RIYADH: The King Salman Energy Park (SPARK) said on Sunday that 80 percent of the project’s first phase was officially complete.
According to a SPARK statement, 80 percent of the infrastructure works, land paving, road construction, service delivery and administrative office buildings has been finished, and the first phase is due to be completed this year.
The announcement coincided with the completion of a project connecting the city to the main Shedgum Gas Plant, 64 km away, allowing SPARK to meet the electric power needs of its investors.
The first phase’s near-completion means that the allotted land is now ready for investment, and 35 investment applications have been approved for companies and their support services. Contracts have already been signed with 23 other companies.
Two strategic agreements have also been signed with the Industrialization and Energy Services Co. (TAQA) and the Arab Minerals Co. (AMCO).
Under the agreement, TAQA is seeking to expand its local operations through the TAQA Industrial Complex, with an initial investment of up to SR300 million ($80 million). AMCO is investing SR260 million to develop a new center in the city.
Dr. Muhammad Yahya Al-Qahtani, chairman of the board of directors at King Salman Energy City, said that the investments of the project’s first phase would form a “global gateway” to the regional energy sector, amounting to approximately SR6 billion.
“Despite the challenges and exceptional circumstances that have occurred as a result of the pandemic, we were able to achieve more progress in construction operations in line with the goals set for the month of July of this year, especially after adopting advanced and environmentally friendly building solutions.
“It is highly efficient, as SPARK is the first in the Kingdom and the Middle East region to adopt such innovative solutions to ensure that sustainability remains a primary focus for the development of the project.”
SPARK has also launched “green building” solutions in order to enhance sustainability and support the circular carbon economy, as well as enhancing safety levels on site and reducing time spent and materials used in construction.