عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
TT
TT

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.