Prince Mohammed inaugurates SPARK project

Saudi Arabia’s Crown Prince Mohammed bin Salman broke ground on the King Salman Energy Park (SPARK), located in the Kingdom’s Eastern Province, on Monday, Saudi Aramco said in a statement.

A 50 square kilometer energy city megaproject, the first phase of SPARK, with an investment of approximately $1.6 billion, will be completed by 2021, the statement said.

“SPARK has already attracted investments from foreign and local companies to produce and manufacture goods and services in the Kingdom’s energy sector,” it further added.

“SPARK is one of the country’s most ambitious projects, affirming the Kingdom’s commitment to Vision 2030 by creating thousands of high-skilled jobs, serving as an economic catalyst and advancing Saudi Arabia’s strong position in the global energy sector,” Khalid Al-Falih, Minister of Energy and Saudi Aramco chairman, said, highlighting the project’s role in unlocking the full potential of the Kingdom’s energy resources in line with its economic transformation plan.

“We’re looking forward to collaborating with our first anchor partners at SPARK, as we are investing in business opportunities for international investors and private-sector companies in the Kingdom,” Amin Nasser, Saudi Aramco President and CEO, said.

When operational, SPARK is estimated to contribute more than $6 billion to the Kingdom’s gross domestic product (GDP) annually and create up to 100,000 direct and indirect jobs.

Key facts about SPARK:

- Built in the Eastern part of Saudi Arabia between Dammam and Al- Hasa, SPARK occupies more than 50 square kilometers and will unite approximately 300 industrial and service facilities.

- Two-thirds of the development consists of industrial land. The remaining part is a mixed-use community with housing, offices, training centers, hotels and other supporting facilities offered as investment opportunities to real estate investors.

- SPARK has already attracted interest from major international investors such as Schlumberger, Baker Hughes GE, Halliburton, Oilfields Supply Center, Emerson, National Energy Services, Valco, Huatong, Borets, and Al-Rushaid Group.

- Saudi Aramco will transfer its Drilling and Workover operation headquarters to SPARK.

- A modern logistics zone connected to the future GCC railway will offer a wide range of services and include an inland dry port, a bonded area, and a logistics park with warehouses, among others.

- SPARK contributes to Saudi Aramco’s mission to develop a national sector for energy-related industries and services.