A total of 43 Turkish companies entered the list of the top 250 international contractors published by the ENR magazine, the Trade Ministry said in a statement on Sunday, highlighting that Türkiye became the second country with the most firms on the list, just behind China.
Citing data from the prestigious ENR magazine, which has a history that can be traced to 1874, the ministry detailed Türkiye's standing at the "ENR Top 250 International Contractors List."
The list was published on Sept. 11, saying that the "revenue for the Top 250 International Contractors is at its highest since 2015, rising 16.6% to $499.7 billion last year."
As per the number of firms, China ranked first with 81 firms on the list, followed by Türkiye with 43 firms, the ministry said.
"The international revenues of these 43 Turkish contracting firms reached $18.5 billion in 2023," it added.
Moreover, the ministry said it was determined that the share of the revenues of Turkish contracting firms within the total revenues of the listed companies was 3.7%.
"In the ranking based on international revenues, the Turkish contracting sector ranked 8th globally, ahead of the U.K., the Netherlands, Germany and Japan," adding that China took the top spot with $122.9 billion in revenues.
In the 2024 list, prepared based on the international project revenues of contracting firms for 2023, six Turkish firms made it into the top 100, while one Turkish firm entered the top 50, the ministry further said.
The ENR report said that the value of new project contracts for the top 250 international contractors rose by 15.1%. It, however, also noted that in survey comments, the contractors shared "that ongoing geopolitical challenges are boosting project risks, slowing construction activity in some markets but also creating hotbeds of activity in others."
After the COVID-19 pandemic, construction costs have “significantly increased all over the world,” said Mustafa Toprak, CEO of Istanbul-based contractor Esta Inşaat Sanayi Lojistik ve Dış Ticaret A.Ş., which is no. 87-ranked.
Leading the list of Turkish companies was Limak Construction, which climbed two spots from the previous year’s list to 48th position.
The Turkish company known for undertaking strategic works from airports to ports and highways, commenting on the list, said, "We are proud to announce that Limak Construction has been ranked 48th on the 'Top 250 International Contractors' list by ENR (Engineering News Record) for 2024, one of the most prestigious publications in the global construction industry."
"Climbing two spots from last year, we have also earned the distinction of being the top Turkish company on the list," it added.
"This achievement reflects our commitment to representing our country on the international stage, and we extend our heartfelt thanks to all our employees and stakeholders who contributed to this success."
Meanwhile, the magazine also published the "ENR 2024 Top 225 International Design Firms," which featured eight Turkish firms, with Türkiye ranking seventh based on the number of firms.
The ministry cited the report to highlight that the most significant opportunities for the sector in the coming period will be macro-scale projects and investment plans.
It noted that macro-scale plans such as Africa's Agenda 2063 and Saudi Arabia's Vision 2030 are expected to provide momentum for the global construction sector.
"As the Trade Ministry, we will continue to contribute to the development of the market share of both our contracting firms and our design firms internationally by conducting delegation visits to many target countries in the upcoming period," read the statement.
