Middle East turmoil hits Turkish contractors

The volume of the projects undertaken by Turkish contractors abroad fell more than 30% last year due to unrest in Libya and Iraq, figures show.

The country’s economy minister Nihat Zeybekçi said they carried out $22.5bn worth of business in 2014 generated from 255 international construction projects.

That’s down from $32.6bn in 2013, according to statistics prepared by the Economy Ministry, reported newspaper Today’s Zaman.

The Turkish Contractors Association (TMB) said the main reason behind the decline is the turmoil prevailing in the Middle East, especially in Libya and Iraq, two countries where Turkish contractors have had a huge presence. 

Russia’s economic woes were also having an effect, the TMB said. According to government data, 14.8% of work done overseas by Turkish contractors in 2014 was in Russia.

Turkmenistan ranked as the most popular destination for Turkish construction companies in 2014, hosting 20.7% of overseas projects. Russia came in second place, followed by Algeria, with 14.2%.

The number of countries where Turkish construction companies do business reached 104 in 2014.

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