Jacobs joint venture to design landmark Mukaab in Riyadh

DALLAS - Jacobs (NYSE:J), in a joint venture with AECOM, has been appointed to provide design services for The Mukaab, the centerpiece of Riyadh’s New Murabba development, according to a company press release. Jacobs, currently trading at $154.57 with a market capitalization of $18.48 billion, has seen its stock climb 17.7% year-to-date, outperforming many peers in the engineering sector.

The 247-acre (100-hectare) structure, described as one of the world’s largest built structures, will anchor a new mixed-use downtown development in Saudi Arabia’s capital. The project is part of Saudi Arabia’s Vision 2030 program aimed at creating sustainable urban development.

Jacobs and AECOM will provide design services for The Mukaab and surrounding areas, including infrastructure, road tunnels, the Mukaab Core, wadi podiums and public realm.

The development draws inspiration from traditional Najdi architecture while incorporating digital and immersive technologies. It will combine residential, hospitality, retail and cultural spaces.

"Contributing to The Mukaab represents an extraordinary opportunity to redefine the urban experience at the heart of Riyadh," said Bob Pragada, Jacobs Chief Executive Officer, in the statement.

Zaher Abu Hijleh, Jacobs Senior Vice President Middle East, noted that the project "requires close collaboration and the integration of international and Saudi talent."

Jacobs, with approximately $12 billion in annual revenue and a workforce of almost 45,000, is also involved in other major Saudi projects including Diriyah’s Wadi Safar and King Salman International Airport.

The announcement did not disclose financial details or timelines for the project’s completion.Want deeper insights into Jacobs’ financial health and growth prospects? InvestingPro offers 10+ additional exclusive tips and comprehensive Pro Research Reports that transform complex Wall Street data into clear, actionable intelligence for smarter investing decisions.

In other recent news, Jacobs Engineering Group has secured a five-year contract extension for the Don Young Port of Alaska Modernization Program. This multi-billion-dollar initiative aims to upgrade the aging waterfront infrastructure, ensuring the continued supply of essential goods to 90% of Alaska’s population. Additionally, Jacobs and PA Consulting have been chosen to spearhead a digital transformation project at Dallas Fort Worth International Airport. The focus will be on implementing artificial intelligence and machine learning to enhance airport operations, with an emphasis on cybersecurity and predictive decision-making.

KeyBanc has raised its price target for Jacobs Engineering to $170 from $157, maintaining an Overweight rating. The firm highlighted Jacobs’ strong positioning in infrastructure investments, particularly in water, environmental, and transportation sectors. Furthermore, S&P Global Ratings has revised Jacobs’ outlook from stable to positive, expecting the company to maintain a favorable net leverage target. These recent developments underscore Jacobs Engineering’s strategic initiatives and market positioning in various sectors.

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