Buyuk Yeni Han, an old merchant inn in Istanbul, is the second-largest surviving han in the city. Photo: Anne Pinto-Rodrigues
Buyuk Yeni Han, an old merchant inn in Istanbul, is the second-largest surviving han in the city. Photo: Anne Pinto-Rodrigues
Buyuk Yeni Han, an old merchant inn in Istanbul, is the second-largest surviving han in the city. Photo: Anne Pinto-Rodrigues
Buyuk Yeni Han, an old merchant inn in Istanbul, is the second-largest surviving han in the city. Photo: Anne Pinto-Rodrigues

Travel back in time with Istanbul's ancient hans


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At first glance, the salmon-coloured building of Zincirli Han inside Istanbul’s Grand Bazaar appears relatively modern when compared to its surroundings. But pay closer attention and the signs of an ancient structure become apparent.

The depression in the marble steps from centuries of use, the central open-air courtyard with cobbled flooring and a marble fountain, the arched corridors and doors – all point to a building from a bygone era.

The two-storey Zincirli Han was once a bustling Turkish merchant inn dating to the early 18th century. Today, it is home to a tea house, carpet store, jewellery shop, other businesses, workshops and several cats.

Zincirli Han is also a favourite hangout of Aysenur Altan, an Istanbul local and creator of the popular YouTube channel Turkish Food Travel.

“After the crowds and chaos of Grand Bazaar, Zincirli Han is a secret, quiet place to sit and relax,” says Altan. “I order tea from the teahouse, find a nice spot to sit on the upper level and watch the cats."

Zincirli Han dates to 1708. Photo: Anne Pinto-Rodrigues
Zincirli Han dates to 1708. Photo: Anne Pinto-Rodrigues

The history of these complexes – known as hans in Turkish and caravanserais across the region – is about five centuries old.

With the start of the construction of Istanbul’s covered market in 1455 (what has become today's Grand Bazaar), the Ottoman rulers and officials of the time built many inns around the market.

These provided visiting professionals a place to stay, but the hans also served as a warehouse for merchants' goods, an office space for traders and a workshop for craftsmen.

The layout of a han was typically rectangular or square, with a central open-air courtyard with a fountain and trees, and a building consisting of two or three storeys.

The ground level was used for storing goods, as well as a rest area for the transport animals, mainly horses, donkeys and camels. The rooms on the first and second storeys were used as accommodation, offices and workshops.

They were built in the rich Ottoman architectural traditions prevalent at the time. Some of these features – such as the arched corridors, doors and windows, as well as the dome-shaped ceilings – can still be seen today, although several of these historic inns have now been renovated.

They are either occupied in their original construction or after renovation, like in the case of Zincirli Han.

Zincir in Turkish means chain and so, back in the day, Zincirli Han may have been involved with the metal chains trade, as many hans were focused on a particular trade or craft and derived their name from it.

“Hans provide a glimpse into how trade and commerce was conducted during Ottoman times,” says Altan.

Lisa Morrow, author of Istanbul 50 Unsung Places, is fascinated by these merchant inns.

“When you enter the courtyard of one, you walk into a world separate from the streets outside," Morrow says.

Right outside the Spice Bazaar is Beta Yeni Han, where it is believed coffee was first processed and traded in Istanbul. Its foundations were laid in the early 17th century and even today the coffee shop has a roasting oven from Ottoman times.

It has also been renovated, retaining its character and ancient structure, and reopened for business in 2019 with nearly a dozen establishments, including a teahouse, spice store and chocolate shop.

Less than a 10-minute walk from Beta Yeni Han is Kurkcu Han. It's easy to mistake this for another local market, as it has a handful of small shops at ground level selling a wide range of household items, home furnishings and clothes.

But this two-storey han, while extensively renovated, is the oldest surviving one in the city, with its original construction completed in 1467.

Nowadays, Kurkcu Han is famous for being a knitters' paradise, with a wide variety of yarn and other craft paraphernalia sold cheaply here.

The colourful interiors of a cafe inside Buyuk Valide Han. Photo: Anne Pinto-Rodrigues
The colourful interiors of a cafe inside Buyuk Valide Han. Photo: Anne Pinto-Rodrigues

The largest surviving han in Istanbul is Buyuk Valide Han. Founded in 1651, it is said to have consisted of nearly 400 rooms at the end of the 18th century.

Although today it is in poor shape, it retains its original architecture and some of its ground-floor rooms are used as shops, while the upper level is used for workshops by craftsmen.

Buyuk Valide Han is known for having some of the best views of Istanbul, which can be accessed either from its rooftop or from the balcony of the tiny cafe that operates from one of the first-storey rooms.

It has also made a starring appearance in the 2012 James Bond movie Skyfall, in which it appeared in a dramatic motorcycle chase scene.

In the same vicinity is Buyuk Yeni Han, the second-largest surviving han in the city, completed in 1764. It is one of Morrow’s favourite hans.

“It doesn’t look like much, but it contains such a wealth of artistry,” she says. “This is where copper and silversmiths produce gloriously decorative yet practical items.”

While there has been a rise in interest in hans, there are also concerns about their conditions.

“Some are in a really bad shape,” Altan says. “Even after the authorities step in, renovations can be complicated and take a lot of time."

No matter what shape they're in, though, entering one of these ancient inns still creates the feeling of travelling back in time.

“I feel like I’m wandering through history,” says Altan.

Morrow agrees: “They are treasuries filled with skill, tradition and continuity."

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Engine: 2.5-litre in-line four-cylinder

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Updated: February 29, 2024, 11:26 AM