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NDF Helps Finance World's Largest Green Hydrogen Project with SAR 10.3 Bln

Saudi Arabia’s National Development Fund (NDF), through its supervised entities, has contributed to the financing of the largest green hydrogen production plant in the world that will be established in Oxagon city at NEOM. (SPA)
Saudi Arabia’s National Development Fund (NDF), through its supervised entities, has contributed to the financing of the largest green hydrogen production plant in the world that will be established in Oxagon city at NEOM. (SPA)
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NDF Helps Finance World's Largest Green Hydrogen Project with SAR 10.3 Bln

Saudi Arabia’s National Development Fund (NDF), through its supervised entities, has contributed to the financing of the largest green hydrogen production plant in the world that will be established in Oxagon city at NEOM. (SPA)
Saudi Arabia’s National Development Fund (NDF), through its supervised entities, has contributed to the financing of the largest green hydrogen production plant in the world that will be established in Oxagon city at NEOM. (SPA)

Saudi Arabia’s National Development Fund (NDF), through its supervised entities, has contributed to the financing of the largest green hydrogen production plant in the world that will be established in Oxagon city at NEOM.

The initiative is part of the efforts of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) -under establishment-, along with local and international banks, to advance green and sustainable solutions in the Kingdom, with financing exceeding SAR 10.3 billion (USD 2.7 billion), said the Saudi Press Agency on Tuesday.

The project is part of Saudi Arabia’s efforts to shift to clean energy and meet the growing demand for energy globally. Green hydrogen represents one of the most prominent investments for the Kingdom as it leads a new chapter into the future.

The National Development Fund aims to promote sustainability and enable Saudi Vision 2030 for a greener future by leveraging its expertise in development financing and delivering contributions to the Kingdom's ambitious goal to achieve net carbon neutrality by 2060.

The green hydrogen project, NEOM Green Hydrogen Company (NGHC), is a significant milestone in the transition towards a low-carbon economy. By harnessing cutting-edge technology and leveraging renewable energy sources, NGHC produces hydrogen through electrolysis, mitigating carbon emissions and reducing dependence on fossil fuels.

Located in Oxagon, in Saudia Arabia’s region of NEOM, NGHC will boast an impressive production capacity of 600 tons per day of carbon-free hydrogen by the end of 2026, offering a multitude of applications across various sectors, including transportation, industry, and energy integration. The project positions the Kingdom as a global frontrunner in the green hydrogen sector, fostering economic growth and creating high-value job opportunities.

“We are proud to be part of this historic and transformative project, which will undoubtedly pave the way for the large-scale adoption of green hydrogen as a clean, sustainable energy source,” said Mohammed Al-Tuwaijri, Vice Chairman of the Board of NDF.

“Our involvement in financing NGHC's mega-plant further underscores our commitment to actively support innovative technologies and projects that drive sustainable development and contribute to a carbon-free future,” he added.

The initiative comes with strategic financing provided by the SIDF, in line with its role in promoting industrial investment opportunities and developing the industrial sector. In addition to financing provided by the National Infrastructure Fund (NIF), which is the project’s largest single financier, to promote its role in supporting infrastructure projects in vital sectors.

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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia posted its highest trade surplus in 10 months in February, buoyed by a sharp drop in merchandise imports, a trend that supports state revenues, bolsters currency stability, and reflects strong global demand for locally produced goods.

The Kingdom recorded a trade surplus of 31 billion riyals ($8.26 billion) in February, up 44.6% from 21 billion riyals in January and higher than the 29 billion riyals recorded in the same month last year, data from the General Authority for Statistics showed.

The surge came despite a slight dip in exports, as merchandise imports fell by 5.6% month-on-month to 63 billion riyals ($16.7 billion) — the lowest level since late 2023. Meanwhile, merchandise exports stood at 94 billion riyals ($18.3 billion), down from 97 billion riyals in January.

Saudi Arabia’s non-oil exports, including re-exports, rose 14.3% year-on-year in February to 26 billion riyals ($6.9 billion), up from 23 billion riyals in the same month last year, driven by ongoing efforts to boost domestic industry and global market access.

The growth comes as the Kingdom steps up its “Made in Saudi” initiative, aimed at helping local companies expand operations, tap new customer bases, and market their products to a wider audience. The program is part of Riyadh’s broader push to diversify the economy and reduce reliance on oil.

Trade experts say the rise in exports relative to imports is supported by a mix of financial incentives, export facilitation, and expanded logistics infrastructure across air, land and sea.

China remained Saudi Arabia’s largest export destination in February, accounting for 16.2% of total exports. South Korea followed with 10.1%, and the United Arab Emirates came third with 9%.

Dr. Fawaz Alamy, an international trade expert, told Asharq Al-Awsat that the trade surplus reflects the Kingdom’s successful policies to stimulate the private sector and boost the competitiveness of national products abroad. He said recent regulatory reforms have eliminated key obstacles for exporters and helped create entities that support global expansion.

He added that government agencies are working closely with the private sector by providing consulting services, financing, and market targeting strategies to facilitate international trade.

“Saudi Arabia’s non-oil activities are now growing steadily and contributing more than 50% to GDP,” Alamy said, noting this aligns with Vision 2030 goals to build a diversified and thriving economy.

Economic analyst Ahmed Al-Shehri echoed the sentiment, saying February’s trade surplus highlights the success of government collaboration in enhancing the export environment, overcoming exporter challenges, and improving export-related knowledge and talent.

He added that authorities continue to support the private sector and create an attractive environment for local and foreign investment. “In recent years, the government has worked to understand and remove the challenges facing domestic companies to ensure they can drive economic growth,” Al-Shehri said.

He noted that the non-oil sector’s contribution to GDP is now around 50%, adding: “Government agencies are actively helping manufacturers and exporters identify global market opportunities and deliver tailored support.”