King Salman Energy Park (SPARK) signed yesterday two agreements with the Saudi Customs and the Saudi Industrial Development Fund, which come following the inauguration of National Industrial Development and Logistics Program by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense. 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 make the Kingdom of Saudi Arabia a global logistics hub. This logistics area would also enhance the business of SPARK dry port, attract logistics partners and support SPARK future investments. Eng. Al-Qahtani also said that 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, in addition to sharing study findings resulting from following-up the two parties' joint projects in order to achieve industrial integration. 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 SPARK President and CEO Saif Al-Qahtani and Saudi Customs Undersecretary for Trade Facilitation Faisal Al-Badah. The second agreement was co-signed by SPARK President and CEO Saif Al-Qahtani and Director General of the Saudi Industrial Development Fund Dr. Ibrahim Al-Mojil. HRH Crown Prince has laid the foundation stone for King Salman Energy Park (SPARK), located in the Kingdom's Eastern Province. SPARK is a 50-square-kilometer energy city megaproject which will position the Kingdom of Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021.
