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From AlJazeera

Extract:
Turkish officials are promoting Istanbul as a regional financial hub amid the war’s fallout on the Gulf economies.

For Turkiye’s government, the Iran war has complicated efforts to turn around an economy still reeling from one of the worst financial crises in the country’s history.

But even as the conflict has driven up Turkiye’s fuel prices and forced authorities to dip into their precious foreign currency reserves to defend the lira, it has also presented an opportunity.

Turkish officials have made little secret of their desire to capitalise on the shadow that the conflict – which is officially on pause until Wednesday under a two-week ceasefire between the United States and Iran – has cast over regional business hubs such as Dubai, Doha and Riyadh.

In remarks earlier this month, Turkish President Recep Tayyip Erdogan, who last month met with 40 global CEOs to discuss ways to boost his country’s competitiveness, cast the war as a boon to Ankara’s ambitions to transform Istanbul into one of the world’s leading financial centres.

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