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First Green Residential Complex to be Developed in Eastern Saudi Arabia

The SPARK residential complex, which will be developed in phases as of 2022, expands over an area that exceeds 110,000 square meters. (Asharq Al-Awsat)
The SPARK residential complex, which will be developed in phases as of 2022, expands over an area that exceeds 110,000 square meters. (Asharq Al-Awsat)
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First Green Residential Complex to be Developed in Eastern Saudi Arabia

The SPARK residential complex, which will be developed in phases as of 2022, expands over an area that exceeds 110,000 square meters. (Asharq Al-Awsat)
The SPARK residential complex, which will be developed in phases as of 2022, expands over an area that exceeds 110,000 square meters. (Asharq Al-Awsat)

The King Salman Energy Park (SPARK), the global integrated system in the field of localization of energy industries and services in Saudi Arabia, revealed an agreement to develop the Spark residential complex, to be the first sustainable green residential compound in the Kingdom.

The project, which will be developed in phases as of 2022, expands over an area that exceeds 110,000 square meters. It will be taken over by the Saudi Al-Maskan Al-Misar Company, which is affiliated with the Abdullah Bin Saedan & Sons Real Estate Group, with an investment of 375 million riyals (USD 100 million).

The design of the residential complex, which is located in eastern Saudi Arabia, is in line with the green initiatives adopted in Vision 2030, and will integrate green technologies with the latest sustainability standards, while providing the best amenities and competitiveness for the tenants.

CEO of SPARK, Saif Al-Qahtani, said that the success in forming a sustainable ecosystem that attracts international investors would support the Saudi society not only because of its strategic location, but also as it is built on the foundations and concepts of good living, work and leisure.

“It will enable our tenants to safely lodge their employees while offering first class amenities. This is paramount for their sustainable growth and localization value creation,” he added.

SPARK has almost completed the implementation of the first phase of the project, which consists of infrastructure, roads, facilities and real estate assets that were built over an area of 17 square kilometers.

The King Salman Energy Park adopts an integrated industrial ecosystem, and extends over an area of 50 square kilometers that is being developed to become the gateway to the regional energy sector in the future. It is also the first industrial city in the world to receive a LEED Silver certificate.

SPARK provides solutions for infrastructure, roads, utilities and real estate in accordance with international standards, to global investors in the oil and gas, machinery and equipment, electricity, environmental, non-metal and technical industries.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.