Saudi Arabia, 17 February, 2022 – King Salman Energy Park (SPARK), the leading industrial ecosystem with sustainability at its core, announced that it has signed an agreement with ENEX Group KSA, a leading Saudi industrial manufacturer, to develop a power isolator manufacturing center in SPARK’s Digital Hub. The agreement represents a total investment of approximately $5 million in Phase One.
The agreement will contribute towards SPARK’s vision of developing an industrial ecosystem that captures the full economic value from the Saudi Arabian and regional energy chain. SPARK’s advanced ecosystem aims to localize value creation through dedicated industrial development, the generation of thousands of direct and indirect new jobs, and the contribution of $150bn to Saudi GDP by 2030. The power isolator manufacturing center is the latest in a line of several major international and local projects that are under development in SPARK, with total investments tallying up to more than USD 3 billion.
The ENEX manufacturing center will span over 19,000 square meters, with construction to begin later this year. The project objective is to localize the manufacturing of the insulators and fuse arrestors used in power transmission lines, along with a myriad of other products within the same product class.
The agreement was signed by Eng. Saif Al Qahtani, President and CEO of King Salman Energy Park (SPARK), and Eng. Tuais Bin Qtifan, President and Group Board Member of ENEX Group.
SPARK’s President and CEO, Saif S. Al-Qahtani, said: “We are pleased to welcome a prominent local industrial manufacturer to SPARK. Through partnerships with tenants who are key players in their industry, we elevate the strength of our world-class integrated ecosystem while facilitating our tenants’ growth. Our agreement with ENEX Group KSA is a reiteration of our mission to provide investors and developers with best-in-class infrastructure and services that will help businesses bring sustained value to our communities. Ultimately, through the localization of manufacturing, we contribute towards a more sustainable future for the Kingdom and beyond.”
ENEX President and Group Board Member, Eng. Tuais Bin Qtifan said: “Our agreement with SPARK is in line with our mission of increasing supply chain localization for small and medium enterprises in the Kingdom’s
manufacturing industry. Our investment in SPARK’s digital hub will provide us with a collaborative platform and sustainable ecosystem that will help us in accelerating digital innovation and business growth.
Our subsidiary company (ENEX Factory) earlier signed a joint venture agreement with several European companies as well as a leading technology provider to facilitate knowledge transfer in order to enable the establishment of the insulator manufacturing factory, as well as establishing a department center for developing the anti-drone system and unmanned aircraft.”
SPARK is a key Vision 2030 initiative bringing socio-economic value to the Kingdom. As a world-leading industrial ecosystem with sustainability embedded in its DNA, SPARK is a hub for international and local energy-related companies. SPARK leverages its strategic location to tap strong local and regional demand.
- ENDS -
Spark is the leading industrial ecosystem with sustainability at its core, connecting the world to opportunities in the Saudi energy sector and beyond. As a national Saudi megaproject proudly driving socio-economic impact locally and globally, SPARK is simultaneously catalyzing the Kingdom’s role in the global energy transition while offering a world-class ecosystem in the heart of the energy market for investors and tenants.
ENEX group of companies is a private Saudi company working under Saudi law and regulation, acting as an enabler and business promotor for international investors and technology providers interested in the Kingdom, with the aim of increasing localization and maximizing local content in the manufacturing business for Small and Medium Enterprises (SMEs), facilitating their contributions to the Saudi non-oil private sector’s gross domestic product (GDP).
ENEX R&D focuses on four areas including power and clean energy, polymers, chemical treatment, and financial technology.
Recently, ENEX Factory was founded as a subsidiary company of the Group to produce power isolators at SPARK, with the support of the IKTIVA and SabicNusaned Programs to enhance local manufacturing opportunities.
In 2022 a new subsidiary company was founded (NEWPAY.tech), acting as a financial technology solution provider to meet the local demand for the point of sales and applications required to support small businesses and allow capitalization of their business and payment methods, as well as other electronic invoicing to meet local government requirements.