State-run Saudi Aramco on Thursday was awarded a license by the Saudi Industrial Property Authority (Modon) to develop King Salman Energy Park (SPARK).
The license, which is the first one issued by Modon for an energy city development, was granted after signing a memorandum of understanding between the two parties, Modon said in a statement.
The project will stimulate national firms to localize the industry through development projects that have will provide new job opportunities, Khalid Al-Salem, Modon's director general, said.
The megaproject will be constructed between the Eastern Province cities of Dammam and Al-Hasa, allowing access to a large pool of local manpower, Argaam earlier reported.
The architectural design for the whole project was 20 percent complete last March.
The first phase is likely to be finalized in 2021.
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