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Limak Holding, owned by Nihat Özdemir, who has close ties to Turkish President Recep Tayyip Erdoğan, is ranked 48th on the 2024 Engineering News-Record’s (ENR) list of Top 250 International Contractors.
Part of a group of companies often referred to by the Turkish opposition as the “gang of five” due to their close relationship with President Erdoğan and their dominance in public tenders, Limak Holding has seen significant growth through these government contracts.
The gang of five refers to five Turkish conglomerates — Cengiz Holding, Limak Holding, Kolin Construction, Kalyon Construction and MNG Holding — closely linked to President Erdoğan and the ruling Justice and Development Party (AKP).
These companies have secured the majority of large public contracts over the last two decades, particularly in infrastructure projects such as airports, highways and bridges. Critics accuse them of benefiting from cronyism, rigging tenders and receiving preferential treatment, often with government-backed guarantees that ensure their profits. They are also accused of tax evasion and moving substantial amounts of their earnings abroad.
Limak rose two places on the ENR’s list compared to the previous year and is among 42 Turkish-owned companies among the top 250 contractors.
According to the ENR, the top 250 international contractors in 2023 generated $499.6 billion in revenue, with Europe-based firms dominating the market, contributing $246.4 billion (49.3 percent) of the total.
Chinese contractors followed, accounting for $123 billion (24.6 percent), primarily driven by significant activity in Asia (55.8 percent) and Africa (56.8 percent). American firms, while representing a smaller portion of international revenue at $34.3 billion (6.9 percent), saw a major share of their business concentrated in the United States, contributing over 50 percent of their revenue.
Turkish contractors, despite comprising 42 firms on the list, generated $18.5 billion (3.7 percent) in international revenue, with their main markets being the Middle East (7.8 percent) and Europe (4.3 percent). Meanwhile, contractors from countries like Japan, Korea and India maintained a strong presence in Asia and the Middle East, further highlighting the regional diversity in global construction markets.
Limak’s rise to prominence has been fueled by its involvement in massive public infrastructure projects in Turkey and abroad. The holding, which ranked 48th on the ENR list, has benefited from public-private partnerships, including the construction of hospitals, highways and airports.
In recent years, Limak’s involvement in Turkish construction projects has grown, with the company taking part in several large-scale infrastructure developments. Özdemir, who has openly supported Erdoğan, has faced criticism for benefiting from public tenders that opponents argue are designed to enrich companies loyal to the ruling party.
Limak’s success, however, is not limited to Turkey. The firm has expanded internationally, taking part in projects across the Middle East, Europe and Africa. Despite its growth, Limak has faced scrutiny for its practices and the close ties between Özdemir and Erdoğan.
The companies that comprise the gang of five are among the world’s top 10 private sponsors of public infrastructure projects by investment and region and by investment and primary sector for the years 1990 to 2020, according to World Bank data.
Turkey’s opposition leaders continue to call for investigations into the gang of five, accusing them of evading taxes and hiding profits in offshore accounts.