RIYADH: More than 60 investors have come forward to invest over $3 billion in Saudi Arabia’s King Salman Energy Park. In 2018, Crown Prince Mohammed bin Salman established SPARK as a fully integrated industrial ecosystem in the eastern province. It stands as a hub for the energy sector delivering solutions to companies across Saudi Arabia.
SPARK’s objective is to transform into a global center for energy, industry and technology with nearly 300 industrial and service facilities. There are seven active factories along with 14 more planned factories under development. In 2020, SPARK became the first city to receive Leadership in Energy and Environment Design (LEED) Silver Certification and has pledged to focus on clean and sustainable resource production.
Saudi Aramco and Saudi Authority for Industrial Cities and Technology Zones are handling the development, operation and management of SPARK’s infrastructure. The project spans over 50 square kilometers and will progress in three phases. The project lies midway between Dammam and Al-Ahsa.
During the inauguration, Saudi Investment Minister Al-Falih declared that SPARK would be a special economic zone providing its tenants with regulatory and fiscal support. He pointed out the vital role SPARK plays in Saudi Arabia’s energy resources and generating jobs to be in sync with Vision 2030 to improve nation’s economic growth and influence on global energy market.
In 2022, SPARK teamed up with Abdullah M. Bin Saedan and Sons Real Estate Group to create a $ 150 million residential complex and workers’ village with 30,000 square kilometers scheduled to be completed by 2025.
