The FINANCIAL -- Seeing signs of recovery from the global financial crisis, Turkish contractors working abroad expect the value of projects they are involved in to surpass the $25 billion mark, a target that was not met in 2008 due to the adverse impact of the crisis on the sector.

Beginning operations abroad in the 1970s, mainly in Libya and several Middle Eastern countries, the Turkish construction sector has grown significantly and has become one of the leading exporters of construction services in the international market because of the cost advantage it offers. Turkish construction firms undertook over 4,600 projects worth some $136 billion in 70 countries between 1972 and 2008.

"The construction of buildings made up the largest share of projects undertaken by Turkish contractors outside the country until 2000, at which point the construction of industrial sites took the top spot. Turkish firms have undertaken construction projects involving transportation facilities, petrochemical plants and Airport s, all of which require a high level of expertise in project management and technology," Today's Zaman reports.

While the value of projects carried out by Turkish firms abroad was only $1.7 billion in 2002, this figure rose by a factor of 13 in six years, reaching $23.6 million in 2008. The majority of these projects involved the construction of buildings, with a share of 45 percent, followed by the construction of industrial sites (20.2 percent) and transportation facilities (20 percent). Projects involving the construction of infrastructure and waterworks accounted for 7.7 and 6.5 percent, respectively.

In 2008 the largest share of projects took place in Commonwealth of Independent States (CIS) countries, with $11.6 billion in projects in total, followed by $6.6 billion in projects in Middle Eastern countries and $3.8 billion in African countries. The country where the largest number of projects took place in 2008 was Turkmenistan, where 97 projects valued at $5.4 billion were undertaken. Turkmenistan was followed by Russia with 78 projects totaling $3.4 billion and the United Arab Emirates with 26 projects worth $3.7 billion. Libya, where Turkish contractors first worked abroad, ranked fourth with 36 projects amounting to $2.7 billion.

The Turkish construction sector's target for this year is the same as last year's target of $25 billion, which was not achieved due to the global financial crisis. Assessing the projects that have been undertaken so far this year, Turkish Contractors Association (TMB) President Erdal Eren said he expected the sector to exceed its target for the year.

Related Stories

• Hyatt French Quarter Opens in New Orleans
• Hyatt Place Boston/Braintree Celebrates Opening
• Marriott International Expands In Thailand With The Opening Of Three Stunning New Hotels This Year