The King Salman Energy Park (Spark) has announced that it has inked agreements with Saudi Customs and the Saudi Industrial Development Fund.
The agreement with Saudi Customs will see the set-up of a logistics area within Spark for providing customs services. The move will help make the kingdom a global logistics hub, according to Spark President and CEO Engineer Saif Al Qahtani. This logistics area will also grow the business of Spark dry port in addition to attracting logistics partners and boosting investments.
In partnering with the Saudi Industrial Development Fund, Spark aims to develop procedures for the provision of ‘land lot and industrial loan’ products. This will be in addition to sharing study findings resulting from following-up the two parties’ joint projects in order to achieve industrial integration.
The agreement is said to reside in 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 statement said.
These agreements follow the inauguration of the National Industrial Development and Logistics Program by HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defence.