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Saudi Arabia: SPARK Logistics, a joint venture between King Salman Energy Park (SPARK) and Hutchison Ports, announced the signing of two Memoranda of Understanding (MoUs) with ESAB, a world leader in welding equipment, and Petromasafi, a key supplier of oil and gas chemical products. SPARK Logistics is the operator of the SPARK dry port and these MoUs will facilitate the leasing of existing prebuilt facilities located within the SPARK’s dry port bonded area.
The agreements will enable the leasing of pre-built facilities, spanning an area of over 15,000 square meters, which will serve as light manufacturing and distribution centers for ESAB and Petromasafi, enhancing the delivery of products and services to the oil and gas sector. The facilities will be utilized for the production, storage and distribution of important equipment and chemicals. The agreements aim to strengthen supply chain efficiencies and expand product distribution across the region, in line with the Kingdom’s vision to transform into a global logistics hub, as part of the National Transport and Logistics Strategy (NTLS). The agreements are also expected to generate over 100 new jobs in Saudi Arabia, bolstering the Saudi economy and fostering the development of local talent.
Image Credit: SPARK Logistics
Saif Al Qahtani, Chairman of SPARK Logistics said: “We are delighted to have signed these Memoranda of Understanding through which we welcome ESAB and Petromasafi. As we continue to work towards building an integrated, world-class ecosystem in the heart of energy demand for investors and tenants. We are pleased to see the early commitment of esteemed partners. These agreements are in line with our commitment to localize the energy value chain and establish a leading industrial hub that offers global connectivity to the Saudi energy sector and beyond. We are confident that both entities will thrive and benefit from our unmatched connectivity to the regional market.”
These partnerships represent a significant milestone for SPARK Logistics ahead of the launch of the dry port’s full operations. The SPARK dry port is the first and largest private dry port in the region and includes on-site customs clearance services, fully automated and state of the art systems and bonded pre-built facilities.
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