The Engineering News-Record (ENR), which is considered the authoritative publication in the field of civil engineering worldwide, has released a list of the 250 best international contractors, almost a fifth of which are Turkish construction companies.
Turkey has joined the list with 44 companies this year and has kept up its strong performance and has ranked second since 2017. Where Turkey was second in terms of the number of contractors, this year it was seventh in terms of revenue. China was the winning country with 74 companies on the list, including 35 US companies. The Spanish company ACS, the German company Hochtief and the French company Vinci were among the top three companies on the list. They were followed by the Chinese company CCC and the French company Bouygues.
Rönesans Holding has moved up ten places and is now in 23rd place on the list, which is a collection of the company’s construction sales reported annually since 1874 by the Detroit-based company.
With a presence in 28 countries, Rönesans generated total sales of $5.4 billion last year. The holding company’s total assets were estimated at $9 billion at the end of 2019.
The Turkish construction companies Limak and Tekfen occupied 61st and 65th place in the list. Yapı Merkezi, Ant Yapı, TAV, Enka, MAPA and Kolin are other Turkish companies that are among the top 100.
While noting that political instability, trade wars and fluctuations in commodity prices had negatively impacted the global supply industry, Pekcan pointed out that the COVID-19 epidemic has severely shaken the global economy. The Turkish Contractors Union (TMB) published the quarterly Construction Sector Analysis report in July 2020, which states that new projects are to be implemented as part of development plans that will accelerate after the pandemic. The report also highlights the potential that sub-Saharan African countries offer Turkish entrepreneurs to recover from the crisis. Turkish construction companies
“In 2019, despite trade wars and political uncertainty, we have tackled $19 billion worth of construction projects. Our goal was to exceed $20 billion by 2020, but all international projects are affected by the conditions caused by the COVID-19 epidemic. I think we will reach more than 20 billion dollars in the post-pandemic phase by joint action,” said Pekcan.
According to the Ministry of Commerce, during the first half of 2020, the sector carried out 85 projects abroad worth 3.9 billion USD (28 billion TL). Turkish contractors completed 109 projects worth about 5.1 billion USD (TL) in the period January-June 2019. By the first half of 2020, Russia was again the leading market in this sector, with 12 projects valued at 1.5 billion dollars (TL) completed by Turkish contractors there. Also among the top five countries were Ukraine with five projects worth a total of $628 million, Iraq with five projects worth a total of $364 million, Croatia with one project worth $358 million and Qatar with three projects worth $237 million. The total portfolio of previous projects in this sector abroad was announced at $405.2 billion. Minister Pekcan continued that contract investments abroad have contributed to many industries, such as logistics, labour income and export of goods, and have supported many sub-sectors to develop overseas.
“To date, the Turkish contract industry has completed 10,274 projects with a total value of $407 billion in 127 countries,” Pekcan stated, in addition to projects worth $357 billion since 2002.
The global contraction sector decreased by 3 per cent to $473.1 billion in 2019, due to “political shake-ups, tariffs, trade wars and swings in oil and metal prices that hit global contractors like a series of blows,” the ENR said. Turkish construction companies
If you are interested in the construction industry in Turkey you may like 10 Ongoing Mega Projects of Turkey article as well.
- The Russia-Ukraine War’s Effect on the Global Economy
- Waterless Washing Machine by LG Electronics Inc.
- IKEA is Moving Its Production to Turkey
- Turkish Furniture Industry
- The Chemical Industry in Turkey
- Exports of Automotive and Machinery Increased in Turkey
- The Latest Investments Made in Turkey
- The First Decacorn of Turkey
- 10 Turkish Startups are Becoming Unicorns
- Turkey’s Exports in June 2021
- 110.000 Jobs Created by Renewable Energy Projects in Turkey
- Dream Games Raised $155 Million Investment
- Hepsiburada: The First Turkish Company on Nasdaq
- 7 Technology Giants are Investing in Turkey
- Sinovac Granted the License to Turkey for COVID-19 Vaccine Production
- Joint Investment Opportunities of SOCAR and Turkish Petroleum
- Container Crisis’ Effects on Turkish Foreign Trade
- How to be an Angel Investor in Turkey?
- Turkish Start-up Ecosystem is Promising
- The Best Time to Purchase a Boat