Prime Highlights
- SPARK signed a deal to develop 168 ready-built industrial units.
- The project aims to boost local manufacturing in the energy sector.
Key Facts
- The complex will cover 214,000 square metres.
- Pan Kingdom Real Estate will develop the project.
Background
King Salman Energy Park (SPARK) has signed an agreement to develop a new industrial complex with Pan Kingdom Real Estate, targeting to support the development of the energy sector in Saudi Arabia and boost the production capacity in the Kingdom.
The agreement was signed under the patronage of Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, with 168 ready-built industrial units with a total area of 214,000 sqm proposed to be built under the SPARK. The project is conceived to offer manufacturers and service providers facilities ready for occupation and use with a minimum set-up period.
This particular development will have modern infrastructure facilities for industries, along with other supportive facilities that will make it an ideal location for investing in energy-related projects, whether it be domestic or international companies. Having the facilities already built is supposed to help businesses start earlier and with less investment money.
This project has become a part of a bigger scheme of involving locals in the energy industry. It is designed to help shift dependence on imports by encouraging manufacturers and suppliers to set up local facilities, and to boost the production of energy-related goods and services within Saudi Arabia.
Maintaining a narrow scope of energy business, SPARK has emerged as an energy investment hub with its comprehensive infrastructure and logistics platform. Being close to key transport networks, ports, and airports is likely to enhance its connection to regional markets and transportation of goods.
The new project also coincides with Saudi Arabia’s Vision 2030, where there is an emphasis on economic diversification and industrialization. The new project also coincides with the Nuwatin programme, where there is an intention of increasing local content, offering investment opportunities, and increasing the involvement of local businesses in economic growth.
