An Overview
Spanning an area of 50 sq. km. the King Salman Energy Park will encourage clean and sustainable energy production and help to diversify the nation’s revenues. Strategically situated in the Eastern Province, SPARK (The King Salman Energy Park) will offer a world class infrastructure for global investors in the fields of oil and gas, refining, petrochemicals, energy and water production and water treatment. It is also the first and only industrial city in the world to receive a silver Leadership in Energy and Environmental Design (LEED) certification. SPARK will have three distinct phases including a 3 sq. km. logistics zone and dry port. The project also aims to contribute a SAR 22.5 billion total increase per annum to the national GDP by 2035 and 100,000 direct and indirect new jobs. According to the plans on the Vision 2030 site, the primary objectives of the King Salman Energy Park are:
- Diversifying the Kingdom’s sources of revenue.
- Improving the security and cost of supply chains for major energy companies in the Kingdom.
- Improving the Kingdom’s trade balance.
- Supporting new sectors that contribute to energy transition and digitalization.
A World Class Eco-System in the Heart of the Energy Market
Since SPARK is positioned in Saudi Arabia’s Eastern Province, renowned for its resources and high demand for energy goods and services, it ‘stands at the epicenter of the global energy market’. From this strategic location, energy sector players will enjoy “unparalleled access to growth opportunities, supply chain efficiencies, and world-class support services”. It is a highly connected and accessible base from which tenants, residents, and investors will be able to choose between pre-built facilities and ready-to-build land as well as rely on the world-class ICT system and utility infrastructure, ensuring that they can hit the ground running in a flexible environment ‘designed to enable and sustain investor growth’.
If you would like to find out more about the King Salman Energy Park, mega projects, luxury property in Saudi Arabia, or other real estate investment opportunities, get in touch with one of our consultants at Saudi Arabia Sotheby’s International Realty today.