Cash will not be used in Saudi energy industry city

Cash will not be used in Saudi energy industry city

RIYADH: A new city being developed in Saudi Arabia's Eastern Province will be cashless according to Riyad Bank CEO Tareq Al-Sahdan. King Salman Energy Park (SPARK), located between Dammam and Al-Ahsa, is being built on an area of 50 square kilometers and will include a dedicated logistics zone and dry port. SPARK announced in March that 80 percent of the project's first phase was officially complete. A new agreement signed between Riyad Bank and the King Salman Energy City (SPARK) aims to fully transform the project into a fully digital city, Al-Sahdan told Al Arabiya. "We aspire that Spark City will be completely digital, since it is a new city, where cash is not used, and there will be payment solutions for all uses and a special pass card used in shops and services,“ he told Al Arabiya. An agreement between the pair, which includes ten initiatives, aims to support the Kingdom's ranking in ease of doing business and the digital economy.