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Chinese firm to invest $2.1B in Spark plant
The Kingdom of Saudi Arabia's King Salman Energy City (SPARK) and Chinese Daliybal Holdings have announced the signing of a land lease agreement covering over one million square meters within SPARK for a period of 25 years. The goal is to establish an advanced manufacturing base for energy equipment in the Kingdom. The total investment for the project is approximately $2.1 billion, with an initial phase valued at $600 million, aimed at enabling the manufacturing of oil, gas, and hydrogen pipes, as well as advanced weldless pipes. This initiative seeks to bolster local manufacturing capabilities and localize supply chains within the energy sector, in line with Saudi Vision 2030. It represents a significant step toward strengthening the national industry and establishing the Kingdom as a global industrial and energy hub.
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