Parsons Corp Secures Major Contract for New Murabba Development in Saudi Arabia

On January 13, 2026, Parsons Corporation (NYSE: PSN) announced a significant milestone in its collaboration with the Public Investment Fund (PIF)-owned New Murabba Development Company. The company has been awarded a 60-month contract to serve as the Infrastructure Lead Design Consultant (ILDC) for the ambitious New Murabba project in Saudi Arabia. This contract represents not only a strategic win for Parsons but also underscores the firm’s long-standing relationship with the PIF, dating back to 2017.

New Murabba, named after Riyadh's historic al-Murabba neighborhood, aims to redefine urban living by integrating technology, sustainability, and cultural heritage. Covering an expansive area of approximately 14 million square meters, the development is envisioned as a mixed-use destination that will seamlessly blend residential, commercial, and entertainment spaces. Central to this project is the Mukaab, an iconic, cube-shaped skyscraper that is set to become the largest of its kind globally.

Carey Smith, Chair, President, and CEO of Parsons, shared his enthusiasm for the project, stating, “New Murabba is an extraordinary project that redefines sustainable urban development at a giga scale. Parsons is proud to be working with the New Murabba team on the creation of this new destination.” Smith emphasized the company’s commitment to delivering a world-class development that adheres to the highest safety and quality standards.

The New Murabba project is aligned with the Saudi Vision 2030 "Quality of Life Program," which aims to enhance the living standards of Saudi citizens. The design philosophy encourages a walkable community, enabling residents to access various amenities within a 15-minute radius. Michael Dyke, CEO of New Murabba, articulated the project's ambition to become a leading cultural and tourism destination, stating, “The agreement with Parsons will equip New Murabba with next-generation infrastructure that contributes to shaping the future of smart urban living.”

Parsons has a rich history of delivering complex urban projects in Saudi Arabia, with over 50 active projects currently underway, including significant initiatives such as Diriyah, NEOM THE LINE, and Soudah Peaks. The company’s deep expertise in urban development, transport infrastructure, and sustainability positions it as a key player in advancing Saudi Arabia's national Vision 2030 agenda, which seeks to diversify the economy and position the Kingdom as a global leader.

The contract awarded to Parsons signifies a robust opportunity not only for the company but also for the future of urban development in Saudi Arabia. With its proven track record and extensive experience in the region, Parsons is well-equipped to contribute to the New Murabba project’s goals of innovation and sustainability, setting the stage for a new era of urban living in one of the world’s most dynamic cultural landscapes. As the project unfolds, it promises to attract international attention, positioning New Murabba as a global hub for tourism and cultural exchange.