ISTANBUL // Only a few weeks ago, Nejat Mutlu's mobile phone shop was humming along nicely, benefiting from its prime location facing Taksim Square, the heart of Turkey's metropolis Istanbul.
But now, Mr Mutlu is staring at a wall of high wood panels that shield a giant construction site outside his shop and have cut off the flow of customers.
"Business is down to zero," Mr Mutlu said this week as he was sitting in his empty shop with two assistants. Outside, dust and the noise of construction machines filled the air. "I just hope I can stay afloat," Mr Mutlu said.
Behind the panels, one of the most controversial urban modernisation projects ever undertaken in Istanbul was underway. Work started on November 5 and will block one of the busiest streets in the city for the next eight months.
The project's aim is to turn Taksim Square on Istanbul's European side, a major traffic hub, into a pedestrian area of 100,000 square meters, dominated by a reconstruction of a monumental 18th century Ottoman barracks building, with traffic flowing through tunnels underneath.
It is the latest in a series of urban renewal projects that have changed Istanbul in recent years, ranging from the complete overhaul of rundown neighbourhoods within the 1,500 year old city walls to the construction of a new metro bridge across the Golden Horn.
Changes are not limited to the city centre. A giant new airport is to be built north of the city in 2014, and a third motorway bridge across the Bosphorus is scheduled to be inaugurated in 2015. A huge new theme park with a capacity of 30 million visitors annually is to open next year.
The municipality, run by the religiously conservative Justice and Development Party (AKP) of prime minister Recep Tayyip Erdogan, says the changes reflect Istanbul's role as a showcase for the rising regional power Turkey.
But critics say projects involve bulldozing whole neighbourhoods rather than careful work to modernise them and are expressions of the ruling party's power and neo-Ottoman instincts.
The Taksim project is no exception.
The square is dear to Turkey's secularists because of its monument dedicated to modern Turkey's founder Mustafa Kemal Ataturk and the country's newly-found independence after the collapse of the Ottoman Empire. As a mayor of Istanbul, Mr Erdogan raised a storm of protest in the 1990s by proposing to build a mosque overshadowing the monument. The plan was later dropped.
Opponents of Mr Erdogan, who has thrown his weight behind the current Taksim project, say the AKP's new plans for the square and especially the reconstruction of the barracks that was rased in 1940, are kitschy and pompous.
"Stop seeing the Taksim from an ideological perspective," Mehmet Yildiz, a member of Istanbul's municipal parliament for the secularist Republican People's Party (CHP), the main opposition group in Turkey, told AKP deputies this week, according to news reports. He compared the reconstructed barracks building to "props for a western movie".
Media reports say the new Taksim will come with a museum, art galleries, shops, cafes, an ice-rink and perhaps a shopping mall, but Kadir Topbas, Istanbul's mayor, said this week no decision had been taken yet.
Mr Topbas said the Taksim project will transform the square from a mere transit hub to a place where "people have fun, get together and live". Critics of the project would be grateful once work was finished, he said.
Ahmet Misbah Demircan, mayor of the Istanbul district of Beyoglu that includes Taksim Square, predicted that "tourism will explode" in the area once the project is finished. Even now, property prices in the area have started to rise steeply, according to news reports.
Tugce Yilmaz, an estate agent who was crossing Taksim Square this week on her way to her office, agreed that despite a few months of problems for local businessmen like Mr Mutlu in his phone shop, the project was to be welcomed. "It is good for tourism in Istanbul," she said.
But not everybody is happy.
"It will be very ugly, with concrete and marble everywhere," said Murat Eker, a 35-year-old television writer who said his way to work took him past the wooden panels on the north side of Taksim Square every day.
Critics say the municipality started work on the project, priced at 52m Lira (Dh106m) for the tunnels alone, without consulting the public or the business community around the square.
"Efforts to reshape Taksim and the area around it should not be done in a piecemeal and top down way," said a protest group named Taksim Platformu on its website. The group called on Mr Topbas to stop the project immediately and convene a meeting with independent experts.
Meanwhile, Turkey's chamber of architects says it would take the authorities to court because work on the tunnels started without giving archeologists a chance to look for historical artefacts that might be hidden underground.
But Mr Erdogan said the AKP would stick to the project. "We are working to bring back history that has been destroyed," he said this week, in reference to the demolition of the barracks in 1940. "We will unite Taksim with its history."
tseibert@thenational.ae
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
UAE currency: the story behind the money in your pockets