PHILADELPHIA, June 18 PA-CDI-EPCM-Kuwait
PHILADELPHIA, June 18 /PRNewswire-FirstCall/ -- CDI Corp. (NYSE: CDI)
announced today that its CDI Engineering Solutions division has signed an
agreement to form a joint venture with Emtiaz Engineering & Energy Holding
Company (Triple E), a subsidiary of Al-Imtiaz Investment Company, to create a
Kuwait-based Engineering, Procurement & Construction Management (EPCM) firm.
The firm will develop oil & gas, chemical, power, water development and
infrastructure projects in Kuwait, Qatar and other Gulf Cooperation Council
(GCC) countries.
The new company, CDI Gulf International (CGI), will be owned 51% by Emtiaz
Engineering & Energy Holding and 49% by CDI. Once operational, CGI will have
the capability to participate in various tenders and projects that will be
offered by the oil & gas and industrial sectors in Kuwait and the Gulf States.
Emtiaz Engineering & Energy Holding is an independent engineering and
energy holding company focused on oil & gas, energy, drilling and EPC projects
in the Middle East and Africa. Emtiaz's parent company, Al-Imtiaz Investment
Company (www.alimtiaz.com), actively targets investments in the financial &
banking, asset management, real estate development and energy sectors within
the GCC and international markets.
"In order to meet the highest standards of performance and carry out these
complex industrial and infrastructure projects that are vital to the local
economy of Kuwait and the region, we required a multi-faceted international
engineering firm that could bring the specific expertise and state-of-the-art
technology to Kuwait and the GCC markets," said Dr. Issa M. Al-Own, President
& CEO of Emtiaz Engineering & Energy Holding. "CDI's global resources will
allow us to be a premier local EPCM firm in Kuwait and the surrounding areas."
"CDI's expertise in cutting-edge technology tools such as SmartPlant
computer aided design and 3D laser imaging as well as our flexibility to
source world-wide engineering talent will allow us to provide a competitive
advantage to the alliance which will be offered to local industry," said Roger
H. Ballou, President and CEO of CDI. "We look forward to growing our
international presence with this venture and the opportunity it presents to
participate in the over $450 billion oil and gas, energy, water and
infrastructure spending in this marketplace that is forecast through 2015."
About CDI
Headquartered in Philadelphia, CDI Corp. (NYSE: CDI) is a leading provider
of engineering and information technology outsourcing solutions and
professional staffing. Its operating units include CDI Engineering Solutions,
CDI IT Solutions, CDI AndersElite Limited and Management Recruiters
International, Inc. Visit CDI at www.cdicorp.com.
About Emtiaz Engineering & Energy Holding
Kuwait-based Emtiaz Engineering & Energy Holding, founded in 2007, was
established to contribute to the energy, engineering and construction sectors.
The company develops and expands work in energy, especially in the areas of
drilling and oil, engineering, construction and architectural projects to take
advantage of the economic growth in the region.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. All statements that
address expectations or projections about the future are forward-looking
statements. Some of the forward-looking statements can be identified by words
like "anticipates," "believes," "expects," "may," "will," "could," "should"
and similar expressions. These statements are not guarantees of future
performance and involve a number of risks, uncertainties and assumptions that
are difficult to predict. Because these forward-looking statements are based
on estimates and assumptions that are subject to significant business,
economic and competitive uncertainties, many of which are beyond our control
or are subject to change, actual outcomes and results may differ materially
from what is expressed or forecasted in these forward-looking statements.
Important factors that could cause actual results to differ materially from
the forward-looking statements include, but are not limited to: changes in
general economic conditions and levels of capital spending by customers in the
industries that we serve; the availability and cost of qualified labor; our
level of success in attracting, training, and retaining qualified management
personnel and other staff employees; changes in customers' attitudes towards
outsourcing; credit risks associated with our customers; changes in tax laws
and other government regulations; the possibility of incurring liability for
our activities; our performance on customer contracts; and government policies
or judicial decisions adverse to our businesses. More detailed information
about some of these risks and uncertainties may be found in our filings with
the SEC, particularly in the "Risk Factors" section of our Form 10-K's.
SOURCE CDI Corp.
