Phase 1 construction at King Salman Energy Park hits 60%
A total of $1.6bn was invested in the first phase of the megaproject, which is set to be completed in 2021
Saudi Arabia’s 50km2 megaproject, King Salman Energy Park (SPARK), has revealed that Phase 1 construction of the development has reached 60%.
Scheduled to be completed by 2021, the $1.6bn project consists of infrastructure, roads, utilities, and real estate assets established across 14km2, in addition to a 3km2 logistics zone and dry port.
Upon completion, the developer said that it will add $5.8bn annually to the kingdom’s gross domestic product by 2035, while creating thousands of job opportunities.
Commenting on Phase 1 development of the project, Dr. Mohammed Yahya Al-Qahtani, chairman of the King Salman Energy Park, said: “Achieving this feat strongly reflects our commitment to implement this unique project that is designed for the betterment of our community. SPARK will be a new engine fueling the growth of the energy sector as well as driving the diversification agenda of our economy. As we take huge economic leaps, soon, we will be ready to attract the best talent and create new opportunities for our ambitious youth”.
He added: “I would like to personally thank all of SPARK’s employees, tenants and contractors for their dedication and commitment to ensuring continued progress by using new technologies and innovative methods to meet deadlines in a safe and effective manner.”
Fifteen major energy companies have already signed agreements to invest in SPARK, and another fifteen companies are currently in the pipeline.
It is forecasted that foreign direct investment in SPARK will exceed $2bn in the next two years, once investors finalise the construction of the facilities.