Saudi Arabia has broken ground on the 50km2 global energy hub project called the King Salman Energy Park (SPARK).
Located in the Kingdom’s Eastern Province, the project is expected to position Saudi Arabia as a global energy, industrial and technology hub.
The first phase of SPARK will be completed with an investment of approximately $1.6bn by 2021.
Saudi Arabia Minister of Energy, Industry and Mineral Resources and Saudi Aramco chairman Khalid Al-Falih said: “SPARK is one of the country’s most ambitious projects, affirming the Kingdom’s commitment to Vision 2030 by creating thousands of high-skilled jobs, serving as an economic catalyst and advancing Saudi Arabia’s strong position in the global energy sector.
“The energy park’s unique value proposition makes it an ideal destination for companies looking to invest in the thriving Saudi Arabian energy services market.”
The park is expected to contribute towards Saudi Aramco’s mission to develop a national sector for energy-related industries and services.
The SPARK global energy hub is claimed to have attracted investments from foreign and local companies to produce and manufacture goods and services in the Kingdom’s energy sector.
Saudi Aramco president and CEO Amin Nasser said: “The King Salman Energy Park will start a new era of growth for one of the Kingdom’s thriving sectors.
“It will serve as a central gateway to the region’s economies with Saudi Aramco continuing to be at the heart of the global oil and gas industry.
“We’re looking forward to collaborating with our first anchor partners at SPARK, as we are investing in business opportunities for international investors and private-sector companies in the Kingdom. Together, we are building a world-class energy hub that will accelerate solutions across the value-chain for generations.”
Upon completion, SPARK is expected to create 100,000 direct and indirect jobs, and also contribute more than $6bn to the Kingdom’s GDP annually.