Parsons Corporation secures a 25-month contract for Project Management Office services at King Salman Park, enhancing Riyadh's urban development.
Quiver AI Summary
Parsons Corporation has secured a 25-month contract to provide Project Management Office (PMO) services for the King Salman Park, an ambitious urban transformation project in Riyadh, Saudi Arabia. This project encompasses 11.6 square kilometers of green space and over 10 square kilometers of built-up area, featuring cultural landmarks and a 7.2 km pedestrian walkway called The Loop. Parsons' role will involve supporting the project's delivery strategy, including overseeing design, procurement, construction, and smart city initiatives, all aimed at enhancing the quality of life in line with Saudi Vision 2030. The park aims to improve urban sustainability by planting one million trees, boosting biodiversity, and enhancing the region's green cover. With a long-standing presence in the region, Parsons brings significant expertise in urban development and sustainability to this landmark initiative.
Potential Positives
- Parsons Corporation has been awarded a significant contract for Project Management Office services by the King Salman Park Foundation for the development of King Salman Park, a key urban transformation initiative.
- This 25-month contract represents new work for the company, indicating growth and expansion in its project portfolio.
- The project aligns with Saudi Vision 2030’s "Quality of Life" Program, showcasing Parsons' commitment to sustainability and urban development in collaboration with regional priorities.
- Parsons will leverage its 80 years of global expertise and local experience to manage a world-class mixed-use development, enhancing the quality of life for residents and visitors in the region.
Potential Negatives
- None
FAQ
What is the King Salman Park project?
King Salman Park is a major urban transformation initiative in Riyadh, featuring 11.6 sq km of green space and cultural landmarks.
Who awarded Parsons Corporation the PMO contract?
The contract for Project Management Office services was awarded by the King Salman Park Foundation.
What are Parsons' responsibilities in the project?
Parsons is responsible for the delivery strategy, design oversight, procurement, construction, and implementation of smart city initiatives.
How does King Salman Park support Saudi Vision 2030?
The park enhances quality of life through sustainable urban development, aligning with Saudi Vision 2030's goals and initiatives.
What sustainability measures are being implemented in King Salman Park?
The project plans to plant 1 million trees to boost regional vegetation cover, enhance biodiversity, and mitigate heat effects.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
CHANTILLY, Va., April 23, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has been awarded a contract for Project Management Office (PMO) services by the King Salman Park Foundation for King Salman Park. This 25-month contract marks new work for Parsons. King Salman Park is one of the world's most unique urban transformation projects, featuring 11.6 sq km of green space and over 10 sq km of built-up area. The Park includes cultural landmarks such as the Royal Arts Complex and a vibrant 7.2 km pedestrian walkway known as The Loop, among many other assets. All these elements are designed to support Saudi Vision 2030’s “Quality of Life” Program.
Parsons' responsibilities encompass supporting the delivery strategy of the King Salman Park program, as well as overseeing and reporting on the design, procurement, construction, and implementation of smart city initiatives.
"King Salman Park is an exceptional project that seamlessly integrates destination and sustainable urban development. Parsons is honored to contribute to this landmark initiative that is transforming Riyadh’s urban landscape and establishing a legacy," said Pierre Santoni, President, Infrastructure EMEA at Parsons . "Our team will utilize Parsons’ 80 years of global expertise, along with our local experience in designing and managing complex urban projects in the Kingdom, to help deliver this world-class mixed-use development project that will enhance the lives of both residents and visitors."
“Sustainability is at the heart of King Salman Park's vision. Located on the former Riyadh Air Base, the Park will transform the area with the planting of 1 million trees and plants. This initiative will significantly enhance the region's vegetation cover, increase per capita green space, and boost biodiversity, supporting local wildlife. Our plans include strategically placing trees along roadsides and near buildings to absorb CO2, increase humidity, and mitigate the heat island effect,” said George Tanasijevich, Chief Executive Officer, King Salman Park Foundation .
With over 65 years of regional presence, Parsons offers extensive expertise in urban development, smart mobility, asset management, design, sustainability, and landscape architecture within the Kingdom.
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10c53037-342f-4a67-8df8-3e4904fa82fe
Media Contact
Lara Masri
Parsons Corporation
[email protected]
+971 4 4029767
Investor Relations
Dave Spille
VP, Investor Relations
[email protected]
+1 703.775.6191
