Turkish contractors ranked second in the world after China, taking up 4,152 projects overseas between 2008 and 2017, while the business volume of Turkish contractors worldwide reached approximately $220 billion during the last 10 years, Turkey’s Economy Ministry annunced recently.
The first contracted project was carried out in Libya in 1972. Since then until July, Turkish firms have carried out 9,018 projects in 117 countries, totaling $344.7 billion in business volume.
The average project cost was $37.1 million in 2008, which doubled to $79.3 million in July this year.
Russia ranked first with $67.6 billion (19.6 percent) among projects carried out in the last 45 years. This was followed by Turkmenistan with $46.8 billion (13.6-pct) and Libya with $28.9 billion (8.4-pct).
However, in 2016, the developments in the conventional markets of the Turkish contracting companies affected adversely the activities of Turkish companies and as a result the firms undertook 167 projects in 54 countries, amounting nearly 12.5 billion USD. With a total share of 39.4%, Qatar, Saudi Arabia, Uzbekistan and Bahrain were the outstanding markets of this period that were followed by UAE, Kuwait, Senegal, Pakistan, Ukraine and Morocco.
The total value of the projects completed in 2016 was quite low compared to the last three years. This situation was occurred due to the political and economic difficulties recently experienced in the North African, Middle Eastern and Eurasian countries which are the most important markets for the Turkish contractors. Especially unfavourable developments in Iraq and Libya, which have always been among the leading markets for Turkish contracting, is the main reason for this decline.
Turkish contractors were mostly involved in construction projects of highways, tunnels and bridges that were valued at $44.1 billion. Housing projects came in second with $43.7 billion, while commercial center projects ranked third with $29.1 billion.
In 2008, 23 Turkish firms were in the list of top 250 contractors in the world, according to the Engineering News Record, a leading magazine specializing in the contracting sector. The number of Turkish firms rose to 40 by 2016, seven of which were among the top 100, while for the first time two Turkish firms ranked in the top 50 companies with revenues more than $3 billion.
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