Makyol

What Makyol does

Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş. is a privately held Turkish heavy-infrastructure contractor founded in 1965 in Istanbul by Saffet Çebi and currently led by Chairman Adnan Çebi. The firm executes mega-scale civil engineering projects — highways, metro systems, tunnels, bridges, airports, and waste-to-energy facilities — for national and municipal government clients in Turkey and more than ten international markets including Romania, Kazakhstan, Morocco, Algeria, Azerbaijan, Albania, Northern Iraq, Kuwait, Cyprus, and Oman. Its project portfolio includes landmark assets such as the 14,080 m Ovit Tunnel (Turkey's longest road tunnel), the 421 km Gebze-Orhangazi-İzmir Build-Operate-Transfer highway with the Osmangazi (Izmit Bay) Bridge, the 26.25 km Kadıköy-Kartal Metro in Istanbul, and the Bucharest Henri Coanda Airport Metro M6 connection. Beyond pure construction, Makyol generates recurring revenue through long-term concessions on toll roads and the 25-year operating rights at Kaş Marina, and through tourism and real estate subsidiaries including the Le Meridien Istanbul Etiler hotel.

The company monetizes primarily through competitive government tenders awarded to joint ventures (e.g., with Alsim Alarko, Astaldi, Gülermak, IHI Corporation) for fixed-price construction contracts, supplemented by concession-based toll and marina fees, and managed-services revenue from hotel and tourism operations. Makyol Group is structured around six core subsidiaries covering construction, mining and maritime operations (Madencilik Taahhüt ve Denizcilik), energy (Makenerji), port and marina operations (Makliman), tourism (Maktur), and real estate (Makyol Gayrimenkul). The firm maintains ISO 9001/14001/45001 certifications, employs approximately 3,000-3,500 professionals across design, engineering, and logistics functions, and is ranked among the ENR Top 150 international contractors.

Name

Makyol

Legal name

Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş.

Website

https://makyol.com.tr

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Makyol is a privately held Turkish heavy-infrastructure contractor that designs and builds highways, metros, tunnels, bridges, airports, and waste-to-energy facilities for government clients in Turkey and 10+ countries, supplemented by Build-Operate-Transfer concessions, marinas, and hospitality investments.

Ownership category

akta.pro rank

Product category

Heavy Infrastructure Construction

NAICS

Utility System Construction (2371)

akta.pro primary industry

Infrastructure Planning, Capital Programs & Project Delivery Offices (PMOs) (BPAIALAJ)

Keywords

• Heavy infrastructure construction
• Highway construction
• Metro system construction
• Build-operate-transfer concessions
• Tunnel construction

Headquarters

HQ city

Istanbul

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Infrastructure Construction Contracts: Traditional construction contracts for government and private infrastructure projects including highways, metros, tunnels, airports. Revenue recognized upon project completion milestones.
2. Build-Operate-Transfer (YID) Projects: Build-Operate-Transfer concessions where company constructs major infrastructure (such as the Gebze-Orhangazi-Izmir Highway with 421 km total length) and operates under concession rights before transferring to government
3. Tourism and Marina Operations: Port and marina management with 25-year operation rights for Kaş Marina, generating recurring revenue from mooring fees and tourism services
4. Hotel Investment and Operations: Real estate investment and hospitality operations including Le Meridien Istanbul Etiler hotel with 259 rooms, suites and residences

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Makyol is a heavy infrastructure construction company that designs, engineers, and builds transportation and energy infrastructure including highways, metro systems, tunnels, bridges, airports, and waste-to-energy plants. The company also delivers large-scale projects under Build-Operate-Transfer (BOT/YİD) concession models, supervises complementary real estate and tourism developments (hotels, marinas), and operates through six group subsidiaries spanning mining, energy, port operations, tourism, and real estate. Service to clients includes competitive bidding on government tenders, joint venture partnerships, and long-term concession operations in Turkey and 10+ countries.

Product overview

Makyol is a leading Turkish construction and contracting company founded in 1965, operating as a multi-segment conglomerate with construction/infrastructure as its core business supplemented by real estate development and tourism investments. The company offers a unified portfolio of services organized into five main segments: Construction (İnşaat) covering heavy infrastructure such as highways, metro systems, tunnels, bridges, and airports; Concession Projects (İmtiyaz) for Build-Operate-Transfer arrangements; Real Estate (Gayrimenkul) for commercial and residential development; Tourism (Turizm) including hotels and marinas; and Energy (Enerji) sector investments. Major named projects include the Gebze-Orhangazi-İzmir Highway with the Osmangazi Bridge, Le Méridien Istanbul Etiler hotel, Ovit Tunnel (Turkey's longest road tunnel), Kadıköy-Kartal Metro, Antalya Rail System, İBB Waste-to-Energy Facility, and Kaş Marina. The Makyol Group comprises six subsidiary companies: Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş. (parent), Madencilik Taahhüt ve Denizcilik Tic. A.Ş., Makenerji A.Ş., Makliman Liman İşletmeleri A.Ş., Maktur Turizm ve Seyahat İşletmeleri Tic. A.Ş., and Makyol Gayrimenkul Yatırım ve Proje Yönetim A.Ş.

