Turkish contractors have undertaken a total of 4,152 projects worth $220 billion worldwide over the last decade, coming only second to China in terms of total number of projects, the Economy Ministry has revealed.
The ministry revealed that the Turkish construction sector, after taking on its first ever project abroad in Libya in 1972, has realized 9,018 projects in 117 countries, totaling to an estimated $344.7 billion as of July.
Meanwhile, between 2008 and 2017, it undertook more than 4,152 projects worth more than $220.1 billion, which corresponds value wise to almost 64 percent of all projects undertaken in the last 45 years (with a total value of $344.7 billion).
During the same period, a significant increase has also been observed in terms of the average project cost, as the average doubled from $37.1 million in 2008 to reach $79.3 million this July.
Russia most prominent market
Over the years Russia has proved to be the biggest market for Turkish contractors, undertaking $67.6 billion worth of projects, which constitutes 19.6 percent of all projects completed in the last four decades.
It was followed by followed by Turkmenistan with $46.8 billion and a share of 13.6 percent, and Libya with $28.9 billion and an 8.4 percent share.
On the basis of sectors, roads, tunnels, and bridges proved to be the biggest profit-making projects for Turkish contractors, amounting to $44.1 billion, followed by housing projects at $43.7 billion and trade center projects at $29.1 billion.
Turkish firms among global giantsHaving made a name for themselves over the last decades, a number of Turkish firms have been listed among the top 250 construction companies in the world, on a list prepared by the Engineering News Record (ENR) magazine, a leading publication in the sector. Turkey was represented by 23 firms in 2008, but last year that figure rose to 40.
While seven of these firms were placed in the top 100, two Turkish firms with revenues over $3 billion broke into the top 50 for the first time.