Turkish Tax News
Diyadin YAKUT
06 November 2016Diyadin YAKUT

Istanbul Arbitration Center (ISTAC) expected to take a leap forward next year.

Established in November 2015, right after meeting all the legal and technical requirements, Istanbul Arbitration Center (ISTAC) has received five cases in a relatively short period of less than a year. Having received cases from Middle East and Africa, the Istanbul Arbitration Center aims to be a regional hub for the arbitration business. Hoping to receive vast amount of cases from Turkish public sector, ISTAC expects to take a significant step forward both in terms of capacity and awareness in 2017.

Stating that they have already showed a good performance and built a capacity in line with international standards in less than a year, President of Istanbul Arbitration Center Prof. Dr. Ziya Akıncı revealed that they met their annual target of opening up their organization to private sector in the past year. He went on saying that they have happily explained their organization to all important institutions and law firms operating in the arbitration sector and are about to conclude at least one case out of five that they have received so far.

Telling that they had a productive meeting with Prime Minister Binali Yıldırım in the context of their wider efforts to receive bulk of public cases, President Ziya Akıncı revealed their corporate intentions to convince public bodies to add a clause to the future agreements to oblige parties to resort to the Istanbul Arbitration Center in case of disputes. To this end, Istanbul Arbitration Center is planning to provide an extensive training program to the lawyers of some public institutions that play a significant role in Turkey’s landmark investment projects such as Third Airport to Istanbul, Marmaray, Eurasian Tunnel and Canal Istanbul.

Drawing a parallel between Istanbul Arbitration Center and Dubai Arbitration Center in terms of the amount of support that respective governments are ready to provide, President Akıncı sees the prospects of Istanbul Arbitration Center’s success highly likely due to its role as a Turkish national project designed to attract cases stemming from the business transactions unfolding in Turkey’s immediate neighborhood and beyond.

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