Saudi-based King Salman Energy Park (Spark) and Abdullah M Bin Saedan and Sons Real Estate Company, one of the kingdom's leading developers, have signed an agreement to develop a state-of-the-art, eco-friendly residential complex within the energy hub.
The new housing complex, which will be developed at a total investment of more than SR350 million ($93.2 million), will boast a modern design which includes green technologies; a testimony to Sparks commitment to liveability and sustainability, said the Saudi company in its LinkedIn handle.
This is a first step in Spark's mega residential and commercial programme that aims to accommodate more than 50,000 residents on project completion, it added.
Spread over a massive 50-sq-km area in the Eastern Province, Spark is being developed, operated and managed by Saudi Aramco. It is the first entity in the region to pioneer the use of multiple cutting-edge technologies, ensuring that sustainability remains at the heart of the development.
It aims at providing different services and products including exploration, production, refining, petrochemicals, conventional power, water production and treatment, and drilling.
Beside the industrial zones, the energy park will also boast residential compounds featuring hotels, schools, health centers entertainment centers.
Serving as a gateway upon which the worlds energy sector can build an integrated future, Spark has adopted advanced construction solutions that are environmentally friendly and maximize long-term efficiency.
The regions only fully integrated energy hub, Spark recently received the 2021 US Green Building Council (USGBC) Leadership Award for the Middle East for its exemplary leadership and contribution towards creating sustainable, healthier, equitable and resilient buildings, cities and communities.
It is also the first industrial city in the world to obtain Leadership in Energy and Environmental Design (Leed) silver certification.
Industry experts see Spark as a sure catalyst for Saudi Arabias ambitions to diversify its economy beyond oil and place it as a global energy, industrial and technology hub with a thriving private sector.
The project, which is expected to be completed by 2035, will create 100,000 direct and indirect jobs in addition to an annual increase in GDP by $6 billion.-TradeArabia News Service
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