KSA emerges as a major player on world stage

Updated 18 November 2015
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KSA emerges as a major player on world stage

RIYADH: Saudi Arabia is a major player in the global economy, a senior economist following the G-20 summit, which concluded in Antalya on Monday, observed.
Osama Kurdi, former Shoura Council member, said Saudi Arabia under Custodian of the Two Holy Mosques King Salman has become a major player in the world economy by supporting the economic policies of the major countries in the world.
“Despite the contributions made by various global bodies such as WTO, UN and OPEC, G-20 has begun to play an important role not only in the economic field but also in the political field,” Kurdi said.
The Kingdom has joined the summit in fighting against terrorism, creating job opportunities and developing SMEs which is the need of the hour, he noted.
By virtue of the wise policies of King Salman, he said the Kingdom is marching toward a prosperous economic goal to achieve peace, security and political stability in the region.
Musad Al-Zayani, Dubai-based Saudi journalist who is currently covering the G-20 Summit, told Arab News that King Salman’s speech at the summit was well received by the delegates.
He said that the king strongly condemned all forms of terror and also admitted that the Kingdom has been a victim of terrorism for several years.
The journalist welcomed the suggestion made by King Salman that quick solutions must be found for the problems in Syria, Palestine and Yemen.
He pointed out that its a magnanimous gesture on the part of the king to call for support of the Syrian refugees irrespective of the countries of displacement.
“We are a major player in the global oil industry,” the journalist said, pointing out that Saudi Arabia has the key to any problems in the petrochemical industry by virtue of its oil reserves and massive oil production.
The king, Al-Zayani said, has a clear vision to promote SME’s in the Kingdom which would create job opportunities for the youth and eventually take the economy to new heights.
Prominent Saudi writer Mohsin Hassan Al-Sheikh said the people in the Kingdom are very happy that King Salman has unreservedly condemned terrorism by joining the world community at the G-20.
Although they try to give an Islamic color to their actions, terrorists have no religion and they are criminals involved in destructive work. Under the leadership of King Salman, he said that the Kingdom will provide an effective fight against terror so that people in the region, as well as in other parts of the world, can live in peace and prosperity.
King Salman, who was leading the Saudi delegation at the G-20 summit, met with foreign leaders gathered on Sunday and discussed with them developments in the region and the summit agenda.
The members of the G-20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Saudi Arabia has a special place as a G-20 member given its role in global energy security and heavy-weight economic status in the region — it is the only country from the Middle East and Arab world represented in the G-20.


Saudi Arabia’s up-and-coming energy park set to transform KSA into a global industrial powerhouse

Situated in the Kingdom’s Eastern Province, between Dammam and Al-Ahsa, the project will be developed in three phases. (Supplied)
Updated 12 December 2018
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Saudi Arabia’s up-and-coming energy park set to transform KSA into a global industrial powerhouse

  • The first phase is scheduled for completion by 2021
  • SPARK will localize more than 300 new industrial services and facilities and will have specialized training centers to cater to the huge influx of manpower

JEDDAH: Saudi Arabia is fast catching up with the world’s ever-growing energy and technology scene ahead of 2030. In fact, the King Salman Energy Park (SPARK) may soon prove a global destination for energy industry investors.

The new energy city mega-project is being developed by Saudi Aramco, which received authoritization to embark on the initiative in the summer, and is operated, managed and maintained in partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON). 

With projections that the megacity will create more than 100,000 jobs, it is considered one of the most up-and-coming energy parks in the world.

SPARK will localize more than 300 new industrial services and facilities and will have specialized training centers to cater to the huge influx of manpower.

Situated in the Kingdom’s Eastern Province, between Dammam and Al-Ahsa, the project will be developed in three phases. 

The first phase is scheduled for completion by 2021, while the final phase of the project is set for completion in 2035. With all this on track, the 50-square-kilometer project is poised to be a magnet for foreign and domestic investment. 

Crown Prince Mohammed bin Salman inaugurated the King Salman Energy Park at the King Abdulaziz Center for World Culture (Ithra) on Monday. (SPA)

What’s more, Aramco’s espousal of SPARK will also help businesses indulge in technological development, manufacturing and exports channels and build a world-class energy supply chain. Crown Prince Mohammed bin Salman inaugurated the King Salman Energy Park at the King Abdulaziz Center for World Culture (Ithra) on Monday.

During the groundbreaking ceremony, Energy Minister and Aramco Chairman Khalid Al-Falih declared SPARK a special economic zone (SEZ) in which businesses can enjoy exclusive benefits. 

“We are looking forward to collaborating with our first anchor partners at SPARK,” said Saudi Aramco President and CEO, Amin Nasser.

SPARK has already attracted investment from foreign and local companies to produce and manufacture goods and services. The first phase of the project is expected to cost about $1.6 billion. 

The park is set to attract industrial investors in the water, power, petrochemical and wastewater sectors, among others. 

Facilities at SPARK will also help investors bridge gaps in local production back home, increasing competition in the long run. 

“This energy city is exciting because it brings together a multitude of businesses,” Mark McCollum, president and CEO of Weatherford Corp, told SPARK.

“We firmly believe that collaboration and cooperation among service companies and individual providers to the energy sector is vital in breaking new ground.”

The King Salman Energy Park is also set to promote small and medium-sized enterprises. With focus on energy production, it also provides opportunities for investment in residential and commercial real estate projects.

Nasser said that the “King Salman Energy Park will spur a new era of growth for one of the Kingdom’s already thriving sectors. What’s more, it will serve as a central gateway to the region’s economies since Aramco is at the heart of the global oil and gas industry.”