SAUDI Arabia's King Salman Energy Park (SPARK) and Hong Kong's Hutchison Ports have signed a shareholders' agreement for the formation of a joint venture to manage and operate the dry port and bonded logistics zone in the SPARK energy industrial city.
The three square-kilometre dry port, which is designed to ensure ease of access to global markets, will enable the future joint venture to capture the growing demand for logistic services for energy-related products in the Middle East and beyond while also serving the neighbouring industrial cities.
Mohammed Y Al-Qahtani, chairman of SPARK, said: "We are so proud to give investors another reason to do business at SPARK. Hutchison Ports is a world class ports and terminal operator, and the step we take together today will give SPARK's investors ease of access to local and global markets."
Group managing director of Hutchison Ports, Eric Ip, added: "Saudi Arabia is an important market and we are very excited to participate in this ambitious, game-changing mega project. As the world's leading port group, we will leverage our logistics expertise to create vaule and competitiveness for the tenants of SPARK."
SPARK President and CEO, Saif Al Qahtani, said: "Our partnership with Hutchison Ports marks an important milestone in the ongoing development of SPARK. The dry port and logistics zone will be the key to unlocking the potential of our strategic location in the Eastern Province of Saudi Arabia, a region which is known for its unmatched oil and gas resources."
SPARK's first phase is divided into a number of clusters: logistics zone, industrial hub, business district, digital hub, and residential and commercial areas. The dedicated three square-kilometre dry port and logistics zone will include warehouses and storage facilities, a bonded area and on-site customs clearance.
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