The King Salman Energy Park (SPARK) has completed 60% of its first phase which consists of infrastructure, roads, utilities, and real estate assets established across 14 square kilometers, in addition to a dedicated three-square kilometer logistics zone and dry port.
A total of $1.6 billion Saudi Riyals was invested in the first phase of this mega project, which is set to be completed in 2021.
Upon completion, the project will add $5.8 billion Saudi Riyals annually to the Kingdom’s gross domestic product by 2035, while creating thousands of new highly skilled job opportunities.
Chairman of the King Salman Energy Park, Dr. Mohammed Yahya Al-Qahtani, said: “Achieving this feat strongly reflects our commitment to implement this unique project that is designed for the betterment of our community.
"SPARK will be a new engine fueling the growth of the energy sector as well as driving the diversification agenda of our economy. As we take huge economic leaps, soon, we will be ready to attract the best talent and create new opportunities for our ambitious youth”.
Al-Qahtani added: "I would like to personally thank all of SPARK’s employees, tenants and contractors for their dedication and commitment to ensuring continued progress by using new technologies and innovative methods to meet deadlines in a safe and effective manner."
Fifteen major energy companies have already signed agreements to invest in SPARK, and another fifteen companies are currently in the pipeline. It is forecasted that foreign direct investment in SPARK will exceed $2 billion in the next two years, once these investors finalize the construction of their facilities.
SPARK has also signed an MoU with the leading global logistics specialists, Hutchinson Ports to create a joint venture company to manage and operate the dry port and logistics zone.