The company developing King Salman Energy City (SPARK) signed two agreements Monday with the Ports General Authority and the Saudi Industrial Development Fund (SIDF), Saudi Press Agency (SPA) said on Tuesday. The signing took place on the sidelines of the launching of the National Industrial Development and Logistics Program (NIDLP) by Crown Prince Muhammad Bin Salman, deputy premier, minister of defense and president of the Council for Economic and Development Affairs (CEDA) on Monday. President and CEO of SPARK Engineer Saif Al-Qahtani said: "According to the agreement with the Ports Authority a logistics zone will be provided within the King Salman Energy City (SPARK) containing a deposit and re-export zone to serve SPARK, the third industrial estate in Dammam and its environs. It will provide distinctive customs services and make the Kingdom an international logistics platform. This will enable current renters to develop the regional operation and maintenance belonging to SPARK." Al-Qahtani stressed that this zone will enhance trade in the SPARK dry dock, attract the City's logistics partners and support future investments in SPARK. The second agreement, which was signed with SIDF, aims to lay down a mechanism and procedures for providing "a land and industrial loan" product in SPARK and sharing the results and studies ensuing from joint ventures between the two parties with the aim of achieving industrial integration, Al-Qahtani said. The agreement comes within the endeavor to develop the industrial sector, enhance cooperation and integration between SIDF and SPARK and encourage investors in the industrial and logistics sectors. The two agreements were signed by President and CEO of SPARK Engineer Saif Al-Qahtani and Deputy Governor of Trade Facilitation at Saudi Customs Faisal Al-Baddah and the Director General of the Saudi Industrial Development Fund (SIDF) Dr. Ibrahim Al-Mi'jil. – SPA
