Turkish contractors received $4.3 billion worth of work from abroad in three months

The amount of projects undertaken by the Turkish contracting industry abroad in the first quarter of this year was 4.3 billion dollars.

According to the compilation of Ministry of Commerce data, in parallel with the decrease in the negative impact of the Covid-19 epidemic on the world economy, the cost of the projects undertaken by Turkish companies abroad reached 31.1 billion dollars in 2021.

While this figure was the most undertaken project value on an annual basis after 2012 and 2013, the number of projects undertaken in 2021 was recorded as 454.

The cost of the projects undertaken by the foreign contracting sector in 2022 was 19.9 billion dollars and the number of projects was 506.

While the Turkish contracting sector undertook 40 projects abroad in the first quarter of this year, their cost was determined as 4.3 billion dollars.

The trend in the average project cost for the works undertaken by the sector also attracted attention. While the sector last reached an average project cost of 83.8 million dollars in 2015, this figure reached 68.5 million dollars in 2021.

The average project value was calculated as $39.2 million in 2022 and $65 million last year. In the January-March period of this year, the average project cost, which was around 107 million dollars, exceeded the level in 2015.

Russia ranks first

The foreign contracting sector undertook 12,164 projects worth 507.2 billion dollars in 136 countries from 1972 to the end of March.

In the distribution of the projects undertaken in this period by country, Russia ranked first with a share of 20.1 percent. To date, projects worth 102.1 billion dollars have been carried out in the country in question.

Turkmenistan follows Russia with a share of 10.5 percent, while the amount of projects undertaken was 53.4 billion dollars. Iraq ranked third with a share of 6.8 percent and 34.6 billion dollars of projects undertaken. These countries were followed by Libya with a project of 30.8 billion dollars and Kazakhstan with a project of 28.9 billion dollars.

In the projects undertaken by the sector, Saudi Arabia stood out with a share of 5.5 percent and a cost of 27.8 billion dollars. During this period, projects worth 21 billion dollars were undertaken in Algeria, 20.2 billion dollars in Qatar, 19.3 billion dollars in Azerbaijan and 12.8 billion dollars in the UAE.

Among the projects undertaken by Turkish contractors abroad to date, the housing and highways, tunnel and bridge sectors ranked first with 13.8 percent.

These sectors were followed by energy with 8.7 percent, trade center investments with 7 percent and airport investments with 6.6 percent.

On the other hand, while Turkey was included in the list of the world’s largest 250 contracting companies, which is determined every year by ENR Magazine based on the total cost of international projects undertaken in the past year, with only 8 contracting companies in 2003, it entered the ranking with 40 companies in 2023. 6 of these companies in the 2023 issue of the magazine found their place among the top 100 companies in the list, and 2 Turkish companies entered the top 50. Türkiye ranks second on the list after China in terms of the number of companies.