Hill Forms JV for $500M in Developments in Middle East, North Africa
- Jan 08, 2008
In an effort to further penetrate international markets, Marlton, N.J.-based construction consulting firm Hill International has entered into an agreement to establish a joint venture company with Abu Dhabi-based Makan Capital Group for construction endeavors across the Middle East and North Africa. The new entity, Makan Hill International Ltd., will be equally owned by Hill and MCG and will engage in the development of approximately $500 million in various real estate projects.MCG will be responsible for securing funds for Abu Dhabi-based Makan Hill’s pursuits, which will encompass commercial, mixed-use and residential properties, as well as infrastructural projects. By joining forces with MCG, Hill will be able to act as a principal in the construction of new developments, while reducing investment commitment and risk. For Hill, the formation of the company will allow it to make its entrée into West Africa. As for the Middle East, Hill presently has various offices in the region where it has been quite active, particularly in the U.A.E., over the last few weeks. Last week the company announced it had won a contract from Escape L.L.C. to serve as project manager for The Escape, a $490 million equestrian and residential compound in Ajman. Just prior to the close of 2007, news emerged that International Capital Trading L.L.C. had selected Hill to provide project management services for Nation Towers, a $650 million mixed-use project in Dubai. Outside of the U.A.E., the company secured the project management contract for the 2.9 million-square-foot Andalusia Square Towers in Jeddah, Saudi Arabia in early December. Established in 1976, Hill provides construction development and project management services, as well as construction claims services. The company holds the distinction of being the largest independent construction management firm in the country, and the largest construction claims firm in the world. Hill stock opened today at $13. MCG, led by Prince Abdulaziz bin Fahad bin Abdullah Al Saud, is a global private equity and investment management company focusing primarily on the Middle East and North Africa.