The Turkish Environment and Urban Planning Committee has approved plans to construct the Istanbul Finance Center, which will be one of the world’s largest financial centers.

The Center will employ 30,000 people and include 50,000 square meters of office space and several hotels. The project will be bigger than the largest financial centers of London, New York, and Dubai, according to a government press release.

The design is inspired by the Grand Bazaar, built in 1455, which is still one of the world's largest covered markets. It is also influenced by the design of Topkapi Palace, 1465, which was the primary residence for Turkish sultans for more than 400 years.

The Financial Center will feature four main quarters designated for financial, banking, hotels and residences.

The project will be “a symbol of grandeur and elegance," said Erdogan Bayraktar, Turkey’s Minister of Environment and Urbanization. "Istanbul will assume its historical role as a global centre of commerce.”