King Salman Energy Park (SPARK), the Saudi-based leading industrial ecosystem with sustainability at its core, and Affordable House Company, a subsidiary of Abdullah M. Bin Saedan and Sons Real Estate Group (Saedan), have signed agreements worth $150 million for the development of a residential complex and workers village at SPARK.
The agreements were signed between Eng. Saif Al Qahtani, President and CEO of SPARK, and Mr. Mohammed Bin Saedan, board member of Bin Saedan.
Spanning an area of 30,000 square meters, the residential complex will be developed in two phases with the construction of the first phase to be completed in 2025. It will offer a wide range of fully furnished long-term accommodations to residents.
The development will incorporate sustainable construction technologies, smart systems and eco-friendly materials such as green concrete and solar panels. This aims to minimize SPARK’s carbon footprint and impact on the environment, in line with the Saudi Green Initiative.
Saif Al Qahtani President & CEO SPARK
“We are delighted to partner with Bin Saedan to build a residential complex and workers village at SPARK. This partnership reinforces our commitment to creating an environment where residents can work, play and live. It will allow tenants to safely lodge their employees in amenities that offer the highest quality of services, elevating the investor experience at SPARK.”
SPARK and Bin Saedan also broke ground on a new state-of-the-art workers village following an agreement signed earlier in 2022. The workers village will be built in three phases over an area of 110,000m2 with the first phase to be completed in 2025. The development will have a capacity of over 8,000 beds and will include a complete range of amenities.
Mr. Bin Saedan, said that “We are proud to partner with SPARK to develop the infrastructure needed for a dynamic community where residents can live a healthy and happy lifestyle. Our experience in the Kingdom spans nearly a century with several flagship innovative projects. This partnership marks a milestone for our company as we aim to accelerate our expansion in the Eastern Province. We are committed to making this project the first of its kind in the Kingdom and the region.”
