Parsons Corporation Secures Major Contract for Diriyah Project
CHANTILLY, Va. — Parsons Corporation (NYSE: PSN) proudly announces that it has recently secured a significant contract to spearhead Phase 2 of the magnificent Diriyah project. This notable collaboration with Diriyah Company, a Public Investment Fund (PIF)-owned entity, marks an exciting new chapter in the ambitious transformation of this culturally rich area. The awarded contract, valued at $56 million (approximately SAR 210 million), spans over five years and underscores Parsons' commitment to innovative urban development.
Creating an Iconic Urban Environment
Under this contract, Parsons will take the lead in designing and supervising the construction of a variety of essential urban spaces in Diriyah. The scope of work includes transforming over 55 kilometers of streetscapes and developing a series of iconic parks and vibrant public spaces. The overall vision is to craft an inviting environment that fosters community interaction and enhances the quality of life for its residents.
Fostering Community and Cultural Heritage
"Working with Diriyah Company to create this iconic mixed-use destination is truly a privilege," explained Pierre Santoni, President of Infrastructure EMEA at Parsons. The collaboration embraces Saudi Arabia's rich cultural heritage, seamlessly integrating modern urban design with traditional Najdi architectural elements that date back centuries. This approach aims to honor the legacy of the birthplace of the Kingdom while ensuring a contemporary and vibrant community for future generations.
The Vision Behind Diriyah
At the heart of Diriyah is the At-Turaif UNESCO World Heritage Site, a historical treasure that reflects the bygone era of Saudi Arabia. This project, strategically located just 15 minutes from Riyadh, aims to create a walkable urban environment that encourages community engagement through living, working, shopping, and dining experiences in a setting rich in cultural significance.
Commenting on the strategic significance of the contract, Jerry Inzerillo, Group CEO of Diriyah Company, expressed his enthusiasm: "Partnering with Parsons, we accelerate the ambitious development of Diriyah’s $63.2 billion project. This collaboration is pivotal in achieving our vision of a world-class, human-centric city poised to accommodate around 100,000 residents and attract nearly 50 million visitors annually."
The Role of Parsons in Saudi Arabia
Parsons Corporation has established itself as a trusted partner in Saudi Arabia’s urban development landscape since 2017. The company has played a crucial role in high-impact projects such as NEOM THE LINE, NEOM Oxagon, and Rua Al Madina. Each project contributes to the broader national Vision 2030 initiative—an ambitious program aimed at diversifying the Saudi economy and establishing the country as a global leader in multiple sectors.
Parsons' Longstanding Commitment to Excellence
With over 65 years of experience in Saudi Arabia, Parsons currently oversees more than 50 active projects throughout the Kingdom, including several notable mega-projects. The company brings extensive expertise in urban development, commercial development, transportation infrastructure, and smart mobility. This robust portfolio illustrates Parsons' dedication to creating sustainable, innovative urban spaces that reflect the Kingdom’s aspirations.
About Parsons Corporation
As a forefront provider of disruptive technologies in national security and global infrastructure, Parsons (NYSE: PSN) excels in numerous sectors including cyber and electronic warfare, space and missile defense, and critical infrastructure protection. Learn more about Parsons’ impact in urban development and beyond through their dedicated channels.
Understanding Diriyah's Transformation
Diriyah is not just a construction project; it’s a reimagining of a historical site into a vital cultural and lifestyle hub, a cornerstone of Saudi Arabia's Vision 2030. This transformation aims to accommodate more than 100,000 residents, workers, and visitors, enriching the area with cultural, entertainment, retail, and educational offerings.
Among the first developments is Bujairi Terrace, a new premium dining and retail destination housing over 20 diverse outlets, all positioned against the stunning backdrop of At-Turaif. Luxury accommodations like Bab Samhan enhance Diriyah's allure, offering guests an exquisite experience immersed in this historic locale.
About Diriyah Company
Launched in 2023, Diriyah Company is entrusted with the stewardship of developing this exciting mixed-use urban destination. Its mission is to harmoniously integrate world-class amenities with a deep respect for the cultural heritage of the site, ensuring that every aspect of Diriyah reflects highest standards of preservation and innovation.
By forging strong partnerships and emphasizing sustainability, Diriyah Company is committed to cultivating Diriyah as a global destination and a lively heart for its residents and visitors alike.
Frequently Asked Questions
What is the Diriyah project about?
The Diriyah project is a transformative urban development aimed at blending cultural heritage with modern amenities, creating a vibrant community.
Who is managing the Diriyah project?
Diriyah Company, a Public Investment Fund-backed entity, is responsible for the development and management of the project.
How long will the Diriyah project take?
The contract awarded to Parsons spans five years, focusing on Phase 2 of the urban development.
What historical significance does Diriyah have?
Diriyah is known as the birthplace of the Kingdom of Saudi Arabia and houses the At-Turaif UNESCO World Heritage Site.
What role does Parsons Corporation play in Diriyah?
Parsons Corporation is responsible for designing and supervising the construction of key public spaces and infrastructure within the Diriyah project.
