SPARK attracts over 60 investors with $3bn in investment

RIYADH: Saudi Arabia’s King Salman Energy Park has attracted more than 60 investors, amassing over $3 billion in investments to date.

In a recent statement on X, SPARK announced that seven factories are currently operational, with an additional 14 under construction. Established in 2018 by Crown Prince Mohammed bin Salman, SPARK is a fully integrated industrial ecosystem located in the eastern province of Saudi Arabia.

The initiative serves as a regional center for the energy sector, providing a range of integrated solutions to support companies throughout the Kingdom.

As a megaproject, SPARK aims to create an energy city that will become a global hub for energy, industry, and technology, housing approximately 300 industrial and service facilities.

Dedicated to producing clean and sustainable resources, SPARK stands out as the world’s first and only industrial city to receive a Leadership in Energy and Environmental Design Silver certification in 2020 for its energy and environmental practices.

Saudi Aramco, in collaboration with the Saudi Authority for Industrial Cities and Technology Zones, is responsible for the development, operation, management, and maintenance of the project’s infrastructure.

Located between Dammam and Al-Ahsa, SPARK will be developed in three phases, covering a total area of 50 sq. km.

During the inauguration ceremony, Saudi Investment Minister Khalid Al-Falih announced that SPARK will function as a special economic zone, providing tenants with regulatory, fiscal, and non-fiscal support.

Emphasizing SPARK’s pivotal role in unlocking Saudi Arabia’s energy resources in line with the country’s economic transformation plan, Al-Falih stated: “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 enhancing Saudi Arabia’s strong position in the global energy sector.”

In 2022, SPARK signed a contract with a subsidiary of Abdullah M. Bin Saedan and Sons Real Estate Group to develop a $150 million residential complex and workers’ village.

The residential complex will be constructed in two phases, with the first phase expected to be completed by 2025 and covering an area of 30,000 sq. meters.