RIYADH, 10 January 2008 — Hill International, the worldwide construction consulting firm, announced yesterday that it has entered into an agreement with Makan Capital Group (MCG), a merchant banking and investment management firm, to 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 equally owned by the two signatory companies and will be headquartered in Abu Dhabi, the company said in a statement yesterday.
MCG, headed by Prince Abdul Aziz ibn Fahd, 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.
MCG’s special focus on the Middle East and North Africa provides superior investment products in a Shariah-compliant manner.
Hill International 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 US.
