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|AECOM Announces Contract with Abu Dhabi Tourism Development & Investment Company (TDIC) with Net Value Expected to Exceed $210 Million Through 2013|
LOS ANGELES--(BUSINESS WIRE)--
AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for government and commercial clients around the world, today announced that it has signed a contract to provide development management services to Abu Dhabi's Tourism Development & Investment Company (TDIC) for the Saadiyat Island Cultural District and other projects in the United Arab Emirates (UAE). Revenue from the development management contract is estimated to exceed $210 million through 2013.
When completed, the Saadiyat Island Cultural District will include some of the world's most significant museums, including the Guggenheim Abu Dhabi Museum designed by Frank O. Gehry, the Louvre Abu Dhabi by Jean Nouvel and the Sheikh Zayed National Museum by Lord Norman Foster, as well as more than one million square feet of mixed-use facilities. AECOM will provide overall program management services supplemented by master planning, landscape architecture, economics and architecture/engineering services on selected facilities.
"We are excited to play a key role in bringing Saadiyat Island's Cultural District to life and further establishing Abu Dhabi's position as a premier international destination," said AECOM President and Chief Executive Officer John M. Dionisio.
Saadiyat Island was lauded in a Wall Street Journal survey of international tourism scouts as: "One of the World's Top 10 Emerging Trendy Destinations." According to TDIC, development is progressing with the main 10-lane Saadiyat Bridge highway that will link the island to Abu Dhabi - which is more than two-thirds complete and on course for a September 2009 opening.
"This alliance will deliver optimum cost-effectiveness, heightened responsiveness and greater contractor accountability," explained Lee Tabler, chief executive officer, TDIC. "It will greatly improve TDIC's risk management approach.
"AECOM will create an electronic program management system to allow real-time project tracking across all TDIC developments. TDIC now has access to AECOM's program management expertise for the management of the Cultural District's institutions," Tabler added.
Saadiyat Island, one of the Arabian Gulf's largest single mixed-used developments, is a 16.7-square-mile natural island, less than a half mile offshore of Abu Dhabi city, the capital of the United Arab Emirates. Development is targeted for completion during 2018. When complete, the island will comprise seven distinct districts and include hotels, marinas, world-class museums and cultural centers, championship-standard golf courses, and is expected to be home to around 160,000 residents.
AECOM (NYSE: ACM) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental and energy. With more than 41,000 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 enhance and sustain the world's built, natural, and social environments. AECOM serves clients in more than 100 countries and had revenue of $4.7 billion during the 12-month period ended June 30, 2008. More information on AECOM and its services can be found at www.aecom.com.
About: Tourism Development & Investment Company (TDIC)
Tourism Development & Investment Company (TDIC) is a master developer of major tourism destinations in Abu Dhabi, the largest of the seven emirates which make up the United Arab Emirates, and a key contributor to its economic and cultural progress.
The company is behind some of Abu Dhabi's most prestigious projects, including two major destinations - Saadiyat Island, which will house the world's largest single concentration of premier cultural institutions, including the Sheikh Zayed National Museum, the Guggenheim Abu Dhabi Museum, the Louvre Abu Dhabi museum, a performing arts centre and maritime museum, and Desert Islands, which will be one of the world's largest sustainable island tourism destinations.
By creating investment partnerships and joint ventures, TDIC's developments are supporting Abu Dhabi's evolution into a world-class destination for tourists, businesses and residents and are helping to realize the emirate's considerable tourism potential and strategic goal of delivering 2.7 million hotel guests a year by 2012. Established in April 2006, TDIC has already built a strong reputation among international industry players for its compelling value proposition, transparency of business approach and ability to deliver. Locally, TDIC offers significant employment and vocational training opportunities for Emiratis keen to enhance their careers and professional qualifications. For further information visit www.tdic.ae.
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 contract revenue or other financial items; any statements of the plans, strategies and objectives for future operations of AECOM, Saadiyat Island and/or TDIC; and any statements regarding future economic conditions or performance. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in forward-looking statements are set forth in our reports filed with the Securities and Exchange Commission, including our report on Form 10-Q for the quarterly period ended June 30, 2008. We do not intend, and undertake no obligation, to update any forward-looking statement.
Source: AECOM Technology Corporation