The Economy Ministry has revealed that Turkish contractors have undertaken a total of 4,152 projects worth $220 billion worldwide over the last decade, coming second only to Chinese companies in terms of total number of projects.
Since 1972, when the Turkish construction sector undertook its first ever overseas project in Libya, the sector has realized 9,018 projects in 117 countries, generating revenue values of $344.7 billion.
In the last 9 years, it undertook more than 4,152 projects worth more than $220 billion – this amount is around 64% of the value of all projects undertaken in the last 45 years. In the same period, a significant increase has also been observed in the value of the average project cost, from $37.1 million in 2008 to $79.3 million as of this July.
Over the last 45 years, Russia has been the biggest market for Turkish contractors, with project values of $67.6 billion – this constitutes 19.6% percent of all overseas projects completed since 1972. The second largest market was Turkmenistan with project values of $46.8 billion (13%) followed by Libya with $28.9 million (8.4%).
In terms of specific sectors, roads, tunnels and bridges proved to be the biggest revenue generators for Turkish contractors, amounting to $44.1 billion – the second largest sector was housing projects at $43.7 billion, followed by trade centre projects at $29.1 billion.
Having made a name for themselves over the last decade, Turkish firms continue to be prominently placed in the ‘Top 250 Construction Companies’. This list, prepared annually by Engineering News Record, shows that, in 2016, Turkey was represented by a total of 40 companies (compared to 23 in 2008).
7 Turkish firms were placed in the top 100 – amongst these, 2 firms – with revenues of over $3 billion - broke into the top 50 for the first time.