Saif AlQahtani has been appointed as the president and CEO of the Energy City Development Company, owner and developer of King Salman Energy Park (Spark). In its first board meeting, the board approved AlQahtani's appointment to the role, according to a tweet by Spark.
Energy City Development Company, Owner & Developer of #ksa_spark, held its first Board Meeting. Several items were discussed & approved, including appointment of Saif S. AlQahtani as President & CEO, and approval of the 2019-2021 business plan & 2019 budget. pic.twitter.com/3yzG1lSD4S— Spark (@ksa_spark) March 13, 2019
It noted that its 2019-2021 business plan was approved, as well as its 2019 budget, though no details were released.
During the meeting, which was held under the chairmanship of Saudi Aramco's Senior Vice President of Upstream Mohammed Al Qahtani, the board also endorsed governance and company policies, including guidelines for management, financial policies, contrat and procurement management and human resources.
Spark tweeted out that the meeting was attending by board members including Abdulhamid A. Al-Rashid, VP of drilling & workover; Mohammad I. Al-Assaf, vice president of new business development, Mohammad A. Al Shammary, vice president of procurement & supply chain management, and Bassam M. Asiri, assistant controller.
Al Shammary has a central role as part of Saudi Aramco's push for localisation. In an exclusive comment piece penned for Oil & Gas Middle East in November 2018, he noted that "stimulating and sustaining impactful economic development calls for a paradigm that goes beyond the transactional approach to foreign investment, for a closer, “win-win” engagement with stakeholders."
Spark is expected to create 100,000 jobs and will contribute $6bn to Saudi Arabia's GDP annually. In a statement announcing the project's launch, Khali Al-Falih, Saudi Arabia's minister of energy, industry and mineral resources, said that "the energy park’s unique value proposition makes it an ideal destination for companies looking to invest in the thriving Saudi Arabian energy services market.”