AECOM and Jacobs to design landmark Mukaab in Saudi Arabia

DALLAS - Infrastructure firm AECOM (NYSE:ACM), a prominent player in the Construction & Engineering industry with a market capitalization of $17.33 billion, in joint venture with Jacobs, has been selected by New Murabba Development Company to provide design services for The Mukaab, the centerpiece of Riyadh’s New Murabba development, according to a press release statement.

The 247-acre (100-hectare) Mukaab will anchor a new mixed-use downtown development in the Saudi capital, combining residential, hospitality, retail and cultural spaces. The project is part of Saudi Arabia’s Vision 2030 program.

Under the agreement, AECOM and Jacobs will design The Mukaab and surrounding podium areas, including infrastructure, road tunnels, the Mukaab Core, wadi podiums and public realm.

"The Mukaab is a powerful example of what’s possible when visionary ambition meets world-class technical expertise," said Lara Poloni, AECOM’s president.

The design draws inspiration from Najdi architecture, the traditional style of central Saudi Arabia, while incorporating digital and immersive technologies.

Hamed Zaghw, chief executive of AECOM’s Middle East and Africa region, stated the project "reaffirms our commitment to supporting Vision 2030 through the delivery of large-scale, transformational projects that create long-lasting impact in the Kingdom."

AECOM, a Fortune 500 company, reported revenue of $16.1 billion in fiscal year 2024. The company’s stock has gained over 28% in the past six months and currently trades near its 52-week high. AECOM has increased its dividend for four consecutive years, offering a 0.8% yield, and is scheduled to report its next earnings on November 18.Want deeper insights into AECOM’s financial health? InvestingPro offers exclusive analysis and 11 additional ProTips that could inform your investment decisions.

In other recent news, AECOM has announced a quarterly cash dividend of $0.26 per share, payable on October 17, 2025, to shareholders of record as of October 1, 2025. KeyBanc has raised its price target for AECOM to $144, maintaining an Overweight rating due to the company’s diversified market and geographic exposure. AECOM has also been awarded a position on the National Highways’ SPaTS3 framework in the UK, valued at up to £495 million, which will run until 2031. In Singapore, AECOM, in collaboration with Binnies Singapore, will provide engineering services for the expansion of the Changi Water Reclamation Plant, increasing its treatment capacity significantly. Additionally, AECOM has been appointed as the Project Management Consultant for Phase II of The Avenues project in Riyadh, a $4 billion development featuring a luxury shopping mall and five towers. These developments reflect AECOM’s ongoing involvement in significant international projects.

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