Aecom Inks Strategic Partnership For Regeneration Of AlUla City In Saudi Arabia - AECOM (NYSE:ACM)

AECOM ACM has signed a strategic partnership agreement with the Royal Commission for AlUla (RCU) to accelerate the regeneration of AlUla, a city in northwest Saudi Arabia. Financial terms were not disclosed.
AECOM's program management team will implement Phase 1 of the $15-billion master plan encompassing key development projects for infrastructure, hospitality, arts and culture, and social and community development.
Through the partnership, AECOM will accelerate business and investment opportunities from 2022 onwards and demonstrate the pace of progress to revitalize AlUla as a responsible, sustainable, and community-inclusive destination.
AECOM will establish a Lead Design Office responsible for all infrastructure design activities.
The company to include the value of the contract in its reported backlog in the first quarter of fiscal 2022.
Price Action: ACM shares are trading lower by 0.75% at $68.44 on the last check Friday.