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Parsons gets five year contract with King Abdullah Financial District Development and Management Company

The project offers 1.6 million sqm of office space and other amenities. (Image source: KAFD DMC)

Parsons Corporation was awarded a five-year contract by the King Abdullah Financial District Development and Management Company (KAFD DMC) for project and construction management services in Saudi Arabia

The contract is for the King Abdullah Financial District (KAFD), which supports the expansion of KAFD in new, undeveloped land.

Saudi Arabia's capital, Riyadh, is home to KAFD, which offers 1.6 million sq m of office space, top-notch amenities, and luxury homes. It is the first vertical city solution in Saudi Arabia and includes the largest LEED-certified mixed-use financial district in the world as well as a 5-asset class mixed-use residential area that is a major engine of Riyadh's economic aspirations. The King Abdullah Financial District Development and Management Company (KAFD DMC) owns and operates KAFD.

Pierre Santoni, president, infrastructure, EMEA at Parsons, said, ‘‘As one of the largest real estate projects globally with a ground floor area of five million sqm, KAFD is a physical manifestation of Saudi Vision 2030.” He added that, “The KAFD eco-system embodies the core values that underpin the kingdom’s sovereign goals. Parsons is proud to support the government with this development and contribute to the growth and diversification of the district.’’

Sustainability is a key component of the Saudi Vision 2030, which was introduced in 2016 and is one of Parsons' basic principles. For the development of buildings with a variety of uses, including commercial, residential, hotel, municipal, and mixed-use, as well as the supporting infrastructure for the high-rise development, Parsons will offer full project and construction management services. In order for all newly constructed buildings to earn LEED certification, including the first municipal fire station in the area to receive LEED Platinum certification, Parsons is collaborating with KAFD DMC. In order to augment the limited resources for development, Parsons is also jointly contracted to supervise the design and construction of water recovery and reuse facilities.

"While we are excited about the new construction and new buildings planned in KAFD, we remain steadfastly committed to reducing our carbon emissions," explained Gautam Sashittal, the CEO of KAFD DMC. "To date, over 40 of our buildings - ranging from office towers to residential and landmark buildings—have received Silver and Gold LEED certifications. And we look forward to this next chapter with Parsons ensuring the sustainability of our built environment and its decarbonisation."

Saudi Arabia has made a commitment to lowering its emissions, promising to achieve net zero by the year 2060 and signing the Global Methane Pledge to reduce methane emissions by 30%. For more than 65 years, Parsons has been a partner in building crucial infrastructure across Europe and the Middle East, with more than 50 current projects there. Parsons started working with KAFD, a Public Investment Fund (PIF) affiliate, in 2018, and since then, the two of them have collaborated on a number of projects in and around the financial area.