Riyadh – Mubasher: Saudi Aramco on Thursday announced that it has completed about 20% of the engineering designs of King Salman Energy Park’s (SPARK) development.

Land plots will be allocated for investors in the third quarter of 2018, while construction of infrastructure and other buildings will begin by the second half of this year, the state-owned crude producer added.

Meanwhile, the construction works of SPRAK’s first phase will be finished in 2021, the Middle Eastern oil giant noted.

Aramco is in talks with a lot of investors in an effort to attract more than 120 industrial companies by the end of project’s first phase.

SPARK is part of Saudi Vision 2030 to diversify the kingdom’s economy and support the private sector growth, along with the ongoing development in the energy sector, energy minister Khalid Al-Falih said.

After ending the development of SPARK in 2035, the city will contribute SAR 22.5 billion to the gross domestic product (GDP), in addition to Saudising more than 300 industrial and services enterprises, Al-Falih added.