The Turkish construction industry has experienced notable success internationally, with Saudi Arabia becoming its largest market in the first nine months of 2024.
An October report by the Türkiye Contractors Association (TMB) revealed that Turkish contractors secured projects worth $2.3 billion in Saudi Arabia during this period.
Foreign Collaborations in Turkish Construction Projects
Check out the list of construction projects in Türkiye carried out in partnership with foreign companies.
$11.8 Billion in International Projects Over Nine Months
From January to September 2024, Turkish contractors completed 161 international projects with a total value of $11.8 billion. These additions bring the total portfolio of international projects to 12,297 across 137 countries, with a combined value of $515.8 billion.
Algeria ranked second, with projects valued at $1.7 billion, while Gabon secured third place with $1.2 billion in projects.
Saudi Arabia: Leading Market for Turkish Contractors
A construction project in Türkiye. (AA Photo)
Sector Faces Challenges Amid Success
The third quarter of 2024 saw the construction sector facing notable challenges as the effects of disinflation intensified.
The report highlights that tight fiscal policies, constrained credit growth, high financing costs, and decreased liquidity are key factors expected to slow sector growth moving forward.
Additionally, the non-acceptance of Turkish bank guarantee letters in international projects remains a concern. The TMB is working actively to resolve this issue to ensure smoother operations for Turkish contractors abroad.
