Aecom Technology Corp. (ACM) 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 country.
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 considering at the moment include VSE Corp. (VSEC), which carries a Zacks Rank #1 (Strong Buy), and Jiangsu Expressway Co. Ltd. (JEXYY) and Rexnord Corp. (RXN), both carrying a Zacks Rank #2 (Buy).
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