Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, has inaugurated the 50-sq km King Salman Energy Park (SPARK), located in the kingdom?s Eastern Province
SPARK is an energy city megaproject, which is expected to position the kingdom as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021.
When operational, SPARK is estimated to contribute more than US$6bn to Saudi Arabia?s GDP annually and create up to 100,000 direct and indirect jobs.
The project has attracted investments from foreign and local companies to produce and manufacture goods and services in Saudi Arabia?s energy sector. The investment in the first phase of the project is set to be around US$1.6bn.
SPARK?s role in enabling localisation within the kingdom's energy supply chain aligns with the strategic goals of Saudi Aramco?s In-Kingdom Total Value Add (IKTVA) programme. Saudi Aramco is supporting the project, helping to bring businesses together to drive efficiencies and promote technological development, manufacturing and exports, as well as build a world-class energy supply chain.
Highlighting SPARK?s role in unlocking the full potential of the kingdom?s energy resources in line with the economic transformation plan, Khalid A Al-Falih, minister of energy, industry and mineral resources and chairman of Saudi Aramco, said, ?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.?
Amin H Nasser, president and CEO of Saudi Aramco, added, ?The King Salman Energy Park will start a new era of growth for one of the kingdom?s thriving sectors. It will serve as a central gateway to the region?s economies with Saudi Aramco continuing to be at the heart of the global oil and gas industry.?
?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. Together, we are building a world-class energy hub that will accelerate solutions across the value-chain for generations,? he stressed.
