With the war on Iran exposing global centres of capital in the Gulf to risk, the Turkish government is looking for ways to lure investors and firms based in the United Arab Emirates to Turkey.
A senior Turkish official recently told international investors that Ankara plans to extend tax incentives and other support to multinational companies, similar to those already offered at the Istanbul Financial Centre (IFC), according to sources who spoke to Middle East Eye.
The official said that the possibility of Iran targeting the UAE’s financial centres and international companies in Abu Dhabi and Dubai could encourage some firms to relocate to Turkey.
The Gulf hosts international banks and financial services firms, as well as tech startups, artificial intelligence companies, data centres and manufacturers.
The IFC, a financial district in Istanbul that hosts banks, multinational companies and others, already offers a range of tax breaks: income derived from exported financial services is fully deductible from corporate income tax, while related transactions are exempt from associated charges.
