MARLTON, N.J. & DOHA, Qatar - (Business Wire) Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that a joint venture led by Hill has been awarded a contract by Barwa Al Khor Company to provide project management services in connection with the Barwa Al Khor development in Qatar. The five-year contract has an estimated value to the joint venture of approximately QR191.5 million ($52.6 million). Hill has a 65% interest in the joint venture.
The Barwa Al Khor development covers an enormous area totaling approximately 5.5 million square meters (58.8 million square feet) with a built-up area of approximately 3.6 million square meters (39.0 million square feet). Al Khor city is to feature creatively inspired designs of villas and townhouses, terraces, flats and mixed-use areas, two sprawling hotels (one five-star and one four-star), a superior shopping mall, four top schools, commercial office space, a mosque and an international golf course. The project anticipates offering over 24,000 units as homes to the elite with five-star quality services to surround them. The total expected cost of the development is approximately QR 30 billion ($8.2 billion).
“We are honored to be working with a world-class developer such as Barwa on such a world-class project,” said Raouf S. Ghali, President of Hill's Project Management Group (International). “Hill looks forward to helping make Barwa Al Khor one of the most successful developments in the Middle East,” Ghali added.
Hill International, with 2,300 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 11th largest construction management firm in the United States. For more information on Hill, please visit their website at www.hillintl.com.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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Hill International, Inc.
John P. Paolin, 856-810-6210
Vice President of Marketing and Corporate Communications
johnpaolin@hillintl.com
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
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