This research reviews the challenges and obstacles confronting multinational civil engineering consulting and contracting companies seeking to conduct project developments within Emerging Markets, specifically with regard to the regions of Africa and the Middle East. With the increasing convergence of the global economy towards an interconnected and co-dependant system, the emerging economies of previously underdeveloped parts of the world are now capturing the focus of the civil engineering industry as the primary area of operation. Multinational companies that historically were restricted to construction of the developed world must now adapt and reposition themselves with a footprint in these emerging markets, if they are to take advantage of the changing conditions within the global infrastructure construction industry. For companies historically unfamiliar with operating in Africa and the Middle East, a plethora of potential risks are associated with project development. This research incorporated a substantial literature study that determined a number of critical issues that directly and indirectly influence a company’s ability to complete a project within time and under budget. The literature bank was then tested against the expert opinions of four selected respondents utilising a case study research methodology, as detailed by Yin (1994: 1-17). The respondents represented two selected civil engineering consulting firms, one based in a developed country with an extensive interest in the Middle East, and the other based in an emerging country itself, with operations throughout Africa. The outcome of the research ii highlighted several internal risk factors affecting development in Africa and the Middle East, such as capacity, staff experience, available resources and corporate culture. External factors were, however, the primary focus of respondents’ feedback, and included the reliability of energy supply in the target country, the condition of the built infrastructure such as roads and ports, tax rates and cost of finance, the prevalence of corruption as well as the risk of civil conflict and political instability. The Project Risk Guideline was the final output of this research process, which represented a synthesis between the literature review, the case study investigations as well as synthesis of various accepted risk evaluation techniques. The Guideline is a stage-gate sequential process, and may be utilised by civil engineering consulting or contracting firms with an interest in risk profiling and mitigation for project developments in emerging nations.