June 9, 2023

Dubai Week

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“Saudi Development” Funds $2.7 Billion Green Hydrogen Project

“Saudi Development” Funds $2.7 Billion Green Hydrogen Project

The Saudi Development Fund, through its subsidiaries, has financed the largest global plant for green hydrogen production, to be installed in the city of “Oxagon” in Neom (Northwestern Saudi Arabia), at a cost exceeding 10.3 billion. Rials ($2.7 billion), in partnership with local and international banks.

The initiative stems from its strategic goals, announced by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Fund’s Board of Directors, to become the main secretary of the “Saudi Vision 2030”. “Saudi Industrial Development Fund” and “National Infrastructure”. » – under construction – to advance green and sustainable solutions in the country.

The project comes as part of Saudi Arabia’s efforts to transition to clean energy and meet growing global energy demand, and based on its pioneering role in developing new and alternative energy sources, as green hydrogen is one of the Kingdom’s most important investments. It is at the forefront of its development.

The National Development Fund invests in promoting sustainability and implementing “Vision 2030” for a greener future. By 2060

The “NEOM Green Hydrogen Project” aims to build the world’s largest carbon-free green hydrogen production plant, providing a combined production capacity of about 4 GW by using proven global technologies in the field, and adopting the latest innovative methods. Solar and wind energy, in turn, will be used. To produce carbon-free hydrogen up to 600 metric tons per day by the end of 2026, globally in the form of green ammonia as a cost-effective solution for the transport and industrial sectors.

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Mohammed Al-Tuwaijri, Deputy Chairman of the Board of Directors of the National Development Fund, said: “We are proud to be a part of this historic project, which will undoubtedly pave the way for widespread adoption of green hydrogen as a clean and sustainable energy source.” It confirms our commitment to support innovative technologies and projects that drive sustainable development and contribute to a carbon-neutral future.”

This initiative comes with the strategic funding of the Industrial Development Fund based on its active role in promoting industrial investment opportunities, promoting local industry and raising its performance level, contributing to the shaping of industrial sectors and supporting promising sectors in the fields of industry, energy. , mining and logistics, so they can reach their full potential in creating a sustainable future and a thriving economy, the most important and innovative in the region.

The National Infrastructure Fund – Under Construction – is the largest individual funder for the project, based on its role in supporting infrastructure projects in key sectors that represent attractive investment opportunities for the private sector, with the encouragement of the National Development Fund. More than triple the growth impact on the Saudi Arabian economy by 2030.