King Salman Energy Park (SPARK) has signed an agreement with Pan Kingdom Real Estate, a subsidiary of Pan Kingdom Holding Group, to develop a complex of ready-built energy-related industrial facilities within the mega development located in the Eastern Province of Saudi Arabia.
Announcing this, SPARK said the project forms part of the energy ecosystem's efforts to strengthen local content, support energy supply chains, expand the localisation of energy-related products and services, and advance the objectives of Saudi Vision 2030 to increase the energy sector’s contribution to the national economy.
Under the agreement, Pan Kingdom Real Estate will develop an integrated industrial complex comprising 168 ready-built industrial units across 214,000 sq m.
The agreement was inked with Pan Kingdom Real Estate at a key ceremony held under the patronage of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, said SPARK in a statement.
Designed to meet the requirements of companies operating in the energy sector and its supporting supply chains, the development will provide advanced industrial facilities together with supporting infrastructure and services built to the highest industrial standards, it stated.
It will further enhance SPARK's investment environment and strengthen the operational efficiency of energy companies, it added.
One of the world's leading industrial cities dedicated to the energy sector, SPARK offers an integrated ecosystem of infrastructure, logistics services, and investment solutions that support business growth and promote the localisation of high-value industries and services.
The development will provide ready-built specialised industrial facilities designed to attract global manufacturers and suppliers, enabling them to establish and operate their facilities efficiently and cost-effectively.
It will offer flexible industrial solutions that support the localisation of components and services while accelerating the operational readiness of companies serving the energy sector, it added.
Strategically located near major ports, airports, and key transportation networks, the project will strengthen supply chain efficiency and logistics capabilities while enhancing access to energy markets across Saudi Arabia and the wider region for both local and international companies.
The project also advances the objectives of the Ministry of Energy's Nuwatin initiative, which aims to increase local content by enabling local and international companies through integrated industrial infrastructure. The initiative supports the growth of energy-related industries, expands the domestic supplier base, creates new investment opportunities, and increases the contribution of national enterprises to the national economy, supporting the achievement of the sector's objectives.-TradeArabia News Service
