Saudi-based King Salman Energy Park (SPARK) and Abdullah M. Bin Saedan and Sons Real Estate Company, one of the kingdom’s leading developers, have signed an agreement to develop a unique, eco-friendly residential complex within the energy hub.
The new housing complex, which will be built with a total investment of more than $93.2 million, will feature a modern design, including green technologies, which is in line with SPARK’s commitment to liveability and sustainability.
This is a first step in SPARK’s mega residential and commercial program that aims to accommodate more than 50,000 residents upon project completion, the company said.
The SPARK project, which will span over a vast 50-square-kilometer area in the Eastern Province, is being developed, operated and managed by the oil giant, Saudi Aramco.
SPARK has leveraged advanced eco-friendly construction techniques that can maximize long-term efficiency as a gateway upon which the world’s energy sector can build an integrated future. In addition to the industrial zones, the energy park will include residential complexes with hotels, schools, health centers, and entertainment centers.
SPARK is also the first industrial city in the world to attain Leadership in Energy and Environmental Design (LEED) silver certification 2021 by the US Green Building Council (USGBC), for its exceptional leadership and contribution towards creating sustainable, healthier, equitable, and resilient buildings, cities, and communities.
According to industry experts, SPARK would help Saudi Arabia 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 offer 100,000 direct and indirect employment opportunities in addition to an annual increase in GDP by $6 billion.
Related: Saudi Arabia’s SPARK wins sustainable gold classification certificate