MARLTON, N.J. and RIYADH, Saudi Arabia, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract extension from the Public Pension Agency of the Kingdom of Saudi Arabia to continue providing project management services in connection with development of the $7.8 billion King Abdullah Financial District in Riyadh, Saudi Arabia. The one-year contract extension has an estimated value to Hill of approximately $6.6 million.
The King Abdullah Financial District is anticipated to be the biggest financial district in the Middle East and a strategic development for the city of Riyadh. The site is approximately 1.6 million square meters (17.2 million square feet) and the development is expected to have floor space of over 3.0 million square meters (32.3 million square feet). The Financial District is expected to be the headquarters for the Capital Market Authority, the Tadawul Stock Exchange and other major financial institutions, as well as a location for financial service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants and technology providers. The anticipated cost of the development is approximately SAR 29.0 billion ($7.8 billion).
"We are honored to be part of this state-of-the-art development for doing business and facilitating investment both within the Kingdom and throughout the Middle East," said Mohammed Al Rais, Senior Vice President and Managing Director (Middle East) for Hill's Project Management Group. "We are proud of the confidence that the Public Pension Agency continues to entrust in our team," added Al Rais.
Hill International, with 4,000 employees in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the 9th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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 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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