Turkish construction firm Tekfen has signed a deal with Azerbaijani state-run oil firm Socar to build the Baku Olympic Stadium for $640 million. The deal comes at a time when the value of projects by Turkish contractors abroad has jumped nearly $5 billion in the last two months.
Tekfen and Socar reached an agreement for the joint construction project of the Baku Olympic Stadium on Feb. 17, which increased the amount of Turkish firms’ foreign construction investments over the last two months to $4.7 billion, from $4.1 billion.
The latest deal comes after Polimeks won the tender for the International Ashgabat Airport in Turkmenistan, worth $2.2 billion, and Alsim Alarko signed a deal for the construction of the Aktogay Copper Facility in Kazakhstan, worth $633 million, at the beginning of the year.
However, the total value of all Turkish contractors’ projects abroad is more than $242 billion. Last year, Turkish firms carried out 433 projects abroad, worth $26.1 billion. The total number of all-time projects last year reached 7,000 in 100 different countries.