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SPARK Attracts More Than 60 Investors

 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
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SPARK Attracts More Than 60 Investors

 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
 A solar energy project in Saudi Arabia (Asharq Al-Awsat)

The King Salman Energy Park (SPARK), located in Buqayq in eastern Saudi Arabia, has successfully attracted more than 60 investors, with total investments exceeding $3 billion.
SPARK was developed as an integrated industrial ecosystem aimed at maximizing economic benefits by strengthening the energy sector in the Kingdom and the broader region. It plays a key role in advancing the goals of Vision 2030 by supporting efforts to build a strong, prosperous, and diversified economy.
The city is also positioned as a prime destination for investors seeking growth and success within a global industrial ecosystem founded on excellence and innovation. It is expected to contribute over $6 billion annually to Saudi Arabia’s GDP and create up to 100,000 direct and indirect jobs.
On Sunday, the King Salman Energy Park announced that seven factories are already operational, with an additional 14 under construction.
By the end of last year, SPARK had signed lease agreements with two new investors, in addition to the start of construction on several major projects by existing investors.
These developments are key to SPARK’s continued growth and progress, playing a crucial role in its mission to localize essential products and services within the energy sector’s value chain.
The total value of the lease agreements exceeds SAR 30 million, marking significant investments that will drive sustainable industrial growth in the Kingdom.
As part of these deals, Abdulaziz & Brothers (A&BC), a company specializing in professional safety tools and equipment, will begin producing high-quality personal protective gear for the industrial and construction sectors by establishing its first facility in SPARK.
Meanwhile, Enjaz Al Mustaqbal Industrial Company plans to build a facility to support localization efforts in the heating, ventilation, and air conditioning (HVAC) sector.
SPARK also revealed the start of construction on two major projects with a combined investment of SAR 250 million.
BAS Gulf Industrial Company, a subsidiary of the National Metal Manufacturing and Casting Company (Maadaniyat), plans to expand its operations by the fourth quarter of 2024, focusing on the manufacturing of industrial valves and providing post-sales technical services.
Global software and engineering leader Emerson has also begun construction at SPARK, preparing to launch its advanced technology operations, which are expected to commence by the fourth quarter of 2024.

 

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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)
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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)

Global credit rating agency Standard & Poor’s (S&P) upgraded Oman’s credit rating to ‘BBB-’ with a stable outlook, hoping the country’s public finances will continue to strengthen.
“The outlook on the long-term ratings is stable,” the agency said.
The stable outlook balances the potential benefits of the government's fiscal and economic reform program against the economy's structural susceptibility to adverse oil price shocks.
S&P also noted that Oman’s fiscal position remains highly dependent on oil price movements, but resilience against shocks has strengthened.
Oil prices settled higher on Friday but fell on the week as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China.
Brent crude futures settled up 38 cents, or 0.53%, at $71.89 per barrel. Front-month US West Texas Intermediate crude futures settled up 51 cents, or 0.75%, at $68.18.
On a weekly basis, Brent settled down around 3%, while WTI fell by around 5%.
In early May, the International Monetary Fund (IMF) said Oman’s near- to medium-term outlook is favorable and risks to the outlook are broadly balanced.
It expressed hope that a decline in oil prices and economic reforms would continue in the medium term.
On Saturday, S&P expressed optimism it could raise Oman’s ratings over the next two years if reforms lead to steady growth in Oman's GDP per capita supported by continued momentum in non-oil growth.
It then expected the government's fiscal and economic reform momentum will continue over 2024-2027 on condition of reducing external debt levels and accumulating liquid assets.
Last week, the Central Bank of Oman (CBO) reduced its repo rate for local banks by 50 basis points, bringing it down to 5.5% in line with other Gulf central banks’ decisions to cut their key interest rates after the Federal Reserve decreased US rates by half a percentage point.
S&P said it anticipates that the CBO will continue following the US Federal Reserve's interest rate policy.
The agency added, “We expect Oman will maintain its currency peg, supported by its accumulated government external assets of about 30% of GDP.”