The King Salman Energy Park (SPARK) signed on Monday two agreements with the Saudi Customs and the Saudi Industrial Development Fund, following the inauguration of National Industrial Development and Logistics Program (NIDLP).
SPARK President and CEO Eng. Saif Al-Qahtani said that under the first agreement with the Saudi Customs, a logistics area will be setup at SPARK, providing customs services that would transform Saudi Arabia into a global logistics hub.
This area would also bolster the business of SPARK’s dry port, attract logistics partners and support SPARK future investments.
The second agreement, signed with the Saudi Industrial Development Fund, aims at developing a mechanism and procedures for the provision of “land lot and industrial loan” product at SPARK.
The agreement falls within the framework of developing the industrial sector, strengthening cooperation and integration between the Fund and SPARK and encouraging investors in the fields of industry and logistics.
The first agreement was co-signed by Qahtani and Saudi Customs Undersecretary for Trade Facilitation Faisal Al-Badah. The second agreement was co-signed by Qahtani and Director General of the Saudi Industrial Development Fund Dr. Ibrahim Al-Mojil.
Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, had laid the foundation stone for SPARK, located in the Kingdom's Eastern Province.
SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021.
