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King Salman Energy Park signs deal to develop US$450mn business incubator

Petrochemicals

King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) signed an agreement to establish OSC as an anchor tenant at SPARK, an energy city megaproject in Saudi Arabia

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 and the region, as well as help accelerate the growth of small and medium-sized enterprises (SMEs) in the energy sector.

OSC plans to invest around US$450mn over the next two years, contributing to SPARK’s objective of localising more than 300 new industrial and service facilities.

The CUSB will be an industrial facility that provides industrial buildings of various sizes to host companies and supply them with integrated services such as logistics, technical engineering services and business support. The company claims that the centre will be the first of its kind in Saudi Arabia and the largest in the region with a footprint of more than one million sq m and a potential expansion of an additional 500,000 sq m.

Amin H. Nasser, Saudi Aramco President and CEO, said, “OSC’s investment marks an important step in SPARK’s journey to become an integrated energy, industrial, technology and services hub. It will contribute to supply chain localisation, boost job creation and support the overall advancement of the kingdom’s energy sector.”

Iqbal Mohammad Abedin, director and general manager corporate affairs of Oilfields Supply Center Ltd, added, “OSC‘s investment in SPARK and collaboration with Saudi Aramco will position the project as a major enabler for oil and gas manufacturing and service companies and related SMEs.”

When operational, SPARK is estimated to contribute more than US$6bn to the kingdom’s GDP annually and create thousands of direct and indirect jobs.

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