King Salman Energy Park (SPARK) has signed an agreement with Hutchison Ports that will see the firm manage and operate the dry port and logistics area of the eastern province-based project.
SPARK is a 50-kilometre integrated industrial city, which is set to be developed in three phases as the logistics service gateway for the regional energy sector.
The facility has been established to help investors gain access to global markets, which would in turn provide opportunities to increase demand for energy goods and services in the Middle East and beyond.
It will also meet the logistical services of neighboring cities and industrial parks, SPARK said in a statement.
SPARK added: "The partnership with Hutchison Ports will help it open up global markets to its partners and investors, enabling them to operate more efficiently and reduce transport time and costs."
Construction work for the first phase is expected to be completed in 2021, covering 12 square kilometers, and the dry port and logistics area will cover 3 square kilometers, including warehouses, storage facilities and a customs clearance area.
