Parsons Corporation has secured a 60‑month contract with the Public Investment Fund‑owned New Murabba Development Company to provide design and construction technical support for the 14‑million‑square‑meter New Murabba development in Riyadh. The agreement covers infrastructure, public buildings, landscape, and public realm services, with Parsons serving as the Infrastructure Lead Design Consultant.
The award adds a long‑term revenue stream to Parsons’ Critical Infrastructure segment, which saw 18% year‑over‑year revenue growth in Q3 2025. The 60‑month term aligns with Saudi Vision 2030’s “Quality of Life” program, positioning Parsons to deliver smart‑city solutions across a flagship mixed‑use project that is expected to be the world’s largest modern downtown.
Parsons has a 65‑year presence in Saudi Arabia and has delivered more than 50 active projects, including PIF‑backed initiatives such as Diriyah, NEOM THE LINE, and Rua Al Madina. The New Murabba contract builds on that experience and strengthens the company’s relationship with the PIF, a key driver of Saudi economic diversification.
While the financial value of the contract has not been disclosed, the 14‑million‑sq‑m development is projected to be completed by 2030 and is expected to generate significant non‑oil GDP and job creation. The long‑term nature of the contract is expected to provide steady cash flow and reinforce Parsons’ position in the Middle East, a region that has become a core growth area for the company.
CEO Carey Smith said the project “redefines sustainable urban development at a giga scale” and highlighted the opportunity to apply Parsons’ expertise in integrated design, digital infrastructure, and resilience. The partnership signals confidence in the continued expansion of Saudi Arabia’s urban infrastructure and underscores Parsons’ strategy to capture high‑value, long‑term contracts in emerging markets.
The contract is a strategic win that complements Parsons’ recent momentum in the Critical Infrastructure segment and aligns with its broader focus on delivering end‑to‑end solutions for large‑scale public projects. The award is expected to contribute to the company’s long‑term growth trajectory and reinforce its competitive advantage in the global infrastructure services market.
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