Differentiator

Problem solved

Functional benefit

Products and services

• Heavy Infrastructure Construction (İnşaat) End-to-end design, engineering, and construction of heavy infrastructure projects including highways, metro systems, tunnels, bridges, airports, and industrial facilities for government and private clients across Turkey and 10+ countries.
• Build-Operate-Transfer Concession Projects (İmtiyaz) Long-term Build-Operate-Transfer (BOT/YİD) concessions for toll roads and infrastructure where the company finances, constructs, and operates facilities under regulatory agreements with governments before transferring them.
• Real Estate Development (Gayrimenkul) Commercial and residential property development including office buildings, hotels, and housing complexes through subsidiary Makyol Gayrimenkul Yatırım ve Proje Yönetimi A.Ş.
• Tourism Investments (Turizm) Tourism investments including hotels, resorts, and marina operations, with Kaş Marina generating 25-year operation rights and recurring revenue from mooring fees and tourism services.
• Energy Sector Investments (Enerji) Energy infrastructure projects including waste-to-energy production facilities, operated through subsidiary Makenerji A.Ş. supporting group-level energy investments.
• Gebze-Orhangazi-İzmir Highway (BOT) 421 km Build-Operate-Transfer highway project including 377 km main route and 44 km connection roads, 29 viaducts totaling 18,212 m, 3 tunnels of 7 km total, 199 bridges, and the İzmit Bay Crossing suspension bridge operated under concession.
• Le Méridien Istanbul Etiler Five-star luxury hotel in Istanbul's Etiler district with 259 rooms, suites, and residences, developed in partnership with Starwood Hotels & Resorts (Marriott International).
• Ovit Tunnel 14,080 m double-tube road tunnel crossing the Ovit Mountain pass on the Rize-Erzurum highway, Turkey's longest highway tunnel and 4th longest in Europe, with 54 connection tunnels.
• Kadıköy-Kartal Metro 26.25 km double-tube metro line with 15 stations and 46 km of total tunnel construction, including 4.5 km TBM extension and full electromechanical systems installation for Istanbul Metropolitan Municipality.
• Dolmabahçe-Dolapdere-Piyalepaşa-Kağıthane Tunnels 7,212 m double-tube urban tunnel connecting Dolmabahçe to Kağıthane, including Kağıthane-Piyalepaşa tunnel (1,506 m and 1,517 m double tubes) and Bomonti-Dolmabahçe tunnel (2,340 m and 2,350 m double tubes) with 108 m² cross-section.
• Antalya Rail System - Phase 2 19.1 km tram line (12 km ballasted, 7 km embedded concrete) with 15 stations, 4 viaducts totaling 1.3 km, 5 bridge crossings, 71 km rail installation, and 6 pedestrian bridges.
• İBB Waste Incineration and Energy Production Facility Turkey's first and Europe's largest household waste incineration plant with 3,000 ton/day capacity, 3 identical incineration lines, advanced flue gas treatment systems meeting European standards, and 78 MWh electricity generation serving 1.4 million people.
• Kaş Marina Marina investment designed for 472 yachts with 7 floating jetties, breakwater, capacity for 450 boats, featuring mega-yacht dock, haul-out area, yacht club, restaurants, and sports facilities, operated under 25-year concession rights.
• Bucharest Henri Coandă Airport Metro Connection M6 (Lot 1.1) 6.6 km double-tube metro line and 6 stations design and construction for Bucharest Airport rail connection, awarded by Metrorex SA (Bucharest Metro Authority) for contract value of approximately €242.6 million.

Quantifiable outcome

• Constructed 2,450 km of highways, 182 km of tunnels, 99 km of rail systems, 45 km of bridges
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered major, core, minor, social and strategic.

