Parsons wins 60-month Saudi Arabia infrastructure contract

Parsons Corporation (NYSE: PSN) received a 60-month contract from New Murabba Development Company, owned by Saudi Arabia's Public Investment Fund, to provide design and construction technical support for the New Murabba development project.

The company will serve as Infrastructure Lead Design Consultant, providing design and engineering services for infrastructure, public buildings, landscape and public realm components of the development. The project spans 14 million square meters and includes living, working and entertainment spaces in Riyadh.

The development centers around the Mukaab, described as a cube-shaped skyscraper. New Murabba is designed as a mixed-use destination aligned with Saudi Vision 2030's Quality of Life Program, featuring a 15-minute walkability concept for residents.

"New Murabba is an extraordinary project that redefines sustainable urban development at a giga scale and Parsons is proud to be working with the New Murabba team on the creation of this new destination," said Carey Smith, Chair, President, and Chief Executive Officer at Parsons.

Michael Dyke, Chief Executive Officer of New Murabba, said the agreement aims to advance the development's position as a cultural and tourism destination. He stated the project will feature next-generation infrastructure for smart urban living.

Parsons has maintained a partnership with the Public Investment Fund since 2017, working on projects including Diriyah, NEOM THE LINE, NEOM Oxagon, Soudah Peaks and Rua Al Madina. The company reports having more than 50 active projects in Saudi Arabia and has operated in the kingdom for over 65 years.

The information is based on a company press release statement.

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