Parsons Selected As Delivery Partner For King Salman International Airport
Rhea-AI Summary
Parsons Corporation (NYSE: PSN) has secured two significant Delivery Partner contracts from the King Salman International Airport Development Company (KSIADC), owned by Saudi Arabia's Public Investment Fund. The four-year contracts include: (1) airfield assets development covering runways, taxiways, aircraft parking areas, and control towers, and (2) landside infrastructure including roads, utilities, tunnels, bridges, rail network, and landscaping.
The King Salman International Airport project spans 57 km² and aims to accommodate 120 million passengers by 2030 and 185 million passengers with 3.5 million tons of cargo by 2050. The facility will feature 6 parallel runways upon completion. Parsons, which has been operating in the region since 1958, will provide comprehensive project management services including development, design, procurement, construction, and commissioning.
Positive
- Major contract win expanding Parsons' presence in Saudi Arabia
- Long-term project spanning initial four years of development
- Strategic partnership with Saudi Arabia's Public Investment Fund
- Project leverages Parsons' extensive aviation experience across 450 airports in 40 countries
Negative
- None.
News Market Reaction – PSN
In the trading session that priced this news, PSN gained 2.47%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHANTILLY, Va., May 13, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today, on the sidelines of the Saudi-US Investment Forum in Riyadh, that the company has been awarded two Delivery Partner (DP) contracts by the King Salman International Airport Development Company (KSIADC) which is owned by the Public Investment Fund. These significant contracts represent new work for the company and span the initial four years of the airport's multi-year development.
The first contract is for airfield assets and includes the runways, taxiways, aircraft parking areas, and air traffic control towers. The second contract is for landside infrastructure packages including roads, utilities, tunnels, bridges, rail network, and landscaping. As DP, Parsons will provide project management services for all phases of both contracts including early development, design, permits and approvals, procurement, construction, commissioning, handover, and overall coordination.
“Parsons is proud to expand our legacy in the Kingdom of Saudi Arabia, which started in 1958 with the Dhahran Airport. It is an honor to work with KSIA’s visionary team on what will become one of the world’s largest airports,” said Carey Smith, Chair, President, And Chief Executive Officer at Parsons. “Parsons is committed to supporting KSIADC’s vision to redefine airports for the 21st Century and beyond through delivering an enhanced traveler experience and creating the world’s premier logistics hub.”
Acting CEO of King Salman International Airport Development Company, Marco Mejia, commented: “Selecting Parsons as a Delivery Partner is a strategic step toward realizing our vision of developing a world-class airport built on innovation, sustainability, and operational excellence. Delivering a project of this scale requires collaboration with global experts in infrastructure and project management, and Parsons brings the experience and capabilities needed to help us achieve our goals.”
KSIADC is driving the development of the new airport in the Kingdom’s capital Riyadh. Covering an area of 57 km2 (approximately 22 sq mi2) the new airport will have 6 parallel runways upon completion and is anticipated to accommodate up to 120 million passengers by 2030 and 185 million passengers, as well as 3.5 million tons of cargo, by 2050.
Parsons work with the PIF started in 2017 and includes innovative projects across the Kingdom such as THE LINE, Oxagon, and multiple ROSHN developments.
Parsons, a leading global aviation solutions provider, has planned, designed, constructed, managed, enhanced, and sustained terminal, landside, and airside infrastructure for over 450 airports in 40 countries. This includes work on major airports in the Middle East such as Zayed International Airport and Sharjah International Airport in the United Arab Emirates, Hamad International Airport in Qatar, and Kuwait International Airport. From modernizing infrastructure to enhancing operational efficiency, the company leverages cutting-edge technology to address the evolving needs of the aviation industry. With a regional presence spanning more than 65 years, Parsons brings deep domain expertise across project and program management, urban development, transportation (including rail, metro, aviation, roads, and ports), smart mobility, asset management, and master planning.
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
Media Contact:
Lara Masri
+971 4 4029767
Lara.Masri@parsons.com
Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a2f9873-54b7-4a52-8341-2ac06aafac22