• Alsim Alarko - Makyol Insaat Ortak GirisimimajorStrategic or Co-development Partner · 8 March 2022Joint venture between Alsim Alarko and Makyol for the Bucharest Henri Coanda Airport Metro connection project. Total contract value 1,200,850,000 RON (approximately 242,595,960 EUR) for 6.6 km metro line with 6 stations
• Madencilik Taahhut ve Denizcilik Tic. A.S.coreOthersGroup company specializing in mining contracting and maritime operations, part of Makyol's diversified business structure
• Makenerji A.S.coreOthersGroup company in the energy sector, supporting Makyol's energy infrastructure projects including waste-to-energy facilities
• Makliman Liman Isletmeleri A.S.coreOthersGroup company managing port and harbor operations, supporting infrastructure and concession business development
• Maktur Turizm ve Seyahat Isletmeleri Tic. A.S.coreOthersGroup company focused on tourism and travel operations, complementing Makyol's hospitality investments including hotel projects
• Makyol Gayrimenkul Yatirim ve Proje Yonetim Anonim SirketicoreOthersGroup company specializing in real estate investment and project management, supporting property development initiatives
• OTOYOL A.S.majorOthersHighway operating company managing the Gebze-Orhangazi-Izmir highway concession including the Izmit Bay Bridge crossing
• BAKAD (Buyuk Almaata Cevre Yolu)majorOthersLarge Almaty Ring Road project in Kazakhstan - Makyol's first project in Kazakhstan and concession investment
• KETEN KENDIRminorOthersInvestment company included in Makyol's portfolio of affiliated investments
• Saccev Saffet Cebi Egitim ve Kultur VakfisocialOthersEducational foundation established by Makyol's founder supporting school construction and education initiatives including Camlica and Trabzon schools
• Astaldi and Gulermak Joint VenturemajorStrategic or Co-development PartnerJoint venture with Italian firm Astaldi and Turkish firm Gulermak for Kadikoy-Kartal Metro project valued at 751 million EUR
• IHI Corporation (Japan)strategicStrategic or Co-development PartnerPartnership with Japanese firm IHI for seismic strengthening of Bosphorus and Fatih Sultan Mehmet Bridges in Istanbul
• Starwood Hotels & Resorts (Marriott International)strategicStrategic or Co-development PartnerPartnership with international hospitality group for Le Meridien Istanbul Etiler hotel development - combining Starwood's brand expertise with Makyol's construction quality

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Limak İnşaat: Turkish construction conglomerate with directly comparable profile: highways, airports, BOT concessions, and major international project portfolio (Limak also led Istanbul Airport EPC). Competes head-to-head with Makyol on Turkish mega-tenders and CONCESSION bids.
• Cengiz İnşaat: One of Türkiye's largest infrastructure contractors, active in highways, tunnels, airports, and energy via BOT models. Cengiz's landmark projects (Yavuz Sultan Selim Bridge, Istanbul Airport) position it as a direct competitor to Makyol for major transportation and concession work in Türkiye and Central Asia.
• Kolin İnşaat: Major Turkish heavy civil contractor with overlapping capabilities in highways, tunnels, bridges, and energy projects. Kolin's BOT track record and JV-heavy approach position it as a direct competitor for the same government tenders Makyol pursues.
• Nurol İnşaat: Turkish construction group with comparable heavy infrastructure expertise and active BOT concession operations (Otoyol A.Ş., GW high-speed rail). Pursues the same public-tender ecosystem as Makyol both domestically and abroad.
• Yüksel İnşaat: Long-established Turkish heavy civil contractor, frequently listed alongside Makyol in ENR Top International Contractors. Competes directly on highway, metro, and tunneling tenders across Türkiye and the Middle East.
• Gülermak Ağır Sanayi İnşaat: Makyol's JV partner on Kadıköy-Kartal Metro Specialist Turkish tunneling and metro contractor with comparable technical capabilities, active across Türkiye, Eastern Europe, and MENA on metro/rail tenders.
• Astaldi S.p.A. Italian infrastructure contractor — Makyol's JV partner on Kadıköy-Kartal Metro Historically focused on metro/rail and large transportation infrastructure across Europe, the Americas, and MENA, making it directly comparable on transit megaproject execution.
• Enka İnşaat ve Sanayi A.Ş. Türkiye's largest publicly traded international contractor, active across power plants, oil & gas facilities, and civil infrastructure. Enka's diversified international portfolio and BOT project finance track record make it a closely comparable Turkish peer.
• Doğuş İnşaat: Turkish construction contractor with extensive experience in BOT toll roads and major transportation infrastructure (Doğuş is part of the North Marmara Highway operator consortium). Operates adjacent to Makyol in the same heavy civil ecosystem.

Broad incumbents

• Strabag SE: Austrian-headquartered global construction group with €19B+ annual revenue. Specialized tunnelling, transportation infrastructure, and concession operations across Europe/CIS — competes with Makyol on EU tenders and provides an upper-tier scale benchmark for the company's international ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Makyol