Turkish construction companies are implementing foreign projects worth nearly half a trillion dollars

44 Turkish contracting companies ranked among the top 250 international contracting companies in the world.

Turkish construction companies are implementing foreign projects worth nearly half a trillion dollars
2022-01-06 Last update 2022-01-31

Turkish construction companies are implementing foreign projects worth nearly half a trillion dollars

The Turkish Trade Minister Mehmet Muş confirmed during an assessment program organized by the Turkish Contractors Association on foreign contracting services and technical consultancy for the year 2021 in the Turkish capital, Ankara, that the year 2021 witnessed a recovery in the Turkish construction industry sector, as the value of contracting projects led by Turkish companies in the world doubled from $15.2 billion in 2020 to $29.3 billion before the end of 2021.

The number of projects implemented by Turkish contracting companies within the scope of their foreign services until 2021 amounted to about 11,093 projects with a total value of $451.5 billion, and they were implemented in 131 different countries around the world.

44 Turkish contracting companies ranked among the top 250 international contracting companies in the world, according to the statistics of the International Engineering News magazine ENR. The statistics also indicate that Turkey ranked second after China in terms of the number of companies that entered the list, and ranked seventh in terms of total annual revenues.

Russia's most valuable projects and Libya's first historically

Turkish construction companies began implementing their first foreign projects in the seventies of the last century, specifically in 1972, and Libya was the first country in the world to receive Turkish construction companies that implemented projects on its land.

Then, Turkish construction companies began to expand rapidly in the implementation of foreign projects. During the past two decades, Turkish contractors tightened their control over three main markets in this regard, namely Russia, the Middle East, and Africa, in addition to their expansion in Europe and South Asian countries recently.

Russia came first among the countries with the highest value of projects implemented with $11.2 billion, and Iraq ranked second on the list of countries in which Turkish contracting companies implemented the largest number of projects worth $3.6 billion of projects implemented in 2021.

According to the statement of the Turkish Minister of Trade, the past year witnessed a strong activity of construction companies in Africa, especially in sub-Saharan countries.

The value of projects implemented as a basis for evaluation shows that 55% of projects in 2021 were implemented in the Commonwealth of Independent States (CIS), 17% in Sub-Saharan Africa, 13% in the Middle East, and about 10% in Europe.

The Turkish minister stressed that Turkish construction companies also penetrated the technical consultancy sector abroad, and pointed out that the cumulative value of technical consultancy abroad amounted to $2.7 billion.


Turkish government support

Minister Muş added that the Turkish government mainly supports the Turkish foreign services export sector, as part of the government's plan to raise the volume of exports to create a surplus in the Turkish trade balance, as stated by the Turkish government.

He pointed out that the export of services is no less important than the export of goods, stressing in the same context that Turkish contracting companies have maintained their share of the global market, which amounts to 4.6%, with revenues amounting to $21.6 billion.

He also praised the increase in the number of Turkish contracting companies in the list of the top 100 international companies according to the revenues of their projects from 7 companies in 2019 to 9 companies in 2020, and the entry of a Turkish contracting company into the list of the top 30 international contracting companies with revenues for the year 2021.

Read also: Construction System, Licenses, And Costs In Turkey

economic growth

Turkish companies compete with China in the African market

Recent data and statistics showed the success of Turkish construction companies in breaking into the African construction market and was able to increase their share in the construction market, energy, and infrastructure sectors, as Turkish companies are among the most prominent competitors to Chinese construction companies, which control about 62% of the volume of the construction market in the African continent.

The construction companies were not limited to the markets in which they are currently operating, as they also competed in the European market, by implementing projects whose size reached 10% of the total projects executed abroad during 2021.

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Edited by Imtilak Real Estate©

Reference: TRT Arabi

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