Turkish contractors undertake projects worth $9.2B abroad in H1 2018
Turkish contractors have undertaken foreign projects worth $9.2 billion in the first half of 2018, pushing the all-time total to over $366.5 billion.
According to the <a href="https://www.tremglobal.com/articles/why-should-i-setup-a-business-in-turkey"> trade</a> Ministry, Turkey's overseas contracting services sector, a key part of the country's service exports, has undertaken some 9,375 projects in 120 countries since 1972. The projects were valued at $366.5 billion as of June 2018.
In the first half of the year, Turkish contractors undertook a total of 84 projects that cost an estimated $9.2 billion.
In terms of sectors, housing came out on top corresponding to at least 13 percent ($47.5 billion) of all projects carried out by Turkish builders since 1972.
It was followed by roads, highways, tunnels and bridge constructions worth $47.4 billion; trade centers worth $30.1 billion, power plants valued at $26.8 billion and airports at $25.9 billion.
CIS market ranks first
In terms of the regional distribution, Turkish contractors played a prominent role in the Commonwealth of the Independent States (CIS), the Middle East and Africa. The total amount of the projects carried out so far in the CIS reached $171.7 billion in terms of value, while it stood at $95.6 billion in the Middle East and at $65.9 billion in Africa.
In terms of the distribution of Turkish contracting projects by countries, Russia ranked first with 19.6 percent of all projects, worth $71.8 billion. It was followed by Turkmenistan with a share of 12.9 percent share and projects worth $47.4 billion, and by Libya with a share of 7.9 percent and projects worth $28.9 billion.
Thanks to a vast number of projects, Turkish contracting companies have gained a strong footing in the global construction sector. While there were merely eight Turkish companies in the Engineering News Record's (ENR) "Top 250 International Contractors List" in 2003, that figure rose to 46 last year, considering the total number of international projects undertaken within a year.
Some 10 of these companies were listed in the top 100, and two – with revenues of $3 billion each – ranked among the top 50.
In terms of the number of companies on the list, Turkey has ranked second only after China in the past five years.