Parsons (NYSE: PSN) announced that it has been awarded a contract to develop the second phase of the Diriyah project in Saudi Arabia, one of the Public Investment Fund's major projects, valued at 210 million riyals ($56 million) for 5 years.

Parsons has been awarded a contract to develop the second phase of the Diriyah project in Saudi Arabia, one of the Public Investment Fund's major projects, valued at 210 million riyals ($56 million) for 5 years.

The second phase of the Diriyah project

The contract awarded to Parsons includes supporting the development of a number of vital facilities within the project, including distinctive parks, open spaces, neighborhood parks, and green areas spanning more than 55 km, as well as the design and supervision of streets, footpaths, buildings and civil facilities within the general area of the project.

Parsons“ work will include the design and construction supervision of streets, pedestrian walkways, buildings and civil facilities within the general area of the project.

Pierre Santoni, Parsons” Head of Infrastructure EMEA, said the project represents a unique opportunity to contribute to the development of an iconic destination that celebrates Saudi Arabia's rich heritage.

Pierre Santoni, Parsons" Head of Infrastructure for Europe, Middle East and Africa, said. <He emphasized that the company will employ its modern technologies and innovative urban planning practices, while preserving the 300-year-old Najdi architectural style, to develop a sustainable and modern environment. Diriyah seeks to transform this project into a mixed-use destination that blends modern architectural history and Saudi traditions, providing an ideal environment in which to live and work. Upon completion, the project will form a fully pedestrianized area, attracting millions of visitors annually.

Diriyah Company will utilize modern technology and innovative urban planning practices, while preserving the 300-year-old Najdi architectural style, to develop a sustainable and modern environment. <Jerry Inzerillo, CEO of Diriyah, said that signing this contract with Parsons reflects the company's commitment to accelerate the development of the 236 billion riyals ($63.2 billion) project and added that the project will enhance Diriyah's position as a modern urban center that can accommodate hundreds of thousands of residents and attract millions of visitors annually. Parsons has partnered with the Public Investment Fund (PIF) in the Kingdom since 2017 and is one of the most prominent companies supporting mega projects such as NEOM the Line, NEOM Oxagon, Souda Peaks, and projects under the Kingdom's Vision 2030."

Parsons has been working with the Public Investment Fund (PIF) in the Kingdom since 2017.