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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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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.