The amount of projects undertaken by the Turkish contracting industry abroad in the first quarter of this year was $4.3 billion.
According to the AA correspondent’s compilation from the 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 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 and the number of projects was 506.
The sector spent last year under the influence of global economic problems and the Russia-Ukraine War. During this period, the number of projects undertaken by the sector was 431 and the project cost was calculated as $28 billion.
While the Turkish contracting sector undertook 40 projects abroad in the first quarter of this year, their cost was determined as $4.3 billion.
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 in 2015, this figure reached $68.5 million 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, exceeded the level in 2015.
Russia ranks first in the foreign contracting sector
The foreign contracting sector undertook 12,164 projects worth $507.2 billion 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%. To date, projects worth $102.1 billion have been carried out in the country in question.
Turkmenistan follows Russia with a share of 10.5%, while the amount of projects undertaken was $53.4 billion. Iraq ranked third with a share of 6.8% and $34.6 billion of projects undertaken. These countries were followed by Libya with a project of $30.8 billion and Kazakhstan with a project of $28.9 billion.
In the projects undertaken by the sector, Saudi Arabia stood out with a share of 5.5% and a cost of $27.8 billion. During this period, projects worth $21 billion were undertaken in Algeria, $20.2 billion in Qatar, $19.3 billion in Azerbaijan and $12.8 billion 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%.
These sectors were followed by energy with 8.7%, trade center investments with 7% and airport investments with 6.6%.
International competition
On the other hand, while Turkiye 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. Turkiye ranks second on the list after China in terms of the number of companies.
Source: AA / Prepared by Irem Yildiz