Contractors undertake $7.6 billion worth of projects abroad

ISTANBUL

Turkish contractors have undertaken a total of 82 projects in foreign countries worth $7.6 billion in the first half of 2024.

The average size of the projects Turkish companies awarded was $92.3 million in the January-June period, according to data from the Trade Ministry.

The volume of work undertaken by Turkish contractors abroad has consistently hovered above $20 billion since 2006, the ministry said in a report.

However, depending on the developments in the Turkish construction sector’s traditional markets, this figure varied between $15-20 billion in some years, it added.

“In addition to the CIS-Middle East-Gulf and North Africa, which are our traditional markets, we continue our efforts to become more active in the Sub-Saharan Africa, Europe and Asia markets,” the statement read.

Another goal is to ensure that Turkish contracting companies take part in projects with high added value, according to the ministry.

Turkish contractors have completed a total of 12,207 projects in 137 countries with their business volume reaching $511 billion between 1972 and June 2024.

In 2023, local companies assumed 431 projects worth more than $28 billion.

Russia was the largest market for Turkish contractors, where they undertook $102 billion worth of projects over the past five decades.

Turkmenistan ranked second at $53.45 billion, followed by Iraq at $34.7 billion and Libya at $30.9 billion.

Between 1972 and June 2024, Turkish contractors generated most of their revenues abroad from highways/tunnels/bridge projects which amounted to $71.3 billion last year, housing projects ranking second at $70.4 billion.

Housing and airport projects in foreign countries generated $44.2 billion and $33.5 billion in revenues, respectively. The share of commercial center projects was $35.8 billion.

Some 40 Turkish companies entered ENR’s prestigious Top 250 International Contractors List last year, down from 42 in the previous year. This figure was 22 in 2007.

Turkish contractors’ international revenues amounted to $18.9 billion, while their share in the global construction market, which stood at $428.5 billion, was 4.4 percent.

Turkish companies’ operations in foreign markets also help the local construction materials sector grow, said the report.

In 2023, the construction materials sector’s export revenues reached $30.4 billion, according to the ministry.