diff --git a/tools/Makefile b/tools/Makefile
index da2fe19a72..57f8ed1021 100644
--- a/tools/Makefile
+++ b/tools/Makefile
@@ -10,7 +10,9 @@ SUBDIRS += xentrace
 SUBDIRS += python
 SUBDIRS += xfrd
 SUBDIRS += xcs
+ifndef XEN_NO_IOEMU
 SUBDIRS += ioemu
+endif
 
 .PHONY: all install clean check check_clean