MARLTON, N.J. & SALALAH, Oman, Dec. 18, 2012 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract from Taameer Investment to provide project management services in connection with the Dhofar Beach Resort in Salalah, Oman. The four-year contract has an estimated value to Hill of approximately OMR 1.1 million ($2.7 million).
The estimated $111 million Taameer Investment project will be a beachfront resort complex, featuring a five-star resort with 130 rooms, signature restaurants, food and beverage outlets, leisure and water sports facilities, meeting rooms, business center, retail outlets, health club and spa and a ballroom. The resort will also provide an additional 85 state-of-the art hotel apartments and 85 full exclusive VVIP villas. Total built-up area of the project is approximately 80,000 square meters (866,000 square feet).
"The Dhofar Beach Resort once open will be a great attraction for business and leisure travelers and we are proud to be involved in such a huge project which is expected to boost the tourism industry in Oman," said Raouf S. Ghali, President of Hill's Project Management Group (International).The Dhofar Beach Resort project is been developed and owned by Taameer Investment (S.A.O.C.) one of Oman's leading investment companies which has various investments in the real estate, industrial, financial and service sectors. Taameer Investment was established in 2006 and since then the company has grown progressively to be one of the leading investment companies in Oman by making effective contributions towards the national economic growth of the Sultanate due to the solid determination, dedication and commitment of its team of experts. Hill International, with 3,400 employees in 110 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com . The Hill International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5733 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 revenues, 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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