Istanbul’s New Banking Centre Project May Be Worth $2.6 Billion

If it goes ahead then Istanbul‘s new finance centre could one day become a hub capable of rivaling any other Middle Eastern banking hub. The project is predicted to cost $2.6 billion, making it the largest non-transportation project ever undertaken in the country.

It’s just one of a number of different projects that Turkey has in the pipeline which includes a third Bosporus Bridge, a $2.5 billion Bosporus subway tunnel, and a $400 billion project that will oversee the renewal of 7 million unstable buildings over the next 20 years.

Once the new banking centre is completed it could employ around 30,000 people, and will be larger than the financial centres in Dubai, New York and London. In 2001 Turkey underwent something of a financial crisis, but the last 10 years has seen numerous reforms take place in the banking industry, making it far more attractive to the global market.

The complex will include a 60 storey tower, and will offer lots of office space, international hotel chains and conference facilities, as well as a residential wing with capacity for 11,000 people.

It’s hoped the development will be the first in the country to win LEED sustainability status. This is an international rating based on the energy usage, environmental impact, sustainable construction and water efficiency of a building.

The architect in charge of the project acknowledges that Europe and the US are many years ahead of Turkey in terms of urban planning, but hopes this project will help them catch up. The project has gained interest from several overseas banks, and is expected that most of the major Turkish banks will participate.