NV5 Awarded $4 Million in Middle East Building Engineering and Technology Projects

Rhea-AI Summary

NV5 Global (NASDAQ: NVEE) has secured $4 million in new projects in the Middle East, focusing on building engineering and technology solutions. These include new constructions and refurbishments in Saudi Arabia and the UAE. Notable projects encompass the transformation of a historic palace into a luxury hotel and the design of HVAC systems for schools and resorts. CEO Dickerson Wright emphasized that these projects support NV5's strategic growth in international markets, particularly aligning with Saudi Arabia's and UAE's long-term development plans.

Positive

• Awarded $4 million for engineering projects in Middle East.
• Expansion into high-profile construction projects supports international growth.
• Projects align with regional 2030 and 2050 development plans.

Negative

• None.

HOLLYWOOD, Fla., Nov. 29, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has been awarded $4 million in building engineering and technology projects in the Middle East. The projects include new construction and refurbishment of existing structures in the United Arab Emirates and the Kingdom of Saudi Arabia. NV5 will provide design services for mechanical, security, and audiovisual systems.

“We are pleased to have been selected for these high-profile projects which will contribute to the continued growth of our international business in the Middle East and Asia,” said Dickerson Wright, PE, Chairman & CEO of NV5. “Our strategy of delivering full mechanical and technology systems design, as well as ongoing commissioning and energy efficiency gives us a competitive advantage and has driven the expansion of our international operations.”

In Saudi Arabia, NV5 will provide mechanical engineering for the conversion of a historic palace in Riyadh into a seven-star luxury hotel. In the United Arab Emirates, NV5 will deliver HVAC and technology system design services for the redevelopment of four schools and a five-star desert resort in Dubai, as well as a mixed-use hospitality and residential project in Sharjah consisting of four towers on a common podium.

“These wins contribute to the growth of our Middle Eastern business as we work to support the Kingdom of Saudi Arabia and the United Arab Emirates as they progress toward their 2030 and 2050 plans,” said Ivor Jarman, Executive Vice President of International Operations at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad.   For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact

NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com 

FAQ

What recent projects has NV5 Global been awarded in the Middle East?

NV5 Global has been awarded $4 million in projects focusing on building engineering and technology in Saudi Arabia and the UAE.

What types of services will NV5 provide for the new projects?

NV5 will provide design services for mechanical, security, and audiovisual systems for the new projects.

Which notable project is NV5 involved in Saudi Arabia?

NV5 is providing mechanical engineering for the conversion of a historic palace in Riyadh into a seven-star luxury hotel.

How do NV5's new projects align with regional goals?

The projects support Saudi Arabia's and UAE's development plans towards 2030 and 2050.

What is NV5's strategy for international growth?

NV5's strategy focuses on delivering comprehensive mechanical and technology systems design, enhancing their competitive advantage.