(MENAFNEditorial)
A buoyant pipeline of projects government guarantees for investors and a wave of planned privatisations bode well for growth in Turkey's construction and infrastructure sector. However financing risks have grown over the past year which we believe will dent growth over the longer term. We note that Turkey will remain one of the most attractive markets in the region in spite of this.
There continues to be downside risks to Turkey's healthy construction sector outlook stemming from the major depreciation in the lira making the cost of foreign credit prohibitively high which exacerbates the underdeveloped domestic long-term financing market. Despite these headwinds and with major government support in the form of debt guarantees and protection for concessionaires we continue to expect robust construction and infrastructure growth.
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On the back of a strong project pipeline we maintain a healthy growth outlook. Average real construction industry growth for the period 2015-2023 is forecast at 4.9%.
Key Forecasts And Developments
* We forecast average real growth in the transport infrastructure sector of 5.5% between 2015 and 2023. Construction has begun on Istanbul's third airport and new bridge across the Bosphorus. The consortium building the connecting highway has secured financing for the next phase of construction. The successful sale of 30% Socar's Turkish subsidiary Petlim Ports which is developing the port (also known as the Aegean Gateway Terminal) to US investor Goldman Sachs is indicative of the attractive investment profile many Turkish infrastructure assets still hold.
* Turkey's power privatisation scheme continues and will likely see large investments made in the sector. The distribution network has now been fully privatised and the government hopes to earn an additional USD13bn in revenues from the privatisation of the remaining portfolio of power generation assets. We forecast average real...
Report Table of Contents:
BMI Industry View
SWOT
Infrastructure SWOT
Industry Forecast
Construction And Infrastructure Forecast Scenario
Table: Construction And Infrastructure Industry Data (Turkey 2012-2017)
Table: Construction And Infrastructure Industry Data (Turkey 2018-2023)
Transport Infrastructure - Outlook And Overview
Table: Transport Infrastructure Industry Data (Turkey 2012-2017)
Table: Transport Infrastructure Industry Data (Turkey 2018-2023)
Major Projects Table - Transport
Table: Major Projects - Transport
Energy And Utilities Infrastructure - Outlook and Overview
Table: Energy And Utilities Infrastructure Data (Turkey 2012-2017)
Table: Energy And Utilities Infrastructure Data (Turkey 2018-2023)
Major Projects Table - Energy & Utilities
Table: Major Projects - Energy & Utilities
Residential/Non-Residential Building - Outlook And Overview
Table: Residential and Non-Residential Building Industry Data (Turkey 2012-2017)
Table: Residential and Non-Residential Building Industry Data (Turkey 2018-2023)
Major Projects Table - Residential/Non-Residential Construction And Social Infrastructure
Table: Key Projects Residential/Non-Residential
Industry Risk Reward Ratings
Turkey - Infrastructure Risk/Reward Ratings
Turkey's Risk/Reward Ratings
Rewards
Risks
Central And Eastern Europe - Infrastructure Risk/Reward Ratings
Limited Access To Funding
Table: Central And Eastern Europe Risk Reward Ratings
Competitive Landscape
Table: Turkey - Major Domestic Construction Players
Company Profile
Enka Insaat
Table: Enka H113 Results
Global Infrastructure Overview
Middle East/North Africa Presents Strongest Investment Profile
Methodology
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Rating Methodology
Sector-Specific Methodology
Table: Infrastructure Risk/Reward Rating Indicators
Table: Weighting Of Indicators
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