Parsons Corporation Awarded Significant Contract
Parsons Corporation (NYSE: PSN) has recently arrived at an exciting development milestone. The company secured a contract for Phase 2 of a transformative urban development project backed by the Public Investment Fund (PIF). This remarkable $56 million contract, which is equivalent to SAR 210 million, will be instrumental in advancing Diriyah Company’s ambitious goals as it shapes the future of urban living.
Innovative Urban Design and Community Planning
Under this contract, Parsons will leverage its expertise in urban design to craft a series of community-centric parks, ample open spaces, and over 55 kilometers of integrated streetscapes. The company’s responsibilities extend to overseeing the construction processes involved in the public realm for Diriyah Phase 2, encompassing vital elements like streets, accessible footpaths, and civic buildings. This program aims to create an engaging environment that resonates with residents and visitors alike.
A Tribute to Culture and Heritage
Emphasizing the significance of this project, Pierre Santoni, President of Infrastructure EMEA at Parsons, expressed his pride in collaborating with Diriyah Company. He noted that this project hinges on celebrating the rich culture and heritage of Saudi Arabia through innovative urban planning fused with traditional Najdi architectural elements, significant in the Kingdom’s history.
Diriyah's Historical Significance
Diriyah is recognized not only as the birthplace of the Kingdom of Saudi Arabia but also as a UNESCO World Heritage Site housing At-Turaif. It serves as a poignant symbol of Saudi history and culture, with the development aiming to blend these historical elements with modern urban living. This rich tapestry is set against a backdrop of contemporary facilities, including extensive walking areas that invite exploration and interaction.
Looking Towards a Sustainable Future
Diriyah Company has set high aspirations for the long-term development of this site, intending to create a walkable city with a community expected to host about 100,000 residents. Jerry Inzerillo, Group CEO of Diriyah Company, noted the significance of this partnership with Parsons as they pursue the broader vision of a sustainable city aligned with the Kingdom's Vision 2030. The aim is to welcome approximately 50 million visitors each year, creating a vibrant atmosphere for both residents and tourists.
Parsons' Experience in Saudi Arabia
Parsons has been a steady force driving urban development in Saudi Arabia for over 65 years. With over 50 active projects underway, Parsons is deeply involved in various initiatives that are pivotal to the country’s growth, including high-profile projects such as NEOM THE LINE and Soudah Peaks. The company’s substantial experience equips it to contribute effectively to the Kingdom’s Vision 2030, shaping urban environments to be both innovative and sustainable.
About Parsons Corporation
Parsons Corporation stands tall as a leader in pioneering technology solutions centered around national security and global infrastructure. With capabilities spanning numerous areas, including electronic warfare, urban planning, and critical infrastructure protection, the company is positioned to address diverse global challenges. More information about Parsons can be found at parsons.com.
About Diriyah and Its Future
Diriyah is not just a significant historical site; it is designed to evolve into a mixed-use community that reflects the Kingdom’s 2030 vision. This 14-square-kilometer development will integrate living, recreational, and commercial spaces. The adaptability of Diriyah's design ensures that both its heritage and modern urban needs are met harmoniously.
Contact Information
Media Contact:
Lara Masri
Phone: +971 4 4029767
Email: lara.masri@parsons.com
Investor Relations Contact:
Dave Spille
Phone: +1 703.775.6191
Email: Dave.Spille@parsons.com
Frequently Asked Questions
What is the value of the contract awarded to Parsons Corporation?
The contract value awarded to Parsons Corporation is $56 million, approximately SAR 210 million.
What is the purpose of the Diriyah project?
The Diriyah project aims to create a mixed-use urban destination that blends Saudi Arabia's rich culture and heritage with modern urban living.
How long is the contract duration?
The contract for the Diriyah project spans five years.
Which notable structures will be part of the project?
The project will include iconic parks, diverse streetscapes, civic buildings, and open spaces that foster community interaction.
When is the expected completion date for the project?
While the specific completion date is not mentioned, it is part of a long-term vision aligned with Saudi Arabia's Vision 2030.
