in New York, London and Dubai.

The IFM features everything necessary to meet the business world’s needs with an innovative city model. It is expected to have around 100,000 visitors per day, including workers.

The 21 office buildings, equipped with state-of-the-art technology, will bring all management systems under one roof. In addition, the high-level shopping center, which will include 5-star meeting rooms and world-renowned luxury restaurants, is designed to meet the needs of employees and visitors.

The mall in the IFM will reflect the essence of the center with its modern facilities, unique architecture, and functional design, and it is expected to boast shops of world-renowned retail brands.

The mall, spread over 3.3 kilometers of streets, alleys, and squares, will provide an open-air shopping experience and offer a wide range of services and brand options in categories such as gastronomy, clothing, technology, art, entertainment, and other retail.

On Monday, environment, Urbanism, and Climate Change Minister Murat Kurum said the project is nearing completion and is expected to be finished in April.

Earlier this month, Arda Ermut, CEO of Türkiye Wealth Fund (TWF), said the construction of the Istanbul Finance Center had primarily been completed.

Though they have yet to begin leasing the space, Ermut said they are currently collecting demand as he stressed a high interest.

"The IFM will have two components, commercial, such as the mall, and office spaces. There is a high demand for commercial space," he noted.

Ermut said they had already moved their management team, adding that Ziraat Bank was ready to move in and the CBRT was nearing completion.

"We are approaching the point of going into operation after making sure that there are no issues in construction and safety by carrying out some tests quickly," he noted.

"We hope to launch operations in the first half of this year."