Hill International and Makan Capital Group to Launch Real Estate Development Company
MARLTON, N.J. & RIYADH, Saudi Arabia--(Business Wire)--Hill International (Nasdaq:HINT), the worldwide construction
consulting firm, announced today that it has entered into an agreement
with Makan Capital Group ("MCG"), a merchant banking and investment
management firm, pursuant to which they will form a new joint venture
company that intends to develop commercial, mixed-use, residential,
infrastructure and other projects throughout the Middle East and North
Africa.
The new company, to be named Makan Hill International Ltd., will
be owned 50% by MCG and 50% by Hill and will be headquartered in Abu
Dhabi, United Arab Emirates. MCG, which is headed by His Highness
Prince Abdulaziz bin Fahad bin Abdullah Al Saud, intends to raise a
fund targeted at approximately $500 million to invest in projects to
be developed by Makan Hill.
"This new venture will bring Hill's project management resources
and experience to the development of projects throughout the Middle
East region," said Irvin E. Richter, Hill's Chairman and Chief
Executive Officer. "It will also allow us to begin to develop projects
as a principal with minimal investment by and risk to Hill," Richter
added.
"The combination of MCG's financial expertise and Hill's project
management expertise, together with our joint local market knowledge,
will allow our new company to develop successful projects with the
returns demanded by our investors," said Steven Koinis, Managing
Director and Chief Executive Officer of MCG.
Makan Capital Group is a global private equity and investment
management firm based in Abu Dhabi. MCG's special focus on the Middle
East and North Africa provides superior investment products in a
Sharia'a compliant manner. For further information about MCG, please
contact Steven Koinis, Managing Director and CEO, at
skoinis@makancapitalgroup.com.
Hill International, with 1,600 employees in 70 offices worldwide,
provides program management, project management, construction
management, development management and construction claims services.
Engineering News-Record magazine recently ranked Hill as the 10th
largest construction management firm in the United States. For more
information on Hill, please visit our website at www.hillintl.com.
This press release may include certain statements that fall within
the definition of "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. Any such statements are
subject to risks and uncertainties, overall economic and market
conditions, competitors' and clients' actions, and other conditions,
which could cause actual results to differ materially from those
anticipated, including those risks identified in Hill's filings with
the Securities and Exchange Commission. Accordingly, such statements
should be considered in light of these risks. Any prediction by Hill
is only a statement of management's belief at the time the prediction
is made. There can be no assurance that any prediction once made will
continue thereafter to reflect management's belief, and Hill does not
undertake to update publicly its predictions, whether as a result of
new information, future events or otherwise.
(HINT-G)
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
dsullivan@equityny.com
Copyright Business Wire 2008
© Thomson Reuters 2009 All rights reserved



