LONDON: King Salman Energy Park (SPARK) has signed Dubai-based Oilfields Supply Center (OSC) as it anchor tenant.
Working in collaboration with Saudi Aramco, OSC will develop a business incubator called the Common User Supply Base (CUSB) to support the oil and gas industry in the Kingdom, the Dubai firm said in a statement it issued on Thursday.
The new venture aims to accelerate the growth of small and medium-sized enterprises in the energy sector. OSC plans to invest around $450 million over the next two years, contributing to SPARK’s objective of localizing more than 300 new industrial and service facilities.
The venture will also provide industrial buildings of various sizes to host companies and supply them with integrated services such as logistics, technical engineering services and business support.
Reckoned to be the first of its kind in the Kingdom and the largest in the region, the center will have a footprint of more than 1 million square meters and a potential expansion of an additional 500,000 square meters.
“It will contribute to supply chain localization, boost job creation and support the overall advancement of the Kingdom’s energy sector,” said Saudi Aramco CEO Amin Nasser.
Both Aramco and SPARK, through different corporate initiatives, are driving the localization of jobs and supply chains within the energy sector.
Located in the Eastern Province of Saudi Arabia, between Dammam and Al-Hasa, SPARK occupies more than 50 square kilometers and will house approximately 300 industrial and service facilities.
About two thirds of the development consists of industrial land and a major logistics center, with the remainder made up of mixed-use residential, offices, training centers, hotels and other supporting facilities.