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.