20 Dec 2023SPARK signs lease agreements valued at over SAR 30 million with two new tenants
Construction commences across key anchor projects at SPARK with a total investment value of SAR 250 million
Anchor projects span a number of different industry segments including manufacturing of PPE, capital goods and electrical instrumentation
Onsite progress rapidly advances SPARK's ambition to localize energy services in the region
Saudi Arabia, 20 December 2023 – King Salman Energy Park (SPARK), the leading industrial ecosystem, announces lease agreements with two new tenants and the start of construction for key existing tenants. These developments mark a significant milestone for SPARK as it drives the localization of key products and services within the energy value chain.
The new lease agreements, totaling over SAR 30 million, represent significant investments in driving sustainable industrial growth in the Kingdom. Abdulaziz & Brothers Safety Manufacturer (A&BC Reliable Protection), which produces high-quality Personal Protective Equipment (PPE) will set up their first facility at SPARK for the industrial and construction sectors. Meanwhile, Enjaz Al-Mustaqbal Industrial Company (Future Achievements) plans to establish a new manufacturing facility to support heating, ventilation, and air conditioning (HVAC) sector localization efforts.
Construction has also begun across key projects at SPARK, with a total investment value of SAR 250 million. BAAS Gulf Industrial Company, a subsidiary of the National Metal Manufacturing and Casting Company (MAADANIYAH), is set to expand its operations by Q4 2024 by manufacturing industrial valves and technical after-sales services. Global technology software and engineering powerhouse, Emerson, has also begun construction of its advanced technology operations in SPARK, which are expected to be operational in Q4 2024.
SPARK continues to play a pivotal role in cementing Saudi Arabia's position as a global energy, industrial, and technology hub in line with Saudi Arabia’s Vision 2030 objectives to increase local manufacturing capacities. The ongoing development of these projects underscores SPARK’s progress and commitment to advancing localization efforts in Saudi Arabia.
Saif Al Qahtani, President, and CEO of SPARK said, “SPARK is proud of the substantial progress we are making towards creating an integrated, world-class ecosystem in the heart of the energy market. Our recent strides, including welcoming new tenants and initiating construction on key projects, drive our ambitions forward. As we anticipate forging new alliances, together with our partners, we take pride in fostering sustainable growth and innovation in the Kingdom and beyond.”
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About King Salman Energy Park (SPARK)
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.
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