$100 million deal to develop complex at SPARK

King Salman Energy Park (SPARK), a global energy hub in Saudi Arabia and Affordable House Co, a subsidiary of Abdullah Bin Saedan & Sons Real Estate Group, a leading real estate developer for over a century, are pleased to announce the signature of an agreement for the development of a state-of-the-art Staff Residential Complex at SPARK. Affordable House Co. / Bin Saedan to invest $100 million in its state-of-the-art residential complex in King Salman Energy Park (SPARK).

In line with the Saudi Green Initiatives, the unique design of the SPARK staff residential complex seamlessly integrates green technologies while setting a new sustainability standard. It will offer first-rate, safe and competitive amenities for the wellbeing of SPARK tenants and its occupiers. Planned to be developed in phases starting in 2022, the facility has a capacity of 8,000 beds and spreads over an area of more than 110,000 m2.

Commenting at the ceremony, Saif S. Al Qahtani, SPARK President and CEO said: “The success of SPARK in becoming a sustainable ecosystem that attracts international investors and supports the success of Saudi society depends not just on our strategic location but on the fact the city is built around the concept that all people working here, no matter the function they perform, can access spaces where they can live, work and play. Bin Saedan’s design is future-facing and sustainable, while being competitive. It will enable our tenants to safely lodge their employees while offering first class amenities which is paramount for their sustainable growth and localization value creation. We are also pleased to highlight Affordable House Co. / Bin Saedan’s commitment to incorporating advanced systems within the design, construction and operation to make the facility the first of its kind.”

Mohammed Abdullah Bin Saedan, Managing Director of Affordable House Co. added: “We are proud to partner with SPARK to help put in place the infrastructure needed for a dynamic community where residents can lead a healthy and happy lifestyle.