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Chinese firm to invest $2.1B in Spark City plant
King Salman Energy City (SPARK) and Chinese Daliybal Holding Company announced the signing of a 25-year land lease agreement for an area exceeding one million square meters within SPARK, aimed at establishing an advanced manufacturing base for smart energy equipment in Saudi Arabia. The agreement includes a total investment of approximately $2.1 billion, with an initial investment estimated at $600 million, to enable the manufacturing of seamless steel pipes used in the oil, gas, and hydrogen industries. The project is part of Saudi Arabia's Vision 2030 to promote local manufacturing and supply chain localization. It will develop high-value industrial capabilities, support the energy industry’s development, and bring the company closer to regional and international markets, thereby enhancing the Kingdom’s position as a global industrial and energy hub.
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