MARLTON, N.J. and CAIRO, Egypt, May 13, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that its joint venture with EHAF Consulting Engineers has received a contract from the Ministry of State for Antiquities of the Arab Republic of Egypt to provide operation and management (O&M) consulting services for the Grand Egyptian Museum in Giza. The four-year contract has an estimated value to the joint venture of approximately $10.0 million. Hill has a 70% interest in the joint venture and EHAF has a 30% interest.
The Grand Egyptian Museum, which has a total estimated project cost of approximately $800 million, will be the largest and most important Pharaonic museum in the world, the largest museum in Egypt and one of the leading scientific, historical and archaeological study centers on the globe. The museum's Twenty-First Century galleries will be located in an iconic and distinctive building located where Cairo meets the desert, abutting the Giza Pyramid's world heritage site. The museum will cover 3,500 years of ancient Egyptian history and house more than 100,000 artifacts.
The Hill/EHAF joint venture is currently acting as construction manager for the museum, completion of which is expected by 2015."We are very proud of the fact that our joint venture team has been entrusted with a second contract," said Raouf S. Ghali, President of Hill's Project Management Group (International). "We are honored to be expanding our involvement in this iconic, world-class project," added Ghali. Hill International, with 3,800 professionals in 100 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 herein 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, 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 are set forth in the Risk Factors section and elsewhere 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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