Riyadh – Mubasher: Saudi Aramco has completed around 90% of engineering designs for King Salman Energy Park.
Infrastructure and establishment works are expected to start in the fourth quarter of 2018, while the first phase's completion is set to be in 2021, Al Eqtisadiah newspaper reported.
The state-owned crude producer is also planning to develop the park in a bid to attract foreign investments, especially in the energy sector.
Aramco, the largest international oil firm, is currently negotiating with international industrial conglomerates to take a role in investing in the project.
The park establishment will be implemented on three phases, spanning a total area of 50 kilometres, while the first phase will cover an area of12 kilometres.
Expected to add about SAR 22.5 billion to the gross domestic product (GDP) upon completion, the park project is part of the crown prince’s “Vision 2030” reform plan, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
Aramco’s CEO Amin Nasser previously said that King Salman Energy Park would contribute to developing the private sector, especially in energy industries and services.
In December 2017, the Middle Eastern oil giant announced that the French conglomerate Schlumberger will develop an industrial manufacturing centre in the park, spanning an area of 500,000 square metres.
