Saudi Arabia’s King Salman Energy Park (SPARK) has recently announced that it successfully attracted more than 60 investors, with expected investments currently totaling over $3 billion, in a recent statement on social media platform X.
King Salman Energy Park is a leading industrial ecosystem with sustainability at its core. It connects the world to opportunities within Saudi Arabia’s energy sector and beyond. As a national Saudi megaproject driving socio-economic impact locally and globally, King Salman Energy Park is also catalyzing the Kingdom’s role in the global energy transition. In addition, it offers a world-class ecosystem at the heart of the energy markets for investors and tenants.
Supporting Kingdom’s economy
The energy park seeks to contribute more than $6 billion to the Kingdom’s GDP annually and create up to 100,000 direct and indirect jobs at maturity. The park has three development phases across a 50-square-kilometer area.
“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,” stated Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources and Saudi Aramco chairman.
Read: Aramco issues second U.S. dollar-denominated sukuk this year
Attracting major market leaders to Saudi Arabia
King Salman Energy Park also connects industrial areas with residential, educational, and commercial areas. In addition, it brings together major national and international companies, innovators, skilled workforce, training providers, visitors, and residents.
Established in 2018 by Crown Prince Mohammed bin Salman, the energy park currently has seven operational factories and 14 under construction.
“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,” added Aramco president and CEO Amin H. Nasser.
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