Jacobs Awarded Lead Design Consultant for Middle East Urban Development Project

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02/15/2024 - 05:23 AM EST

Supports Saudi Arabia's Vision 2030 enhancing Madinah as a global destination

DALLAS, Feb. 15, 2024 /PRNewswire/ -- Jacobs (NYSE:J) has been appointed by Rua Al Madinah Holding Company as the Lead Design Consultant for a major urban development project in Al Madinah Al-Munawarah, Saudi Arabia. The appointment was announced during the Public Investment Fund's Private Sector Forum.

A distinctive urban environment, Rua Al Madinah project, will include a collection of hotels with overall capacity to accommodate 47,000 people, residential buildings and diverse hospitality offerings. Jacobs will deliver full design services covering all disciplines to ensure the masterplan reflects Al Madinah's religious and cultural significance. Supporting Saudi Arabia's Vision 2030 strategic objectives, the 370-acre (1.5 km2) development aims to elevate the city's status as a global destination prioritizing services and hospitality for the 30 million visitors expected by 2030.

"Rua Al Madinah urban development project is poised to become a cornerstone of Madinah's urban environment and a celebration of culture and history in the region," said Jacobs Senior Vice President Keith Lawson. "This project leverages Jacobs' architectural experience and history in the region balancing tradition and innovation to strengthen the spiritual and social fabric of the Kingdom."

"As part of our company's endeavor to develop a comprehensive urban and developmental system within Rua Al Madinah project, we have sought to engage pioneers and experts in the real estate industry across all sectors, to ensure a unique experience for visitors and guests is delivered," said Rua Al Madinah Holding CEO, Engineer Ahmed W. Al Juhani. "This will have a significant impact on enhancing the status of Madinah as a prestigious destination with a modern architectural system, characterized by high quality of life and a rich cultural experience."

At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $16 billion in annual revenue and a talent force of more than 60,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and X.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, our plans to spin off and merge with Amentum our Critical Missions Solutions business and a portion of our Divergent Solutions business in a proposed transaction that is intended to be tax-free to stockholders for U.S. federal income tax purposes, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and other legislation related to governmental spending, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, geopolitical events and conflicts, and the impact of any future pandemic or infectious disease outbreak, including the related reaction of governments on global and regional market conditions, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations; Item 1 - Legal Proceedings; and Item 1A - Risk Factors in our most recently filed Quarterly Report on Form 10-Q, as well as the company's other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

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