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.
