SPARK inks deals with Saudi Customs, Saudi Industrial Development Fund

King Salman Energy Park (SPARK) on Tuesday signed two agreements with the Saudi Customs and the Saudi Industrial Development Fund, the Saudi Press Agency (SPA) has reported.

Under the first agreement with the Saudi Customs, a logistics area will be setup at SPARK, providing customs services that would make Saudi Arabia a global logistics hub, SPA added citing SPARK President and CEO, Saif Al-Qahtani.

This logistics area would also enhance the business of SPARK dry port, attract logistics partners and support SPARK future investments.

The second agreement signed with the Saudi Industrial Development Fund aims at developing a mechanism and procedures for the provision of 'land lot and industrial loan' product at SPARK, he said.

SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021.