Dubai-based Oilfields Supply Center (OSC) has signed an agreement with Saudi Aramco’s King Salman Energy Park (Spark) to establish itself as an anchor tenant at the complex.
In collaboration with Saudi Aramco, OSC will develop a business incubator, called the Common User Supply Base (CUSB), to support the oil and gas industry in the kingdom and the region, as well as help accelerate the growth of small and medium-sized enterprises (SMEs) in the energy sector.
OSC plans to invest about $450m over the next two years in its Spark venture.
The CUSB will be an industrial facility that provides industrial buildings of various sizes to host companies and supply them with services such as logistics, technical engineering services and business support.
The centre will be spread over 1 million square metres, with the potential to expand to cover an additional 500,000 square metres.
Aramco broke ground on the Spark project in December last year, with Saudi Crown Prince Mohammed bin Salman inaugurating the project.
Aramco, the developer and the anchor tenant at the 50-square kilometre energy services complex, will deliver the first phase of the development by 2021.
The investment in the first phase of the project is expected to be about $1.6bn, Aramco has said.
When operational, Spark is estimated to contribute more than $6bn to the kingdom’s GDP annually and create thousands of direct and indirect jobs.
Recently, US-based oil field services company National Energy Services Reunited Corporation (NESR) announced signing a land lease agreement with Saudi Aramco to build an operating facility at Spark.
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