Business

Turkiye maintained its second place in the Giants League in construction

Turkiye maintained its second place in the “World’s Top 250 International Contractors List” with 40 companies.

According to the statement made by the Turkish Contractors Association (TMB), Engineering News-Record (ENR), one of the international construction industry publications, regarding the 2023 results of the “World’s Top 250 International Contractors List”, which is published every year based on the revenues of the contractors from their activities abroad in the previous year, despite the losses caused by the ongoing war between Russia and Ukraine, increasing project costs and risks, Turkiye was included in the list with 40 companies this year with its performance in 2022. Thus, Turkiye continued to be the second in the world in terms of the number of companies.

While China was the first with 81 companies in the list, the USA took the third place with 39 companies. The share of Turkiye in the global construction market was 4.4%.

In its bulletin titled “Companies Face Challenges in the Big Picture”, ENR noted that the size of the global construction market increased from $398 billion to $428.5 billion in 2022.

High inflation, shortage of skilled labor and supply chain problems were pointed out in the bulletin, and it was stated that the projects undertaken in the sector in the midst of strong winds of change were advantageous for companies, but increasing project costs created question marks for the future.

2 Turkish companies are among the top 50

6 Turkish companies managed to be among the top 100 companies in the list. As last year, 2 Turkish companies were among the top 50 companies.

The activities of Turkish companies are mainly concentrated in Europe – including Russia – ($9.2 billion), the Middle East ($4.3 billion), Africa ($3.1 billion) and Asia ($1.9 billion).

“Despite the ongoing problems in our traditional markets, we have managed to protect it”

TMB President Erdal Eren, whose views are included in the statement, stated that the contractors continue to represent the country in the second place in the global giants league despite the increasing problems in the international market, and said:

“Moreover, we have managed to preserve this success despite the war that has been going on for more than 1.5 years beside us and the problems in our traditional markets. I heartily congratulate our 40 contracting companies, who, despite the difficulties, managed to be included in the “World’s Top 250 International Contractors List” of ENR magazine with their entrepreneurial strength.”

Pointing out that the size of the projects undertaken by Turkish contractors abroad, with the support of the increase in oil prices, in the recovery process after the Covid-19 epidemic in 2021, has exceeded $30 billion, Eren made the following assessment:

“Right after, we were shaken by the emergence of the Russia-Ukraine War. The project size undertaken by the sector abroad, which was under the global and regional effects of the war, was $19.1 billion last year. The war continues and unfortunately continues to hurt from its humanitarian side. The international construction market is also rapidly affected by global economic and geopolitical developments. On the other hand, our President, with the confidence he has in us, gave instructions that we should increase our medium-term target to $75 billion. We continue our work within the framework of this instruction.”

Eren stated that they aim to cover the job loss in Russia, the leading market, and Ukraine, which has come to the forefront for the sector in recent years, with the Gulf countries, especially Saudi Arabia, within the scope of the heated political relations, and stated that Iraq, another traditional market, can offer new opportunities to the sector.

Noting that besides the war, cost increases and the problem of financing are the prominent problems of the sector, Eren stated that they expect good news from the authorities for the solution of the problem.

Source: AA / Prepared by Irem Yildiz

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button