Aecom Technology Corp.
) will act as the lead program manager for Libyan government's
Housing and Infrastructure Board (HIB) by virtue of an agreement
that the two parties signed. Aecom will take up the stated role
for all urban area projects throughout the country. The contract
is for 25 months and is worth $209 million.
This apart, Aecom will also act as the main advisor to the
Ministry of Housing and Utilities (MHU), which is the governing
body of the HIB and other agencies, ensuring that common systems
and standards are applied to similar projects in other MHU
agencies. Prior to this, Aecom led the HIB's housing and
infrastructure program from 2009 to 2011.
The scope of the contract requires AECOM to serve as the
overall program manager of the HIB capital budget program; which
is a comprehensive housing and infrastructure development program
for Libya. This project is expected to create an enhanced
environment for its citizens and visitors, currently having a
contract value of about $36 billion.
Once the program expands, the HIB capital budget program is
expected to cross more than $100 billion to primarily address the
critical housing and infrastructure needs throughout the
Through this program, the Libyan HIB wants to ensure quality
of life for its people by providing 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 apart, the Libyan HIB also intends to
enhance the country's economic potential.
Based in Los Angeles, AECOM is a global provider of
professional technical and management support services to a broad
range of markets, including transportation, facilities,
environmental and energy. The company has been primarily engaged
in supporting the governments of various countries to improve and
expand their infrastructure. Prior to this contract, in Nov 2013,
a joint venture between AECOM Technology Corporation's Australian
business and Aurecon Design won a multi-million dollar contract
for Australia's Moreton Bay Rail project.
AECOM currently carries a Zacks Rank #4 (Sell). Better-ranked
stocks in the engineering and construction sector worth
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