40 Turkish firms among world’s top 250 contractors

ISTANBUL

A total of 40 Turkish companies have made it to ENG’s prestigious Top 250 International Contractors List this year.

Türkiye retained its second place in terms of the number of companies entered on the list after China which has 81 companies. The U.S. came third with 39 contractors.

Turkish companies’ share in the global construction market, which increased from $398 billion in 2022 to $428.5 billion, was 4.4 percent, said the Turkish Contractors’ Association (TMB).

Rönesans, Limak, Enka, Yapı Merkezi and Ant Yapı were among the top 50 international contractors. Rönesans and Limak ranked 38th and 50th, respectively.

“We managed to maintain our spot in the listing despite the ongoing war and the problems in our main markets,” said Erdal Eren, the president of the TMB.

“We aim to compensate for the losses in our major market Russia and Ukraine with the Gulf countries, chiefly with Saudi Arabia, as diplomatic ties are improving. Iraq may also provide larger opportunities,” he added.

Eren noted that in 2021, Turkish companies were awarded contracts worth $30 billion abroad, supported by the higher oil prices and the size of projects granted to Turkish contractors this amounted to $19.1 billion last year despite the fallout of the war.

Turkish contractors were awarded a total of $8.9 billion worth of projects in foreign countries between January and June this year, according to the latest data from the Trade Ministry.

Since 1972, the volume of a total 11,768 projects local companies assumed in 134 countries amounted to $482 billion.