SPARK signs agreement to establish Dubai firm as major investor
King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) signed an agreement today to establish the latter as an anchor tenant within the project.
In collaboration with Saudi Aramco, OSC will develop a business incubator, called the Common User Supply Base (CUSB), to support the oil and gas industry in the Kingdom and the region, as well as help accelerate the growth of small and medium-sized enterprises (SMEs) in the energy sector.
“OSC’s investment marks an important step in SPARK’s journey to become an integrated energy, industrial, technology and services hub. It will contribute to supply chain localization, boost job creation and support the overall advancement of the Kingdom’s energy sector,“ Saudi Aramco President & CEO, Amin Nasser, said.
OSC plans to invest around $450 million over the next two years, contributing to SPARK’s objective of localizing more than 300 new industrial and service facilities.
“OSC‘s investment in SPARK and collaboration with Saudi Aramco will enhance the localization plans by both increasing local procurement and value added manufacturing activities, as well as increasing the employment of skilled Saudi nationals,“ Iqbal Mohammad Abedin, Director and General Manager Corporate Affairs of OSC, said.
The CUSB will be an industrial facility that provides industrial buildings of various sizes to host companies and supply them with integrated services such as logistics, technical engineering services and business support.
The center will be the first of its kind in Saudi Arabia and the largest in the region with a footprint of over 1 million square meters and a potential expansion of an additional 500,000 square meters.