Saudi Arabia is preparing to launch the King Salman Energy Park (SPARK), a company managed by Saudi Aramco, with a $1.6 billion worth of investments allocated for funding its infrastructure.
One of the Saudi Iktva Forum and Exhibition 2018 key organizers, Ahmed Al Ghamidi, said SPARK will create some 100,000 job opportunities for Saudi youth and will contribute some $6 billion to gross domestic product (GDP) each year.
Held November 26-27 the Forum offered presentations, workshops and panels on best practices in navigating such areas as regulatory requirements, financing, R&D and talent development.
The city, which will be developed over 50-square km of land allocated for energy-related industries. SPARK will help localize over 300 new industrial and service facilities, and create a global industrial hub for energy-related manufacturing services.
Facilities offered include a dry port, shared services, a commercial and residential area, and highly specialized training centers.
Ghamidi, addressing an audience at the Aramco-soinsored Iktiva Forum, said that SPARK will not only promote localization but also emerge as the beating heart of Gulf Cooperation Council countries. Designed according to world-class standards, the city is strategically located only 40 km away from the oil giant, Aramco headquarters in Damam, and an hour’s drive away from the King Fahd International Airport.
The city is also being erected in proximity to major highways, railways and ports, namely the King Abdul-Aziz Seaport and the GCC Highway & Railway.
“We are working closely with government and non-government organizations to ensure services at the city are provided,” Ghamidi noted saying that SPARK will also host a livable community.
Up to 60 percent of SPARK’s first phase construction contracts, covering a stretch of 13 square kilometers, have been reserved by major international companies, such as the world leading oil and gas technology provider Schlumberger.
Saudi Aramco also plans for two thirds of the city to be an industrial zone to promote local content. The city will also include specialized training centers, a logistics and dry port, shared services and commercial and residential areas.
