Latest news with #KSIADC
Yahoo
16-05-2025
- Business
- Yahoo
Why Parsons Stock Was a Winner on Wednesday
The White House announced the company has signed nearly $100 billion worth of deals in the Middle East. One of these is for a lucrative project in Saudi Arabia. 10 stocks we like better than Parsons › Investors were playing offense with defense stock Parsons (NYSE: PSN) on Hump Day. They were drawn to the company because of a lucrative deal it's signed in the Middle East, and ultimately pushed its stock more than 2% higher in value that day. This was more than sufficient to trounce the S&P 500's (SNPINDEX: ^GSPC) 0.1% bump up. On the heels of President Trump's visit to the region, the White House announced that Parsons won no less than 30 projects in the small but wealthy Gulf nation of Qatar. These are collectively worth up to $97 billion, the administration said. After that, Parsons announced that it has also been awarded two contracts by Saudi Arabia's King Salman International Airport Development Company (KSIADC) to expand the country's King Salman International Airport. The first contract is to supply the materials for, and develop, airport infrastructure such as runways and air control towers. The second is for "landside" assets such as tunnels, bridges, and a rail network. Parsons didn't provide the financial details of the KSIADC arrangement, but we can assume it'll be lucrative. The airport, to be located in Riyadh, will boast six runways and be able to handle as many as 120 million passengers by 2030, according to Parsons. That number should rise steeply to 185 million by 2050. While both pieces of news are almost indisputably positive for Parsons, the investor reaction might have been muted because the Trump administration has a reputation for exaggerating such deals. Shareholders also probably would have liked to get some financial figures for the Saudi Arabia arrangements. Nevertheless, Parsons will have plenty of work going forward, and it should be paid handsomely in the process. Before you buy stock in Parsons, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Parsons wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $613,951!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $796,353!* Now, it's worth noting Stock Advisor's total average return is 948% — a market-crushing outperformance compared to 170% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Parsons Stock Was a Winner on Wednesday was originally published by The Motley Fool Sign in to access your portfolio
Zawya
14-05-2025
- Business
- Zawya
Parsons selected as Delivery Partner for King Salman International Airport
RIYADH, Kingdom of Saudi Arabia – 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 and follow us on LinkedIn and Facebook to learn how we're making an impact.
Arabian Business
14-05-2025
- Business
- Arabian Business
Parsons wins key contracts for Saudi Arabia's King Salman International Airport
US-based global infrastructure engineering major Parsons Corporation said the company has been awarded two Delivery Partner (DP) contracts by the King Salman International Airport Development Company (KSIADC). The contracts span the initial four years of the airport's multi-year development, the company said on the sidelines of the Saudi-US Investment Forum in Riyadh on Tuesday. 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. Carey Smith, Chair, President, and Chief Executive Officer at Parsons, said it is an honour to work with KSIA's visionary team on what will become one of the world's largest airports. 'Parsons is committed to supporting KSIADC's vision to redefine airports for the 21st century and beyond through delivering an enhanced traveller experience and creating the world's premier logistics hub,' he said. Marco Mejia, Acting CEO of King Salman International Airport Development Company, said selecting Parsons as a Delivery Partner is a strategic step toward realising the company's 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,' he said. King Salman International Airport Development Company is driving the development of the new airport in the Kingdom's capital, Riyadh. Covering an area of 57 km2, 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.
Argaam
14-05-2025
- Business
- Argaam
Parsons wins 2 contracts for King Salman Airport work
Parsons Corporation signed two contracts with the King Salman International Airport Development Company (KSIADC) which is owned by the Public Investment Fund. 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. 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. According to data available on Argaam, Crown Prince Mohammed bin Salman launched KSIA's masterplan in November 2022, to place Riyadh as a global core, stimulate transport, trade and tourism, and act as a bridge linking the East with the West. Accordingly, this shall consolidate the Kingdom's position as a global logistics hub. KSIA is expected to be one of the world's largest airports covering an area of nearly 57 km2, allowing for six parallel runways and including the existing terminals named after King Khalid. It will also include 12 km2 of airport support facilities, residential and recreational spaces, retail outlets, and other logistics facilities.
Trade Arabia
14-05-2025
- Business
- Trade Arabia
Deal awarded to develop 3 new terminals at Riyadh airport
King Salman International Airport Development Company (KSIADC), a company owned by the Public Investment Fund (PIF), has signed an executive partnership agreement with Bechtel to develop three new passenger terminals at King Salman International Airport (KSIA) in Riyadh. The agreement was signed on the sidelines of the Saudi–US Investment Forum, said a Saudi Press Agency report. Under the agreement, Bechtel will manage the development of three terminals: a new terminal dedicated to commercial airlines, a new Terminal 6, and a third terminal for private aviation, which will include aircraft maintenance facilities. The airport, expected to be the world's largest when it opens in the coming decade, is a pillar of Saudi Arabia's Vision 2030 that will serve as an economic engine for Riyadh and the surrounding region. When completed, the KSIA will operate six parallel runways and handle an anticipated capacity of 185 million passengers and 3.5 million tons of cargo annually by 2050. The new terminals will support economic growth in Riyadh and the surrounding region, while enhancing global connectivity and delivering a world-class passenger experience. Darren Mort, President of Bechtel's Infrastructure business, and Marco Mejia, Acting CEO of King Salman International Airport Development Company, sign agreement naming Bechtel delivery partner for three new KSIA terminals. Acting CEO of King Salman International Airport Development Company Marco Mejia stated: "Our company is proceeding according to schedule to complete various executive works for buildings and infrastructure, ensuring the airport is ready to welcome travelers as soon as possible. Our selection of Bechtel as the delivery partner for the development of three new terminals demonstrates the project's commitment to elevating aviation infrastructure innovation standards through partnership with a company that brings over 120 years of global experience." He added: "The three new terminals will be designed to meet LEED Platinum certification requirements, reflecting King Salman International Airport Development Company's adherence to the highest global sustainability standards and to green solutions." President of Bechtel's Infrastructure Business Darren Mort stated: "The KSIA project represents one of the world's most prominent aviation projects currently under development. We are delighted to be part of this inspiring project and to contribute our previous experience from major airports worldwide in realising the airport's vision and delivering an exceptional, unprecedented travel experience globally."
