Iraq emerges as key market for Turkish construction firms as they expand their global presence

Shafaq News/ Iraq emerged as the third-largest market for projects undertaken by Turkish construction firms, data published by Turkey's ministry of Trade on Thursday revealed.

During the first quarter of 2023, Turkish construction companies embarked on 52 projects outside Turkey, amassing a cumulative value of $4.1 billion.

According to the ministry's report, since 1972, Turkish construction firms have been involved in 11,700 projects across 133 countries, accumulating a value of $477 billion.

The leading countries engaging Turkish construction companies include Russia, Turkmenistan, Iraq, Libya, and Kazakhstan.

In terms of market share, Russia holds the top spot with 20.5% of total projects, valued at $97.9 billion. Turkmenistan follows closely with a 10.7% share worth $50.8 billion, and Iraq claims 6.9% of the market, accounting for $33 billion. The Kingdom of Saudi Arabia has also emerged as a significant market, boasting a 5.2% share worth $24.8 billion.

The report revealed that 14% of these are in the housing sector, 13.5% encompass roadworks, tunnels, and bridges, and 8.5% focus on the energy sector.