GARIPCE, Turkey: Turkey opens one of the world’s biggest suspension bridges on Friday, creating a new link between two continents with the latest megaproject in a $200 billion building spree that President Tayyip Erdogan hopes will secure his place in history.
The bridge across the Bosphorus Strait, which divides Asia and Europe, is built in the style of New York’s Brooklyn Bridge and boasts pylons higher than the Eiffel Tower. It is 1.4 km long and 59 meters wide, with eight vehicle lanes and two high-speed rail lines.
Erdogan is seeking to use such projects to drive economic growth and secure a place as Turkey’s most significant leader since the modern republic’s founder Mustafa Kemal Ataturk.
“Be proud of your power, Turkey,” said a TV advert before the opening of the $3 billion Yavuz Sultan Selim Bridge on the edge of Istanbul. It is named after a 16th-century Ottoman ruler.
Erdogan’s infrastructure drive is transforming Europe’s biggest city, which straddles the Bosphorus Strait. In a little more than a decade, Istanbul’s skyline has soared, new highways have been built, and the length of the metro tripled.
But Turkey’s stellar economic growth has slowed since 2011 and it could face difficulties attracting investment following an attempted coup last month, which led to a purge by the government that has seen tens of thousands of people in the military, judiciary, civil service and education being detained, suspended or placed under investigation.
Erdogan — whose government announced a $200 billion, decade-long infrastructure investment plan three years ago — has vowed the months of turmoil will not hold back planned megaprojects. He is due to attend Friday’s bridge opening.
The Yavuz Sultan Selim, which runs from the Garipce area on Istanbul’s European side to the region of Poyrazkoy on the Asian side, is the third bridge to span the Bosphorus Strait and can withstand winds of 300 km an hour. It ranks among the world’s biggest suspension bridges, in terms of width of deck, height of pylons as well as length of span.
It has been built by Italy’s Astaldi and Istanbul-based IC Ictas which will jointly operate it for about a decade.
Officials say the bridge will ease congestion in a city of 14 million people, reduce fuel costs and save workers time.
Environmentalists say the project threatens Istanbul’s last forestland and will contaminate water supplies. Some economists warn the costs of such large-scale building is unsustainable.
Turkey closed deals to secure $45 billion in private infrastructure investment last year, absorbing 40 percent of the global total, according to the World Bank.
Other planned megaprojects include the world’s biggest airport in Istanbul and a huge canal that would render a large chunk of the city an island.
Such undertakings trumpet Turkey’s regional clout and drive the economy, Transport Minister Ahmet Arslan told Reuters near the bridge site at Garipce. Construction accounts for 6 percent of output and employs 2 million people.
“Turkey, by virtue of its geography, bridges Asia and Europe, the Balkans and the Caucasus, but to benefit from this position, we need arteries and corridors,” he said.
“There is money to be made by easing transportation between Europe and Asia, and this is why we are doing these projects.”
As Arslan spoke, workers scaled the bridge’s gleaming white steel cables. Some 300 meters below, crude tankers rumbled north through the Bosphorus, one of the world’s busiest oil transit points, connecting the Black Sea and the Mediterranean.
Each day, 650 new cars hit Istanbul’s roads, Arslan said, making it the word’s third-most congested city and increasing travel times by 50 percent, according to TomTom Traffic Index.
The bridge “is a symbol and much like Turkey a gateway,” said Paolo Astaldi, chairman of Astaldi which owns a third of the joint venture. “It not only alleviates traffic in Istanbul, it speeds movement of goods across Turkey and, as Syria stabilizes, the importance of the link will increase.”
Under a build-operate-transfer model, the consortium receives the toll crossing fees for vehicles using the hybrid cable-stayed/suspension bridge — $3 for cars and $15 for trucks. The government guarantees the firms will receive, as a minimum, the toll income from 135,000 cars a day, though the actual number expected to use the bridge is expected to be higher.
Planned Turkish megaprojects, if realized, may add 10 to 15 percentage points in the next five years to the debt-to-GDP ratio, now 33 percent due to a wide current-account deficit, said Atilla Yesilada, an analyst at Global Source Partners.
“You’re trying to stimulate sagging growth with a surge in infrastructure, but you have a savings problem. There comes a point when the international community won’t lend to you.”
ISTANBUL’S ‘LUNGS’
The bridge is part of a network of 215 km of transit roads for freight to bypass Istanbul, Arslan said, reiterating a government pledge to protect the area from housing development.
Yet realtors in nearby fishing and farming villages report a fourfold rise in land prices, and activists in the Northern Forests Defense campaign group believe the real aim is to erect new suburbs.
“Transit makes up 3 percent of total traffic, so it won’t mitigate traffic jams,” said Cihan Baysal of the Northern Forests Defense.
