The Crown Prince of Saudi Arabia, HRH Mohammed Bin Salman, has revealed plans for the King Salman Energy Park (SPARK).
The megaproject is expected to contribute around SAR22bn (US$6bn) to the nation’s gross domestic product (GDP) by 2035.
The park, which will be located between Dammam and Al-Ahsa, is anticipated to create 100,000 direct and indirect jobs in the region.
In the kingdom’s Eastern Province, SPARK will function as an energy, industrialisation, and technology hub.
The 50sqkm site will be constructed in three phases, with the first phase costing SAR6bn ($1.6bn) forecast to be completed by 2021.
The first phase will include manufacturing and industrial facilities, a well-drilling and maintenance area for Saudi Aramco, and a training centre.
SPARK will also feature residential, commercial, and recreational facilities.
Construction work on the project began in September 2017, with engineer designs almost 50% complete.
The megaproject aims to attract investment from five sectors – upstream, downstream, petrochemicals, power, and water and wastewater.
Saudi Aramco plans to develop its drilling and workover headquarters in the area, as well as its procurement and supply chain management centre.