Hill International (NYSE:HIL), the global leader in managing
construction risk, announced today it was awarded a contract to
manage construction for the second phase of the Assoufid
development in Marrakech, Morocco, for the United Real Estate
Company, a leading real estate developer in the Middle East, and
Assoufid Properties Development.
The Assoufid development is a luxury mixed-use
integrated tourism and residential resort with commercial, retail,
and hospitality components. Located just 10 kilometers south of
Marrakech, Assoufid is set in a rugged, 2.5 million square meters
landscape featuring stunning views of the Atlas Mountains and an
extraordinary collection of comfort and amenities. Attractions
include a multi-award winning 18-hole golf course recognized as the
best course in Africa, entertainment venues, fine dining, high-end
villas and apartments, and a community center with tennis courts
and other fitness options. The second phase of the project will
deliver additional premium residences, guest rooms, retail, and
dining venues, as well as the completion of the project’s related
infrastructure.
Hill’s Senior Vice President Africa Waleed
Abdel-Fattah said of the award, “Our team has seen development in
general, hotel and hospitality development specifically sustain
strong growth in Morocco in recent years. The Assoufid Project
represents something of a new benchmark for destinations in the
region, as it raises the bar for developments taking advantage of
the surrounding landscape and breathtaking terrain, without
compromising the level of service and comfort today’s guests
expect.”
Commenting on this announcement, URC
Vice-Chairman & Group Chief Executive Officer and Assoufid
Properties Development Chairman, Mr. Mazen Issam Hawwa said, “We
are pleased to engage the services of a renowned company such as
Hill International to oversee the construction of the second phase
of Assoufid development, which includes the iconic five-star hotel,
The St. Regis Marrakech Resort, operated by Marriott International,
Inc., in addition to other residential and retail components.”
“As evidenced by this win at Assoufid, Hill
continues to expand our hospitality and resort portfolio in North
Africa,” says Raouf Ghali, Hill’s Chief Executive Officer. “As Hill
enjoys an international reputation for managing the successful
delivery of five-star resorts for our clients, I’m looking forward
to seeing our team in Morocco apply the best practices of our
destination experience as Assoufid.”
About Hill International
Hill International, with approximately 2,700
professionals in more than 69 offices worldwide, provides program
management, project management, construction management, and other
consulting services to clients in a variety of market sectors.
Engineering News-Record magazine recently ranked Hill as the
eighth-largest construction management firm in the United States.
For more information on Hill, please visit our website at
www.hillintl.com.
About URC
United Real Estate Company. K.S.C.P (URC) is one
of the leading real estate developers in Kuwait and the MENA
region, with consolidated assets of KD 619 million (US$ 2 Billion)
as of 30 September 2020. Headquartered in Kuwait, URC was founded
in 1973 and was listed on the Kuwait Stock Exchange in 1984.
URC primarily operates through a number of
operating subsidiaries and investment arms across the MENA region.
URC's core business is real estate development and operations and
enjoys a diversified portfolio of assets that include retail
complexes, hotels, residential properties, and high-rise office
buildings.
URC’s operations extend to construction and
contracting services, facility management, and project management
through its several subsidiaries. URC's portfolio of assets are
geographically spread throughout the MENA region such as Marina
World, Marina Hotel, and KIPCO Tower in Kuwait, Salalah Gardens
Mall & Residences in Oman, Abdali Mall in Jordan, Raouche View
1090 in Lebanon, Hilton Cairo Heliopolis & Waldorf Astoria
Hotels, and Aswar Residences in Egypt, and Assoufid development
including a golf resort, five-star hotel, and premium residences in
Morocco.
URC is the real estate arm of its majority
shareholder, Kuwait Projects Company – Holding (KIPCO Group), one
of the biggest holding companies in the Middle East and North
Africa, with consolidated assets of US$ 33 billion as of 30
September 2020. The Group has significant ownership interests in
over 60 companies operating across 24 countries. The Group's main
business sectors are financial services, media, real estate, and
manufacturing. Through its core companies, subsidiaries, and
affiliates, KIPCO also has interests in the education and medical
sectors.
Forward Looking Statements
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 statements of
belief or intent, any statements concerning our plans, strategies,
and objectives for future operations 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 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, including that
unfavorable global economic conditions may adversely impact our
business, our backlog may not be fully realized as revenue, and our
expenses may be higher than anticipated. We do not intend, and
undertake no obligation, to update any forward-looking
statement.
Hill International, Inc.Elizabeth J. Zipf, LEED
AP BD+CSenior Vice President(215)
309-7707elizabethzipf@hillintl.com
The Equity Group, Inc.Devin SullivanSenior Vice
President(212) 836-9608dsullivan@equityny.com
Hill (NYSE:HIL)
Historical Stock Chart
From Apr 2024 to May 2024
Hill (NYSE:HIL)
Historical Stock Chart
From May 2023 to May 2024