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SPARK Joins OSC for $450mln Biz Incubator
Saudi Aramco's King Salman Energy Park (SPARK) and Dubai-based
Oilfields Supply Center Ltd. (OSC) signed an agreement to
establish OSC as an anchor tenant at SPARK.
OSC will develop a business incubator called the Common User
Supply Base (CUSB) in collaboration with Saudi Aramco, 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 around USD 450 million over the next two
years, contributing to SPARK's objective of localizing more than
300 new industrial and service facilities.
The center will be the first of its kind in Saudi Arabia and the
largest in the region with a footprint of over 1 million square
meters and a potential expansion of an additional 500,000 square
meters.
Commenting on the agreement, Saudi Aramco President & CEO
Amin H. Nasser, said: "OSC's investment marks an important step
in SPARK's journey to become an integrated energy, industrial,
technology and services hub. It will contribute to supply chain
localization, boost job creation and support the overall
advancement of the Kingdom's energy sector."
"OSC's investment in SPARK and collaboration with Saudi Aramco
will position the project as a major enabler for oil and gas
manufacturing and service companies and related SMEs," said Iqbal
Mohammad Abedin, Director and General Manager Corporate Affairs
of Oilfields Supply Center Ltd.
Jul 14, 2019
