International Business

The Galata Port Project, with an investment of some TL 4.5 billion, has been given the go-ahead last week. Covering Karaköy and Tophane in Istanbul, the project is expected to change the face of these neighborhoods, while offering a new entryway to Istanbul’s unique culture.

At a very crucial point in Istanbul having survived centuries as the gateway to the sea, Galata Port will have various functions, stemming from a new project that adds additional value to Istanbul as a center of culture, tourism and commerce.

TL 4.5 billion ($1.2 billion) will be invested to create a brand new living environment. Within the framework of the financing agreement signed with a consortium of leading Turkish banks, consisting of Garanti Bank, Yapı Kredi, İş Bank, Ziraat Bank, Industrial Development Bank of Turkey (TSKB) and Finansbank, the project is expected to be finished in the last quarter of 2018. Due to its field of activity and investment, the Galataport Project is expected to contribute TL 5 billion to the tourism sector, with over 20 million visitors expected.

In the area that connects the historical districts of Karaköy and Tophane, the project covers over 1,200 meters zone with an open area of 100,000 square meters and a construction area of 151,66 square meters, where existing buildings will be harmoniously renovated, while respecting their authentic forms and acquire new functions.

Once finished, both tourists and natives of Istanbul will benefit from the resources on a 24-hour basis throughout the year: An art museum, hotels, restaurants, bars, fast food joints, a variety of souvenir shops, shopping centers, office spaces, exhibition and fair areas, car parks and various sales points, ensuring an accountable return from the project. The cruise port in the project area will continue to serve as Istanbul and Turkey’s gateway to the rest of the world, only now the port will be a world-class destination.

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