Istanbul’s Contribution to Global Construction
Turkish contractors have been making a significant impact on the global construction industry, with a total of 82 projects undertaken in foreign countries in the first half of 2024. These projects are valued at $7.6 billion, showcasing the expertise and capabilities of Turkish construction companies.
Expansion into New Markets
While Turkish contractors have traditionally focused on markets in the CIS, Middle East, Gulf, and North Africa regions, there is a concerted effort to expand into new territories such as Sub-Saharan Africa, Europe, and Asia. This diversification allows Turkish companies to tap into new opportunities and establish a presence in emerging markets.
Focus on High-Value Projects
One of the key objectives for Turkish contractors is to participate in projects with high added value. By focusing on projects that offer significant returns, Turkish companies can enhance their reputation and competitiveness on the global stage. This strategic approach ensures sustainable growth and long-term success for the Turkish construction sector.
Turkish Contractors’ Impact on Global Construction Industry
Over the past five decades, Turkish contractors have made a significant impact on the global construction industry. With 12,207 projects in 137 countries, their business volume has reached an impressive $511 billion between 1972 and June 2024.
Local Companies Taking the Lead
In 2023, local companies took on 431 projects worth more than $28 billion, showcasing their growing influence in the industry. Russia emerged as the largest market for Turkish contractors, with projects totaling $102 billion. Turkmenistan, Iraq, and Libya followed closely behind, with projects valued at $53.45 billion, $34.7 billion, and $30.9 billion, respectively.
Diversification of Revenue Streams
Turkish contractors have diversified their revenue streams by focusing on various projects abroad. Highways, tunnels, and bridge projects accounted for $71.3 billion in revenue, while housing projects generated $70.4 billion. Additionally, housing and airport projects brought in $44.2 billion and $33.5 billion in revenues, with commercial center projects contributing $35.8 billion.
Recognition in the Industry
Despite facing challenges, Turkish contractors have continued to excel in the global arena. Forty Turkish companies were included in ENR’s prestigious Top 250 International Contractors List last year, showcasing their expertise and capabilities. This number has steadily grown over the years, highlighting Turkey’s growing presence in the international construction market.
Global Construction Market
Contractors from around the world generated a total of $18.9 billion in international revenues, representing 4.4 percent of the global construction market valued at $428.5 billion.
Turkish Companies’ Impact
The report also highlighted the positive impact of Turkish companies’ operations in foreign markets on the growth of the local construction materials sector. This has contributed to the sector’s export revenues reaching $30.4 billion in 2023, according to the ministry.
