Arab spring upheaval threatens operations of Turkish contractors

Turmoil over the Arab Spring in North Africa and the Middle East is threatening the operations of Turkish contractors in the region. According to a new report by the Turkish Contractors Association (TMB), since the start of the Arab Spring the total amount owed to Turkish contractors in North Africa and the Middle East has surpassed $18.4 billion, with Libya being the most- indebted country. "The biggest financial danger is being witnessed in Libya, where internal disorder is slowly turning into a civil war," said the report. "Currently, the total amount of uncollected money by Turkish contractors in Libya has reached $1.6 billion, while their cash deposits in Libyan banks have neared $100 million." The prolonged internal disorder has forced Turkish contractors to leave many of their businesses behind. The report underlined that Turkish contractors' share of the total Libyan construction market was 14.1 percent, while the value of the 529 projects being carried out by Turks there was around $27 billion.,