HIL stock surged in after-hours trading on October 6, 2020, after the company announced a major new contract from Cairo University.
Hill International (NYSE:HIL), the global leader in managing construction risk, announced today it was awarded a contract to provide project management services for the Kasr Al-Ainy Hospitals Development project for Cairo University. Hill International will provide project management services during the design, procurement, and execution stages of the project which involves the renovation of all existing Kasr Al-Ainy hospital buildings and facilities and construct any additional facility buildings if required.
Hill Senior Vice President North Africa Waleed Abdel Fattah said of the award, “Kasr Al-Ainy is a landmark facility that traces its roots back to 1827. This legacy of healing continues today, and this project will enable the hospital’s professionals to better serve their patients through dramatically improved efficiencies and expanded, customized facilities. Our team will bring Hill’s healthcare best practices from the region and around the world to help ensure the vision for Kasr Al-Ainy is realized safely, on time, and within budget.”
Located in downtown Cairo on the University’s Faculty of Medicine campus, the hospital currently holds 3,200 beds and, according to University officials, receives approximately 7.3 million patients annually, performing around 2.2 million X-rays, 80,000 CT scans, and 45,000 ultrasounds each year. The ultimate goal of the EGP 5 billion project is to transform the hospital into a facility organized by specialist departments, rather than general care, and to increase hospital capacity by some 300%. This will allow Kasr Al-Ainy to serve more patients at a lower cost, while also improving educational and training capabilities for students and staff.
“Kasr Al-Ainy is the latest evidence of the strength of healthcare in Egypt specifically and of the Egyptian economy in general,” explains Hill Chief Executive Officer Raouf Ghali. “Our company continues to see mega-projects in healthcare and other sectors break ground after long periods of negotiation and coordination among various stakeholders. I expect similar progress on other healthcare projects across North Africa and the Middle East to continue for the foreseeable future.”