Parsons Awarded Three-Year, $39 Million Contract by Lusail Real Estate Development Company

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded a $39 million, three-year contract by Lusail Real Estate Development Company (LREDC) for project management, construction management, and site supervision consultancy services in Lusail City, Qatar. This contract highlights Parsons’ ongoing involvement in infrastructure projects, as they have provided services in Lusail since 2006. Lusail City is Qatar's largest development, covering over 38 square kilometers, and aims to embody the country’s National Vision 2030.

Positive

• Awarded a $39 million contract, highlighting growth opportunities.
• Continues involvement in significant infrastructure projects in Lusail City.

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• None.

CENTREVILLE, Va., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Lusail Real Estate Development Company (LREDC) to provide project management, construction management and site supervision consultancy services for infrastructure, utilities, and landscape projects in Lusail City through a $39 million, three-year contract.

“Parsons is honored to be selected by the Lusail Real Estate Development Company for this new assignment,” said Pierre Santoni, president, Middle East and Africa for Parsons. “For more than a decade, we have worked diligently to deliver results in our Lusail City programs. This award recognizes those results and marks our opportunity to continue creating the future alongside LREDC.”

Lusail City is the largest development currently being undertaken in Qatar. It will be a sustainable city combining more than 38 square kilometers of land and water, including five exclusive islands and 24 multipurpose districts. Extending 23 kilometers north of the Doha city center, it will be Qatar’s first and largest smart sustainable city. Designed to be a self-sufficient city, Lusail embodies Qatar’s National Vision 2030, with both the local and international communities in mind.

This award highlights the team’s continued involvement in infrastructure, building, and landscaping PM/CM/CS services. Parsons has been providing PM/CM services to Lusail City since 2006.

To learn more about Parsons’ work in the Middle East, please visit, Parsons.com/MEA.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

FAQ

What contract did Parsons Corporation win in August 2021?

Parsons Corporation was awarded a $39 million, three-year contract for project management and construction consultancy services in Lusail City, Qatar.

How long has Parsons been involved in Lusail City projects?

Parsons has been providing services in Lusail City since 2006.

What is the significance of Lusail City in Qatar?

Lusail City is Qatar's largest development, covering over 38 square kilometers, designed as a smart, sustainable city.

What does the contract awarded to Parsons represent?

The contract represents an opportunity for Parsons to continue their role in developing critical infrastructure in Lusail City.