Parsons Awarded $25M Contracts for Middle East Transportation Projects

Rhea-AI Summary

Parsons (NYSE:PSN) has been awarded two contracts worth $25 million for design engineering projects in the Middle East transportation sector. These contracts are part of over $90 million in awards from the same customer in the past 9 months. The scope includes:

• Design engineering and construction supervision for transportation infrastructure enhancements
• Development of mobility solutions and dedicated corridors
• Roadway capacity upgrades and public transit initiatives
• Strategic study for a new corridor to alleviate traffic
• Planning and design to minimize disruption to existing traffic

Parsons aims to create sustainable, eco-friendly mobility solutions that align with the region's vision for a greener future. These projects are part of broader strategic initiatives in Gulf member states, including Saudi Vision 2030 and Dubai 2040 Urban Master Plan.

Positive

• Secured $25 million in new contracts for Middle East transportation projects
• Won over $90 million in contract awards from the same customer in the last 9 months
• Expanding presence in the Middle East transportation sector
• Aligns with Gulf states' strategic initiatives, potentially leading to more contracts

Negative

• None.

CHANTILLY, Va., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that the company has been awarded two contracts worth $25 million to perform design engineering for a Middle East transportation customer. With the same customer, Parsons has won more than $90 million in contract awards over the last 9 months.

Under these contracts, Parsons will lead the design engineering and construction supervision of transportation infrastructure enhancements. The scope includes the development of mobility solutions and their dedicated corridors, roadway capacity upgrades, and public transit initiatives on critical streets to improve urban mobility and reduce congestion. Parsons will also conduct a strategic study to assess a new corridor to alleviate traffic and optimize expressway traffic. Finally, Parsons will manage the planning and design to minimize disruption to existing traffic, while supporting the seamless integration of these improvements into the region’s transportation network.

“Projects like these demonstrate the evolving nature of transportation in the Middle East. I am proud that we are leveraging Parsons’ 80 years of global experience, combined with our local knowledge to create bespoke solutions for our transportation clients’ needs that are transforming regional mobility,’’ said Pierre Santoni, President of Infrastructure EMEA at Parsons. ‘‘As demand rises for sustainable modes of transportation, Parsons is committed to working with its clients to imagine the future of transportation with safe, secure, connected and sustainable solutions.”

These projects enhance transportation infrastructure and underscore Parsons' commitment to deliver innovative solutions. With advanced design practices that are environmentally conscious, Parsons is creating mobility solutions that alleviate congestion and promote alternative, eco-friendly modes of transport. Parsons’ focus on sustainability, through rigorous Environmental Impact Assessments and the development of pedestrian-friendly features, aligns with the region's vision for a greener future.

These wins are part of a broader strategic focus of the Gulf member states including Bahrain, Qatar, Abu Dhabi, Saudi Vision 2030, Oman Vision 2040, and Dubai 2040 Urban Master Plan. Parsons is proud to be a trusted partner for more than 65 years and will help deliver their vision of digitally-transformed infrastructure.

With a regional team of more than 6,500 employees, Parsons brings deep domain expertise across urban and destination development, transport infrastructure and smart mobility, industrial and commercial development, asset management, sustainability, and resilience in the region.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.     

To join Parsons in creating the future of the Middle East, visit parsons.com/mea

Media Contact:                                        
Lara Masri
+971 4 4029767
Lara.Masri@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com

FAQ

What is the value of Parsons 's (PSN) new contracts in the Middle East?

Parsons (PSN) has been awarded two contracts worth $25 million for design engineering projects in the Middle East transportation sector.

How much has Parsons (PSN) won in contract awards from this Middle East customer in the past 9 months?

Parsons (PSN) has won more than $90 million in contract awards from the same Middle East customer over the last 9 months.

What services will Parsons (PSN) provide under these new Middle East contracts?

Parsons (PSN) will lead design engineering and construction supervision for transportation infrastructure enhancements, including mobility solutions, roadway upgrades, and public transit initiatives.

How do these projects align with Parsons 's (PSN) sustainability goals?

These projects align with Parsons 's (PSN) sustainability goals by focusing on eco-friendly transport modes, conducting Environmental Impact Assessments, and developing pedestrian-friendly features.