Contractors undertake projects worth $4.3 billion abroad

ISTANBUL

Turkish contractors undertook 40 projects worth a total of $4.27 billion in foreign countries in the first three months of 2024, data from the Trade Ministry have shown. 

The average contract size of those projects was $107 million, up from $64.9 million in 2023.

Turkish construction companies generated $27.98 billion from 504 projects abroad last year, rising from $19.86 billion in 2022.

Between 1972 and March 2023, the total value of the 12,164 projects the construction sector undertook in 136 countries reached a whopping $507.2 billion.

Russia was the largest foreign market for the Turkish construction sector. Turkish contractors assumed more than $102 billion worth of projects there since 1972.

Turkmenistan came second at $53.5 billion, followed by Iraq and Libya with $34.6 billion and $30.8 billion, respectively.

Europe accounted for 9.2 percent, or $46.6 billion, of projects the local companies undertook abroad over more than five decades, while Africa’s share was 17.5 percent, or $88.6 billion. The Americas’ share was only 0.9 percent, $4.4 billion.

Since 1972, Turkish contractors have undertaken housing projects worth $70.1 billion and highway/tunnels worth $70 billion.

They also built power plants and trade centers worth $43.9 billion and $35.3 billion, respectively, according to the ministry data.

Some 40 Turkish companies made it to the ENR’s Top 250 International Contractors List in 2023.

Revenues of those 40 companies from international projects amounted to $18.9 billion.