Benzinga | Oct 29, 2021 02:38PM EDT

Aecom Inks Strategic Partnership For Regeneration Of AlUla City In Saudi Arabia

* AECOM (NYSE: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.