LOS ANGELES -- (BUSINESS WIRE) -- AECOM Technology Corporation (NYSE:ACM), a leading provider of professional technical and management support services for public and private clients in more than 140 countries around the world, announced today that it has signed an agreement with the Libyan government’s Housing and Infrastructure Board (HIB) authorizing work valued at US$209 million over a 25-month period.
This agreement establishes AECOM as the lead program manager for the Libyan HIB for all urban areas throughout the country. According to the contract, AECOM will serve as the overall program manager of the HIB capital budget program — a comprehensive housing and infrastructure development program for Libya that will create an enhanced environment for its citizens and visitors — which has a current contracted value of more than US$36 billion. As the program expands and becomes fully reestablished, the HIB capital budget program is expected to exceed US$100 billion addressing critical housing and infrastructure needs throughout the country. AECOM led the HIB’s housing and infrastructure program from 2007 until it was suspended in 2011.
Additionally, the agreement signed today establishes AECOM as the main advisor to the Ministry of Housing and Utilities (MHU), which oversees the HIB and other agencies, with responsibility for ensuring that common systems and standards are applied to similar projects in other MHU agencies. As such, once the current contract value or timeframe is met (whichever comes first), AECOM’s role may expand to align with the scope of HIB and MHU programs.
“We look forward to engaging in our work to advance the quality of life for the Libyan people in terms of housing and critical infrastructure,” said John M. Dionisio, AECOM chairman and chief executive officer.
The scope of this effort on the part of the Libyan HIB includes the construction of new housing and infrastructure systems for all cities in Libya; urban design and development; housing units and residential settlements; upgrades to existing infrastructure, roads, highways, bridges, water, wastewater and other utility systems; and environmentally focused, sustainable processes.
“This contract with AECOM reflects the significant commitment that Libya is making in reestablishing the development of our national housing and infrastructure program,” said Ali Sharif, minister, Libyan Ministry of Housing and Utilities. “We are moving forward to enhance the quality of life of our people and the economic potential of our country through this major housing and infrastructure development initiative.”
The program scope also includes the knowledge transfer and training of Libyan executives, engineers, and technical specialists with a focus on business fundamentals as well as more-specialized subjects, including program management, construction management and inspection, as well as planning and design.
“We are delighted to advance our partnership with AECOM and its global network of expertise and resources as we move forward in this exciting restart of our work for our nation,” Sharif added.
According to Sharif, AECOM will serve as the lead program manager administering the HIB’s capital program and will work with the HIB and ministry staff in overseeing the hundreds of technical professionals on the program, and all outside consultant firms retained for specific planning, design and construction management roles. Additionally, AECOM will work with the HIB and ministry to restart and implement construction contracts throughout Libya.
AECOM is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government. With approximately 45,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering solutions that create, enhance and sustain the world's built, natural, and social environments. A Fortune 500 company, AECOM serves clients in more than 140 countries and had revenue of $8.2 billion during the 12 months ended Sept. 30, 2013. More information on AECOM and its services can be found at www.aecom.com.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, statements of plans for future operations or expected revenue. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in our annual report on Form 10-K for the fiscal year ended Sept. 30, 2013, and our other reports filed with the U.S. Securities and Exchange Commission. AECOM does not intend, and undertakes no obligation, to update any forward-looking statement.