“This opens up hitherto pristine lands to more construction projects, because Turkey’s economy depends on construction ... which paradoxically exacerbates traffic jams.”
The new roads seared gashes through forestland. Arslan said that while 380,000 trees were felled, 2.5 million were planted.
“These forests are Istanbul’s lungs,” said Baysal, pointing to a court ruling the bridge lacked an environmental report.
Among other concerns are the fate of what media reports said were a trove of unexcavated antiquities in the construction area, including Paleolithic remains and a Byzantine jail.
The two older Bosphorus Strait bridges, crossed by 150 million vehicles a year, sparked protests in 1973 and 1988; now their silhouettes define the skyline.
Even the third bridge’s name stirred controversy when it was announced at a 2013 ground-breaking ceremony.
Turkey opens bridge between continents in megaproject drive
Turkey opens bridge between continents in megaproject drive
Saudi stocks rebalance after Kingdom opens market to global investors
- Foreign access reforms trigger short-term volatility while underlying market fundamentals hold
RIYADH: Saudi Arabia’s stock market experienced a volatile first week following a landmark decision to fully open the market to foreign investors—a move analysts view as essential to funding the Kingdom’s sweeping economic transformation plans.
The Tadawul All Share Index began the week with a sharp decline, falling 1.89 percent on Feb. 1, the same day new regulations eliminating key restrictions on international investment officially came into force. The index rebounded the following session and remained in positive territory for three consecutive days before slipping once more, ultimately ending the week down 1.34 percent.
Ownership data from Tadawul as of Feb. 1 indicated that foreign non-strategic investors reduced their holdings in nearly half of the companies listed on the TASI. An analysis conducted by Al-Eqtisadiah’s Financial Analysis Unit showed that foreign ownership declined in 120 firms, increased in 97 others, and remained unchanged across the remainder. Despite these shifts, the total number of shares held by foreign investors showed no overall change.
Speaking to Arab News, economist Talat Hafiz addressed the initial volatility in the TASI, explaining: “Stock markets in the Kingdom and globally naturally experience fluctuations driven by profit-taking and price corrections.”
He added that the index’s decline and subsequent recovery “appears to be primarily the result of technical and sentiment-related factors rather than a direct reaction to the opening of the market to foreign investors.”
Hafiz emphasized that this was particularly evident given that foreign participation in the Saudi market is not entirely new, having previously existed under alternative regulatory structures.
The market turbulence coincided with sweeping reforms enacted by the Capital Market Authority and announced in January. These measures included the removal of the restrictive Qualified Foreign Investor framework, which had imposed a $500 million minimum asset requirement, as well as the elimination of swap agreements. The reforms aim to attract billions of dollars in fresh investment while improving overall market liquidity.
Hafiz noted that an initial surge of foreign capital was widely expected to generate short-term volatility as portfolios were rebalanced and liquidity dynamics adjusted. However, the rapid recovery of the index suggests that the market’s underlying fundamentals remained strong and that investor confidence was not significantly undermined.
Earlier in January, experts had told Arab News that the reforms could unlock as much as $10 billion in new foreign inflows. Tony Hallside, CEO of STP Partners, described the move as a pivotal evolution, signaling that the Kingdom is committed to building the most accessible, liquid, and globally integrated financial markets in the region.
Hafiz reinforced this optimistic outlook, stating that broader market access is likely to yield positive effects by boosting liquidity, widening participation, and supporting overall market recovery—ultimately contributing to greater long-term stability once near-term adjustments ease.
He said: “TASI’s swift rebound reflects the market’s constructive response to increased openness and deeper investor participation.”
Hafiz said he does not believe the market opening is primarily intended to function as a conventional financing channel. Instead, he argued that its broader objective lies in the internationalization of the Saudi market, a goal underscored by its inclusion in major global indices.
He explained that attracting foreign capital should be understood less as a short-term funding solution and more as a structural reform aimed at strengthening market depth, efficiency, transparency, and global integration.
The Saudi economist added that while increased foreign participation can indirectly support Vision 2030 by enhancing liquidity and reducing the cost of capital, the opening of the market is “not designed as a direct mechanism to revive or fast-track projects that may have faced funding constraints.”
Rather, it creates a more resilient, globally connected financial ecosystem that can sustainably support long-term development ambitions, according to Hafiz.
As the market continues to stabilize, investors and observers are monitoring which sectors are expected to attract the largest share of investment in the coming weeks and months.
Hafiz told Arab News that foreign investment is expected to initially focus on companies operating in strategically significant, high-growth sectors such as healthcare, transportation, and technology, in addition to mining, energy, and telecommunications.
He added that experienced foreign investors are likely to gravitate toward firms demonstrating strong financial disclosure practices, sound corporate governance, adherence to environmental, social and governance standards, and a track record of consistent dividend payouts.











