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ICA is the diligent partner

We are an urban strategist, finance-focused management consultancy based in Sarajevo. We work with Owners and Managers in the public and private sectors to assist their companies in creating and maintaining sustainable value. Our focus is to increase  Internal Rate of Return (IRR) and Operating Profit for our clients.  We have extensive experience in urban reshaping, finance, project management and tax advisory. Our mission is to provide clients with practical and timely knowledge for optimal decision-making.

As urban strategists, our role is to keep the big picture in sight, while simultaneously providing deep knowledge in strategic, market, financial, managerial and economic elements that make project possible and successful. This way we create sustainable micro or macro changes with in urban structures. To create the value, we are merging our knowledge of a market trends, urban and community needs with deep knowledge of management functionality with the focus on profitability of a project.

Additionally, we specialize in hotel, tourism & leisure consulting. Within this small market niche, we offer a complete portfolio of services: feasibility studies for the use of investors, developers, banks and hotel groups, operator and brand search and selection, guide through all development phases – in terms of (1) reviewing architecture & design aspects, (2) investment and time budgets, (3) operational issues, for existing properties – (4) asset management services, (5) general strategic advices or (6) performance improvements, (7) financing and investment advices.



Honoring commitments is at the core of what we do. Our internal document control procedures reflect a high awareness of data sensitivity.

Lifelong learning

Internet based innovations bring increasing opportunities as well as threats. Through due diligence and research, we combat identify and provide insight into the differences between them.

Attention to detail

Beauty is the most valuable “thing” there is. We all need to streive to achieve it while minimizing challenges of jeopardizing functionality and profitability. ICA is doing it by correlating the aesthetics of clear order with optimal function to produce best results.

Human touch

We are a boutique style company that focuses on a select number of projects. Allowing us to provide more of an individualized touch. Our core team is supported by various experts in their related fields.


Mahmuta Maša Aganović

Founder and director

Ms Aganović  has worked as an international architect, project manager and corporate finance advisor. She is a results-driven investment consultant with first-rate skills in managing full cycles of complex projects. Experienced in leading teams in matrix and non-matrix environment, she has experience working with the international community and is well suited to multi-national environments.

Learn more about The Process