King Salman of Saudi Arabia has launched the Spark Energy Park in Dhahran.
The park is a 50 square kilometer energy city project to position Saudi Arabia as a global energy, industrial and technology hub.
The energy city will house approximately 300 industrial and service facilities.
The city will be developed in partnership with global investment and technology firms.
Phase one of the project will result in $1.6 billion in investments and will be completed by 2021.
Once operational, the park is expected to add $6 billion to the country’s annual GDP and create up to 100,000 jobs.
H.E. Khalid A. Al-Falih, minister of Energy, Industry and Mineral Resources, said: "SPARK is one of the country's most ambitious projects, affirming the Kingdom's commitment to Vision 2030 by creating thousands of high-skilled jobs, serving as an economic catalyst and advancing Saudi Arabia's strong position in the global energy sector. The energy park's unique value proposition makes it an ideal destination for companies looking to invest in the thriving Saudi Arabian energy services market."
The integrated energy company will bring together businesses wanting to participate in the project.
International firms already signed to the project include Schlumberger; Baker Hughes GE; Halliburton; Oilfields Supply Center; Emerson; National Energy Services; Valco; Huatong; Borets; and Al-Rushaid Group