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CHANTILLY, Va. - Parsons Corporation (NYSE:PSN) has secured two contracts with a combined value exceeding $100 million to provide program management and design engineering services for two Middle East government customers, the company announced Thursday. The engineering firm, with a market capitalization of $8.84 billion and annual revenue of $6.68 billion, has maintained profitability over the last twelve months according to InvestingPro data.
Under the contracts, Parsons will lead design review and project management for regional national security infrastructure programs and will design border security infrastructure and facilities across critical border regions.
The awards represent new business for Parsons, which has maintained a presence in the Middle East since the 1950s, beginning with its work on Dhahran Airport in Saudi Arabia in 1958.
"We are honored to contribute to these milestone programs that are strengthening the Middle East’s security posture," said Pierre Santoni, President of Infrastructure EMEA at Parsons.
The company ranks first on Engineering News-Record’s list of Top 50 Program Management Firms and appears in the top 40 defense companies in DefenseNews’ Top 100 Defense Companies for 2025.
Parsons has been expanding its defense and security portfolio in the Middle East, leveraging its experience in transportation and urban development markets to move into adjacent sectors aligned with its core competencies.
Earlier this year, Parsons’ CEO participated in private CEO roundtables with the U.S. President and regional leaders during a presidential visit to the region.
The company stated in its press release that these contracts reflect its ability to deliver comprehensive national security and critical infrastructure protection capabilities to its Middle East customer base.
In other recent news, Parsons Corporation has secured significant contracts and made strategic moves that could interest investors. The company was awarded a $56 million contract for Phase 2 of the Diriyah project in Saudi Arabia, focusing on designing and delivering parks and streetscapes over a five-year period. Additionally, Parsons has been granted a position on the Worldwide Expeditionary Multiple Award Contract by the U.S. Naval Supply Systems Command, with a ceiling value of $10 billion over a potential ten-year span.
In terms of analyst activity, KeyBanc raised its price target for Parsons to $93 from $87, maintaining an Overweight rating, citing potential margin expansion and a higher target multiple. Parsons also expanded its water capabilities in Florida by acquiring Applied Sciences Consulting, Inc., enhancing its infrastructure resilience offerings. Furthermore, Parsons, as part of a joint venture, secured a $665 million contract extension for the Hudson Tunnel Project, a critical rail infrastructure initiative in the U.S. These developments highlight Parsons’ ongoing growth and strategic positioning in various sectors.
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