Jacobs Selected for Urban Development Project in Saudi Arabia

Rhea-AI Summary

Jacobs (NYSE:J) has been selected by NEOM Company to provide consultancy services for THE LINE, a revolutionary linear city project in Saudi Arabia aimed at reshaping urban living. This initiative is part of Saudi Arabia's Vision 2030 to diversify its economy through innovation and tourism. Jacobs, alongside JASARA, will oversee project management, construction consultancy, and integration of new construction technologies. The project focuses on sustainable, hyper-connected communities powered by clean energy, emphasizing a shift in urban development practices.

Positive

• Jacobs has secured a significant contract with NEOM Company, enhancing its portfolio and market position.
• THE LINE project aligns with Saudi Arabia's Vision 2030, potentially increasing demand for Jacobs' services in a growing market.

Negative

• None.

Contract to support country's Vision 2030 to diversify its economy

DALLAS, Feb. 15, 2023 /PRNewswire/ -- Jacobs (NYSE:J) and JASARA have been appointed by NEOM Company (NEOM) for THE LINE, its linear and cognitive city under development in the northwest of Saudi Arabia. A centerpiece for NEOM, THE LINE will play a leading role in NEOM's aim of establishing itself as a new destination for global tourism, industry and innovation.

Jacobs and JASARA will provide project and construction management consultancy services for the design, procurement, construction, testing and commissioning of THE LINE, together with the management of the critical interfaces between it and adjacent NEOM projects and logistics.

"THE LINE presents a vision for how people could live in the future," said Jacobs Executive Chair Steve Demetriou. "This project is intending to re-write the playbook on urban development to address some of the major environmental and quality of life challenges we often see in big cities. We are committed to helping deliver projects that aspire to completely reimagine urban living and rethink what it means to live in a more connected, sustainable world."

THE LINE envisions a ribbon of hyper-connected, mixed-use communities completely powered by clean energy, where residents rely on ultra-high-speed transit, autonomous and personal mobility solutions and walking to access essential daily services. To deliver the vision, the project will embrace a range of new construction technologies, processes and materials.

"This project is a complex development unlike anything that's been done before anywhere in the world," said Jacobs People & Places Solutions Senior Vice President and General Manager Asia Pacific, Middle East and Europe Keith Lawson. "We'll leverage our global experience on large-scale infrastructure programs to create an integrated approach that will realize the project vision and set a new standard for infrastructure delivery worldwide."

About Jacobs:

At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $15 billion in annual revenue and a talent force of more than 60,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.

About JASARA:

JASARA is a Jacobs, Public Investment Fund (PIF) and Saudi Aramco joint venture providing professional program and construction management services for social infrastructure projects throughout Saudi Arabia and across the Middle East.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, the timing of the award of projects and funding under the Infrastructure Investment and Jobs Act, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession, geopolitical events and conflicts, and the impact of the COVID-19 pandemic, including the related reaction of governments on global and regional market conditions, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, as well as the company's other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
Kerrie Sparks
214.583.8433

View original content to download multimedia:https://www.prnewswire.com/news-releases/jacobs-selected-for-urban-development-project-in-saudi-arabia-301747516.html

SOURCE Jacobs

FAQ

What is Jacobs' role in THE LINE project in Saudi Arabia?

Jacobs will provide project and construction management consultancy services for THE LINE, ensuring the integration of various construction technologies and project interfaces.

What is the significance of THE LINE for Jacobs (J)?

The project represents a strategic opportunity for Jacobs to expand its influence in urban development and infrastructure management in line with Saudi Arabia's Vision 2030.

How does THE LINE project impact Saudi Arabia's economy?

THE LINE aims to diversify Saudi Arabia's economy by attracting global tourism, industry, and innovation, which could lead to increased investments and economic growth.

When was Jacobs selected for THE LINE project?

Jacobs was selected for THE LINE project on February 15, 2023.

What are the expected benefits of THE LINE for residents?

Residents of THE LINE will benefit from hyper-connected, sustainable living environments powered by clean energy and advanced mobility solutions.