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New Murabba Development Company Awards Parsons Design and Construction Management Contract in Saudi Arabia

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CHANTILLY, Va., Jan. 13, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today th...

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AI Summary

Parsons awarded a 60-month contract for New Murabba development. The project focuses on sustainable urban development and tourism. Parsons' experience aligns with Saudi Vision 2030 initiatives. New Murabba will cover 14 million square meters of mixed-use space. Parsons manages over 50 active projects in Saudi Arabia.

Sentiment Rationale

This significant contract enhances PSN's revenue streams and market position in a lucrative market.

Trading Thesis

The project will span 60 months, establishing long-term revenue and growth opportunities for PSN.

Market-Moving

  • Parsons awarded a 60-month contract for New Murabba development.
  • The project focuses on sustainable urban development and tourism.
  • Parsons' experience aligns with Saudi Vision 2030 initiatives.

Key Facts

  • Parsons awarded a 60-month contract for New Murabba development.
  • The project focuses on sustainable urban development and tourism.
  • Parsons' experience aligns with Saudi Vision 2030 initiatives.
  • New Murabba will cover 14 million square meters of mixed-use space.
  • Parsons manages over 50 active projects in Saudi Arabia.

Companies Mentioned

  • NEOM (NEOM)
  • AMD (AMD)
  • CNR (CNR)
  • BAC (BAC)

Corporate Developments

The contract represents a major strategic partnership aligning with the growth of PSN in Saudi Arabia.

Parsons Corporation Awarded Major Contract by New Murabba Development Company

CHANTILLY, Va., Jan. 13, 2026 (GLOBE NEWSWIRE) — Parsons Corporation (NYSE: PSN) has been awarded a significant contract by the New Murabba Development Company, owned by the Public Investment Fund (PIF) of Saudi Arabia. This 60-month contract tasks Parsons with providing essential design and construction technical support, marking a pivotal expansion of the company’s involvement in major urban infrastructure projects.

Contract Details and Scope of Work

As the Infrastructure Lead Design Consultant (ILDC), Parsons will offer comprehensive design and engineering services for critical infrastructure components, public buildings, landscaping, and the public realm within the sprawling New Murabba development. This project covers approximately 14 million square meters, integrating living, working, and entertainment spaces to create a vibrant downtown experience.

The Iconic Mukaab Skyscraper

At the forefront of this ambitious development is the Mukaab, an iconic cube-shaped skyscraper, which will be recognized as the largest built structure of its kind. This landmark symbolizes the innovative and modern aspirations of the New Murabba project.

Leadership Insights on the Project

Carey Smith, Chair, President, and CEO of Parsons, expressed enthusiasm for the project, stating, "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." He emphasized the commitment to maintaining high safety and quality standards throughout the project, leveraging Parsons’ extensive experience in managing complex urban projects in Saudi Arabia.

Vision for a Sustainable Community

New Murabba aims to embody the principles of technology, innovation, and sustainability, aligning with Saudi Arabia’s Vision 2030 “Quality of Life Program.” Michael Dyke, CEO of New Murabba, noted that the contract with Parsons is pivotal for establishing the area as a world-class cultural and tourism destination, promoting a balanced live-work-play environment. Furthermore, residents will have pedestrian-friendly access across the community within 15 minutes.

Significance of the Partnership

This project represents a meaningful step in making New Murabba a global hub for tourism and culture. Dyke added, "The agreement with Parsons will equip New Murabba with next-generation infrastructure that contributes to shaping the future of smart urban living." The development is designed to host diverse events while honoring the unique characteristics of Salmani architecture, ensuring a harmonious blend of heritage and modernity.

Parsons’ Experience and Ongoing Commitment

Parsons has collaborated with PIF since 2017 and has successfully contributed to numerous key urban development projects in the Kingdom, including Diriyah, NEOM THE LINE, NEOM Oxagon, Soudah Peaks, and Rua Al Madina. These efforts are integral to the national Vision 2030 initiative, which aims to diversify the Saudi economy and position the country as a global leader.

About Parsons Corporation

Parsons (NYSE: PSN) is recognized as a leading provider of disruptive technology solutions in national security and global infrastructure sectors. Their expertise spans cyber and electronic warfare, space and missile defense, transportation, water and environment management, urban development, and critical infrastructure protection. To learn more about Parsons and its projects, visit Parsons.com and connect with them on LinkedIn.

Contact Information

  • Media Contact: Lara Masri, +971 4 4029767, lara.masri@parsons.com
  • Investor Relations Contact: Dave Spille, +1 703.775.6191, Dave.Spille@parsons.com

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