Contractors awarded $13 billion worth of deals abroad this year

ANKARA

Turkish contractors have been awarded 183 projects worth a total of $12.9 billion abroad in the first nine months of 2023, data from the Trade Ministry have shown.

The average size of the projects the local contractors assumed in the January-September period was $69.5 million.

In 2022, the value of the contracts awarded to Turkish companies was $19.1 billion, declining from the previous year’s $30.8 billion, reflecting the fallout of the Russian-Ukraine war. The average size of the projects Turkish companies assumed was $38.7 million last year.

From 1972 to September 2023, Turkish contractors have undertaken 11,837 projects worth $486 billion in 135 countries, the Trade Ministry said in a statement.

Russia was the most lucrative market for Turkish construction companies as they were awarded nearly $98 billion worth of contracts in this country since 1972. Turkmenistan and Iraq came second and third in the largest markets list at $51 billion and $33 billion, respectively.

Turkish contractors generated most of their revenues abroad from housing projects, which was $67.3 billion, while highways/tunnels ranked second at $66.1 billion, and revenues from energy power plant projects totaled $41.1 billion. Airport projects in foreign countries generated $32.6 billion in revenues for Turkish companies.

The number of Turkish contractors that made it to the ENG’s Top 250 International Contractors List increased from only 8 in 2003 to 40 in 2023. In 2017 and 2018, 46 Turkish companies entered the list.

Turkish contractors’ international revenues amounted to $18.9 billion last year.

Local companies’ share in the global construction market, which stood at $428.5 billion, was 4.4 percent.