Aecom Technology Corporation (ACM - Analyst Report) has recently procured a consultancy services contract for the Al Wakrah Stadium and Precinct for the 2022 FIFA World Cup due to be held in Qatar from The Qatar 2022 Supreme Committee. The financial details of the contract have not been disclosed yet.
As per the terms of the contract, Aecom will be providing consultancy and supervision services for the design and construction work of the stadium. Aecom will be working in association with Zaha Hadid Architects in this project for design consultancy.
Al Wakrah, located approximately 12 miles south of Doha, will be the host city for 2022 FIFA World Cup. The project plan includes capacity enhancement of the stadium up to 45,000 spectators, integrating cooling-technology systems with climate-control requirements for renewable energy production.
While offering its consultancy services, Aecom will strive to portray the rich cultural and architectural heritage of the city as an element of the design. Work on the project is expected to start immediately.
Based in Los Angeles, CA, 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's Management Support Services segment offers facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration services, primarily to the agencies of the United States government.
In the recent past, several companies in the U.S. have reduced spending on technical services due to economic uncertainties. The issue was further compounded by the slowdown in China and the Eurozone debt crisis. However, as global issues have begun to stabilize, the sector is expected to recover gradually. As a leading player in the sector, Aecom is expected to reap huge benefits, going forward.
In addition, the company reported strong quarterly results, beating the Zack Consensus Estimate in the last three quarters. Currently, its stocks are trading high with a year-to-date return of 23.43%.
Aecom currently carries a Zacks Rank #3 (Hold). Other stocks to watch out for in the construction sector include Michael Baker Corporation ), which carries a Zacks Rank #1 (Strong Buy), and Harris & Harris Group, Inc. and Quanta Services, Inc. (PWR - Analyst Report), which carry a Zacks Rank #2 (Buy) each.