HRH the Crown Prince Lays Foundation Stone for King Salman Energy City (SPARK)
December 10, 2018
His Royal Highness Crown Prince Mohammed bin Salman today broke ground on the King Salman Energy Park (SPARK), located in the Kingdom’s Eastern Province. SPARK is a 50-square-kilometer energy city mega-project, which will position Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021. Saudi Aramco is developing, operating, managing and maintaining the city's infrastructure, in partnership with the Saudi Organization for Industrial Estates and Technology Zones (MODON).
SPARK has already attracted investments from foreign and local companies to produce and manufacture goods and services in the Kingdom’s energy sector. The investment in the first phase of the project is expected to be around $1.6 billion. When operational, SPARK is estimated to contribute more than $6 billion to the Kingdom’s GDP annually, and create up to 100,000 direct and indirect jobs.
Highlighting SPARK’s role in unlocking the full potential of the Kingdom’s energy resources in line with its economic transformation plan, His Excellency Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources and Saudi Aramco chairman, stated that 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. The energy park’s unique value proposition makes it an ideal destination for companies looking to invest in the thriving Saudi Arabian energy services market.