EIC Delegates meet in Istanbul to discuss impact of geopolitical risks on international construction
Istanbul, 09 October 2026: The EIC Workshop on 09 October 2026, held during the EIC Autumn Conference in Istanbul, attracted more than 110 delegates for a vivid discussion on ‘Managing Construction Risk in an Era of Geopolitical Uncertainty’. The event was opened jointly by the President of the Turkish Contractors Association, Erdal Eren, and EIC President Gustavo Martínez, followed by a key-note speech delivered by the Turkish Minister of Trade, Prof. Ömer Bolat, on the role of Türkiye in a new era of geopolitics.
Geopolitical Risks and Market Shifts
The first Workshop session moderated by Başar Arıoğlu, Chairman of Yapı Merkezi, analysed the geopolitical risks and market shifts that currently are influencing the international construction business. Thomas Veith introduced PwC’s recent Global Infrastructure Outlook 2025-2050 which estimates that US$150 trillion will be spent on infrastructure by 2050 with transportation and energy being the biggest growth drivers. Orçun Makal from EY-Parthenon observed that the general geopolitical landscape in 2026 is reflected by three main factors, namely, Artificial Intelligence, a restrictive trade environment, and the increasing cost of borrowing. Agustín Barrenechea from Marsh Europe presented the consequences of the heightened risk scenario for construction risk insurance and described possible insurance solutions. The implications of the conflict in the Middle East Conflict for the international construction business were highlighted by Nesreen Osman, Partner at Pinsent Masons. Neslihan Diniz concluded the session by explaining the role of Turk Exim Bank in supporting Turkish contractors to manage the current risk situation.
The Role of Multilateral Development Banks in Strengthening Resilience in Infrastructure Construction
The second Workshop session moderated by Murat Üstay, Chairman, Üstay, scrutinised the role of Multilateral Development Banks in strengthening resilience in infrastructure construction, with a particular focus on the current situation in Ukraine. Olivier J. Leonard from the Asian Development Bank (ADB) familiarised EIC Delegates with the current challenges in MDB-financed procurement and the various pressures demanding action from the MDBs. With a view to the vast reconstruction needs in Ukraine, Matteo Rivellini from the European Investment Bank (EIB) set out the EIB's respective recovery and reconstruction strategy. Kostiantyn Lisnychyi from UkraineInvest highlighted the various investment opportunities for international contractors in his country and Tolga Akkaş, CEO of Doğuş, shared with the audience the experience and lessons learned of his company from doing construction business in Ukraine.
In his closing remarks, EIC President Gustavo Martínez stressed that a strong project pipeline alone is not enough: projects must also be bankable, accessible and deliverable. He called for procurement, contracting, financing and insurance to be considered together from the outset, emphasising that contractors should not be expected to carry risks they cannot control or effectively manage. He reminded policymakers and clients that international contractors have limited resources and must decide where to deploy them, meaning that markets are competing for investment, expertise and delivery capacity.
Links for further information
The presentations from the Workshop are available on the Speaker’s section on the Istanbul Conference Website.