Hill Intl (MM) (NASDAQ:HINT)
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From Jun 2019 to Jun 2024
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)