Investor Exodus Sees Turkish Finance Hub Open Half Empty

Source:Bloomberg Date:18Apr2023

The Istanbul Finance Center offers 1.4 million square meters of office space and is pitched by Erdogan’s inner circle as a future hub for finance in the region.

To critics, the inauguration is just another campaign stop for the president, who’s trying to boost his popularity ahead of May 14 elections, where he’s seeking a third term.

The project has had a rocky start since its inception in 2009. Turkey’s sovereign wealth fund had to take over the project in 2019 after contractors failed to provide reliable financing for the development in the absence of interest from future tenants.

In the meantime, the likes of Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. have cut the number of staff in Istanbul or shut down trading or research units altogether.