Parsons Awarded Major Contract for New Murabba Development in Riyadh

CHANTILLY, VA. – Parsons Corporation (NYSE: PSN) has secured a significant contract from the New Murabba Development Company, which is owned by the Public Investment Fund (PIF). This new collaboration marks a 60-month commitment for Parsons to lend its expertise in design and engineering, enhancing the burgeoning infrastructure project in Riyadh.

Infrastructure Lead Design Consultant Role

As the Infrastructure Lead Design Consultant (ILDC), Parsons will oversee the design and engineering processes for key elements of the New Murabba initiative. This comprehensive effort will encompass infrastructure, public buildings, landscaping, and the overall public realm, aimed at creating a vibrant downtown experience. Set to span an impressive 14 million square meters, New Murabba will blend spaces for living, working, and entertainment, with an emphasis on community interaction.

At the centerpiece of this ambitious project is the Mukaab, an innovative cube-shaped skyscraper that will stand out as the largest of its kind globally. This architectural marvel is a testament to New Murabba’s identity and vision.

A Commitment to Sustainable Urban Development

Carey Smith, Chair, President, and CEO at Parsons, highlighted the project’s potential, stating: “New Murabba redefines sustainable urban development at a giga scale.” He expressed pride in collaborating with the New Murabba team to establish this transformative destination. Leveraging Parsons’ extensive local knowledge and experience, the focus is on delivering a development that meets the highest safety and quality standards.

Aligning with Saudi Vision 2030

New Murabba pays homage to Riyadh’s historical al-Murabba neighborhood while emphasizing modernity through technology, innovation, and sustainability. This project supports Saudi Arabia’s Vision 2030 and its “Quality of Life Program” by promoting a community where residents can enjoy a balanced lifestyle. The master plan allows for nearly all essential amenities to be accessible within a short 15-minute walk.

Michael Dyke, CEO of New Murabba, emphasized the agreement’s significance, stating that it positions New Murabba as a premier cultural and tourism hub. The sprawling development aims to celebrate Salmani architecture, merging heritage with modern needs to create an inviting and multi-functional space.

Building the Future of Smart Urban Living

The collaboration with Parsons is expected to introduce next-generation infrastructure that enhances the concept of smart urban living. Dyke noted that this milestone is crucial for the evolution of New Murabba into a global destination, capable of hosting international events and providing an inspiring, integrated environment for visitors.

A Proven Partnership with PIF

Parsons has built a robust relationship with the Public Investment Fund since 2017, establishing itself as a reliable partner in various urban development initiatives throughout Saudi Arabia. Their portfolio includes prestigious projects like Diriyah, NEOM THE LINE, and Soudah Peaks, all tailored to align with the country’s Vision 2030 goals of economic diversification and global leadership.

With over 65 years of experience in the region, Parsons currently manages more than 50 active projects across Saudi Arabia, encompassing a range of sectors from urban development to infrastructure. They bring specialized knowledge in sustainable design, transportation, and asset management.

About Parsons Corporation

Parsons (NYSE: PSN) stands out as a leading technology provider in national security and global infrastructure sectors, offering solutions in cyber and electronic warfare, transportation, environmental management, and critical infrastructure protection. For more information about Parsons and its impact, visit Parsons.com and follow them on LinkedIn.

For insights into Parsons’ urban development expertise, explore parsons.com/urban-development/.

Media Contacts:

• Lara Masri
  lara.masri@parsons.com

Investor Relations Contact:

• Dave Spille
  Dave.Spille@parsons.com