By 2035, King Salman Energy Park is expected to contribute $5.87bn to Saudi Arabia's GDP and create up to 100,000 jobs
Saudi Crown Prince Mohammed bin Salman is expected to launch the kingdom’s new King Salman Energy Park project – known as SPARK – on Monday.
The project, located between Dammam and Al Ahsa in Saudi Arabia’s Eastern Region, is being developed, operated and managed by Saudi Aramco in partnership with the Saudi Authority for Industrial Cities and Technology Zones.
The park is to be developed in three phases and will, by 2035, be a 50 square kilometre area. The first phase to be launched on Monday covers 12 square kilometres and will be fully developed by 2021.
According to Saudi Aramco, the first phase of the park will attract over 120 investments. Spark will eventually have five main regions, the first of which will focus on general manufacturing, electricity, and equipment, liquids and chemicals, metal formation and industrial services.
The project will also include a dry port area with a capacity of 8 million metric tonnes of cargo annually, as well as an Aramco will-drilling and maintenance area and a training area set aside for 10 training centres that will serve to build the skills of Saudi nationals and a residential, commercial and recreational area.
By 2035, the park is expected to contribute SAR 22 billion ($5.87 billion) to Saudi Arabia’s GDP and create as many as 100,000 direct and indirect jobs.
Saudi officials have also said the project will “localise” 350 industrial and service facilities and create an industrial base will improve the kingdom’s innovation and global competition, as well as reduce the costs of operational services related to the energy sector.