TAQA And AMCO Join King Salman Energy Park
The Industrialization and Energy Services Company (TAQA) and AMCO joined the King Salman Energy Park (SPARK), a Dammam-based project backed by Saudi Aramco.
SPARK welcomed TAQA and AMCO as they took the first step toward launching their operations. SPARK is located in the heart of the energy industry, providing a world-class environment that supports the expansion of tenants’ businesses while also providing long-term value to surrounding communities. SPARK is on track to become a fully integrated city, bringing together major national and foreign corporations to drive economic growth and job creation.
The TAQA Industrial Park at SPARK will house a new facility for oilfield services, a specialist unit for engineering and manufacturing, and a wireline and perforation center of excellence, among other things.
The facilities will be built in two phases beginning in the second quarter of 2021, with design and developmental planning already underway.
Plans are afoot for future acquisitions based on cutting-edge technology and creative solutions that will further cement alignment with Vision 2030 and the government’s push to diversify and localize services and manufacturing in the Kingdom.
AMCO’s facilities will be built in three stages, allowing for the incremental development of manufacturing capacities and the recruitment of local talent.
The park is projected to contribute more than SR22 billion to the Kingdom’s gross domestic product by 2035, as well as provide up to 100,000 direct and indirect jobs and the location of more than 350 new manufacturing and service facilities.
Demand for energy-related goods and services in Saudi Arabia and throughout the region is high and continues to expand. King Salman Energy Park (SPARK) is being developed to capture the full economic value from such demand — localizing value creation through dedicated industrial development, as part of the Kingdom’s Vision 2030.
SPARK will become a 21st century ecosystem for the energy sector, a vibrant international industrial community built on excellence and innovation, and at its heart a world-class workforce. It is also expected to contribute more than $6 billion to the Kingdom’s GDP and create up to 100,000 direct and indirect jobs at the maturity stage.