PROJECTS: Saudi energy park to sign 15 new investment accords

60 percent of project is completed

Aview of oil and gas refinery. Image used for illustrative purpose.

Aview of oil and gas refinery. Image used for illustrative purpose.

Getty Images

King Salman Energy Park (Spark) intends to sign agreements with 15 new companies seeking to start business in the mega investment development project in Saudi Arabia, its chairman was quoted on Monday as saying.

About 60 percent of the project has been completed and work on the first phase is expected to be finished in 2021, Mohammed Al-Qahtani told the Saudi Arabic language daily Aliqtisadia.

He said phase 1, with an area of 14 square kilometres (sq km), involves infrastructure work, roads, services and construction of houses and offices, as well as a drydocks and a logistic zone.

Phase 1 will attract nearly 6 billion Saudi riyals ($1.6 billion) investments and the project, when it is fully completed, is expected to contribute nearly 22 billion riyals ($5.85 billion) to the gross domestic product, he added.

"We have already signed agreements with 15 local and international companies seeking to invest in this project."

In late 2018, Saudi Crown Prince Mohammed bin Salman opened Spark, which is being developed and managed by state-owned Saudi Aramco in partnership with the Saudi Authority for Industrial Cities and Technology Zones.

The project will be constructed through three phases occupying 50 sq km and situated near industrial areas, highway and railway networks on the Eastern coast.

(Writing by Nadim Kawach; Editing by Anoop Menon)


#SaudiArabia #KingSalmanEnergyPark(Spark) #Investment #Construction #Infrastructure

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020