Business · Energy & Commodities · 13 hrs ago
Saudi funds back $8.3 billion NEOM green hydrogen project
Saudi National Development Fund Governor Abdulaziz Al-Arifi said Saudi funds and financial institutions helped finance NEOM’s green hydrogen project in Saudi Arabia.
The project has total investment of 31.5 billion riyals, or more than $8.3 billion.
The National Development Fund brings together 12 government funds and banks to support projects and investment under Saudi Vision 2030.
The NEOM project is 96% complete and is on track to begin commercial operations in 2027.
It is designed to produce up to 600 tonnes of green hydrogen each day, which will be used to make green ammonia for export.
Its construction and operations have created more than 16,000 job opportunities and helped strengthen local supply chains.
The project is part of Saudi Arabia’s effort to balance energy security with sustainability, and its next stated step is to begin commercial operations in 2027.
Saudi development finance institutions and financial partners helped fund the NEOM Green Hydrogen Project, National Development Fund Governor Abdulaziz Al-Arifi said.
The project has total investment of more than 31 billion riyals, with one report giving the figure as 31.5 billion riyals.
It is 96 percent complete and is on track to begin commercial operations in 2027.
Designed to produce up to 600 tonnes of green hydrogen daily, it will use the hydrogen to manufacture green ammonia for export.
The project has created more than 16,000 job opportunities across its construction and operational phases, according to Al-Arifi.
- Who
- The National Development Fund and Saudi Industrial Development Fund, alongside local and international financial institutions, contributed to financing the project.
- What
- The NEOM Green Hydrogen Project is a major green hydrogen development with total investment exceeding 31 billion riyals.
- When
- It is 96 percent complete and is scheduled to begin commercial operations in 2027.
- Where
- NEOM, Saudi Arabia.
- Why
- It is intended to produce green hydrogen for green ammonia exports and support energy security, sustainability and economic development.
This story does not have two clearly opposing sides.
Al-Arifi discussed the project and development finance at the WPC Energy Congress in Riyadh, according to Arab News.
The NEOM Green Hydrogen Project is on track to begin commercial operations.
- Total investment
- More than SR31 billion ($8.3 billion) in Arab News; 31.5 billion riyals in Okaz
- Project completion
- 96 percent
- Planned commercial operations
- 2027
- Designed daily production
- Up to 600 tonnes of green hydrogen
- Job opportunities
- More than 16,000 across construction and operational phases
- Development finance network
- 12 government funds and banks under the National Development Fund
3 sources
What people are saying
Investment in energy powers industrial activity, supports the growth of cities, strengthens business competitiveness, and improves quality of life.
These outcomes demonstrate how developmental finance can translate strategic projects into sustainable economic and developmental opportunities.