AECOM appointed to manage $4 billion Avenues project in Riyadh

DALLAS - AECOM (NYSE:ACM), a prominent player in the Construction & Engineering industry with a market capitalization of $15.7 billion, has been appointed as the Project Management Consultant and engineer for Phase II of The Avenues - Riyadh, a $4 billion mixed-use development in Saudi Arabia, the infrastructure firm announced Monday. According to InvestingPro data, the company’s stock is currently trading near its 52-week high, reflecting strong market confidence.

The project, developed by Shomoul Holding Company, spans 1.87 million square meters of built-up area and 370,000 square meters of leasable space. It will feature a luxury shopping mall and five towers with hospitality, commercial and residential components.

This appointment follows AECOM’s work on The Avenues Phase I. The development is scheduled to open in early 2026 and aims to establish itself as a major commercial hub in the Middle East.

"This award is a testament to the transformational outcomes we are delivering for our clients across the Kingdom," said Hamed Zaghw, chief executive of AECOM’s Middle East and Africa region, in a press release statement.

AECOM plans to implement digital project management tools, data-driven dashboards and lean construction methodologies to optimize project tracking and risk mitigation during construction.

The Avenues - Riyadh aligns with Saudi Arabia’s Vision 2030 initiative, which aims to diversify the country’s economy and reduce its dependence on oil revenues by developing sectors such as tourism, entertainment and retail.

AECOM, a Fortune 500 company that reported revenue of $16.1 billion in fiscal year 2024, provides professional services in water, environment, energy, transportation and buildings sectors globally. For detailed insights into AECOM’s financial health, growth prospects, and comprehensive analysis, investors can access the full Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks with expert analysis and actionable intelligence.

In other recent news, Aecom Technology Corporation reported its fiscal third-quarter 2025 earnings, surpassing Wall Street expectations. The company posted an earnings per share (EPS) of $1.34, exceeding the forecasted $1.26. Revenue reached $1.94 billion, slightly above the anticipated $1.93 billion. These results highlight Aecom Technology’s ability to outperform analyst projections. Despite this positive earnings surprise, the company’s stock experienced a slight decline in premarket trading. The earnings call provided insights into the company’s financial performance, emphasizing its strong revenue generation. Investors may find the revenue and EPS figures particularly noteworthy as they reflect the company’s operational efficiency. Analyst reactions to these results were not detailed in the recent reports.

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