Iraqi minister says country needs high-quality Saudi goods

Chairman of the CSC Ahmed bin Sulaiman Al-Rajhi, right, welcomes Iraqi Minister of Industry and Minerals Mohammed Shia Al-Sudani, second right, to Riyadh on Monday.
Updated 20 February 2018
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Iraqi minister says country needs high-quality Saudi goods

RIYADH: Iraqi Minister of Industry and Minerals Mohammed Shia Al-Sudani on Monday called on Saudi businessmen to partner with their Iraqi counterparts to take advantage of the huge investment opportunities in Iraq.
A senior corporate communications official from the Council of Saudi Chambers (CSC) told Arab News on Tuesday that the Iraqi minister made the statement at the Saudi-Iraqi Business Council meeting held at CSC headquarters on Monday.
Al-Sudani led an Iraqi delegation comprising experts in the fields of industry, minerals, and electricity.
He praised Saudi Arabia’s private sector for its success in building strategic partnerships with major international companies, and for its use of advanced technology, which helped produce high-quality goods.
“The Iraqi market of 37 million people is in need of Saudi goods and products,” Al-Sudani said, adding that his visits to a number of Saudi factories had reinforced his belief that they manufacture “the finest types of products.”
He also urged both parties to facilitate the smooth flow of Saudi goods into Iraq.
CSC Chairman Ahmed bin Sulaiman Al-Rajhi noted that the Kingdom and Iraq are linked not just by common interests, but also by “brotherhood, blood, history and culture.”
He expressed his hope that the meeting would produce practical ways to “facilitate investment, exploit the industrial and mining opportunities available in both countries, and remove obstacles facing businessmen in this regard.”
Saudi Arabian Business Council Chairman Mohammed Al-Khorayef also spoke at the meeting, discussing the achievements of the Saudi-Iraq Business Council since its establishment in November and also presenting a working paper called “Saudi Industry: The Best Choice for Iraq.”


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.”