Contractors win $11 bln worth of deals abroad this year

ISTANBUL

Turkish contractors have been awarded 162 projects worth $11 billion abroad in the first eight months of 2023, data from the Trade Ministry have shown.

In 2022, the value of the contracts awarded to Turkish companies was $19.1 billion, declining from the previous year’s $30.8 billion due to the adverse effects of the Russian-Ukraine war.

The average size of the projects the local contractors assumed was $68 million in the January-August period.

This year, 40 Turkish companies made it to ENG’s prestigious Top 250 International Contractors List.

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.

Rönesans and Limak were among the top 50 international contractors.

Turkish contractors’ international revenues amounted to $18.9 billion in the first eight months of the year.

Local companies’ share in the global construction market, which increased from $398 billion in 2022 to $428.5 billion, was 4.4 percent.

From 1972 to August 2023, Turkish contractors have undertaken a total of 11,814 projects in 135 countries, with a total worth of $484 billion.

Russia is the largest market for Turkish construction firms. Since 1972, Turkish contractors assumed nearly $98 billion worth of projects in this country, followed by Turkmenistan at $50.9 billion and Iraq at $33.3 billion.

Turkish contractors generated most of their revenues from housing projects, that is $67 billion, while highways/tunnels ranked second at $65.6 billion, and revenues from energy plant projects totaled $41 billion.