Spark and Saudi real estate company ink $93.2mn deal to develop eco-friendly residential complex
Spark recently received the 2021 USGBC Leadership Award for the Middle East for its leadership and contribution towards creating sustainable, healthier, equitable and resilient buildings, cities and communities
The King Salman Energy Park (Spark) and Abdullah M Bin Saedan and Sons Real Estate Company have inked a deal to develop an eco-friendly residential complex within the energy hub. The $93.2mn project will feature modern design which includes green technologies.
According to a statement, the project is the first step in Spark’s mega residential and commercial programme that aims to accommodate more than 50,000 residents on project completion.
Spread over 50sqkm in the Eastern Province, Spark is being developed, operated and managed by Saudi Aramco. It is the first entity in the region to pioneer the use of multiple cutting-edge technologies, ensuring that sustainability remains at the heart of the development. It aims at providing different services and products including exploration, production, refining, petrochemicals, conventional power, water production and treatment, and drilling, the statement explained.
Beside the industrial zones, the energy park will include residential compounds featuring hotels, schools, health centers entertainment centers. Serving as a gateway upon which the world’s energy sector can build an integrated future, Spark has adopted advanced construction solutions that are environmentally friendly and maximize long-term efficiency.
Industry experts see Spark as a catalyst for Saudi Arabia’s ambitions to diversify its economy beyond oil and place it as a global energy, industrial and technology hub with a thriving private sector. The project, which is expected to be completed by 2035, will create 100,000 direct and indirect jobs in addition to an annual increase in GDP by $6bn, the statement concluded.
