Egypt, Saudi Arabia Aim to Capture 1/3 of the Green Hydrogen Market in Europe, Asia

The ship that transported the world’s first liquefied hydrogen shipment from Melbourne, Australia to Japan (Getty Images)
The ship that transported the world’s first liquefied hydrogen shipment from Melbourne, Australia to Japan (Getty Images)
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Egypt, Saudi Arabia Aim to Capture 1/3 of the Green Hydrogen Market in Europe, Asia

The ship that transported the world’s first liquefied hydrogen shipment from Melbourne, Australia to Japan (Getty Images)
The ship that transported the world’s first liquefied hydrogen shipment from Melbourne, Australia to Japan (Getty Images)

Hydrogen Egypt’s Executive Director Khaled Nageib has called upon Egypt and Saudi Arabia to establish the foundations of the hydrogen market in the region.

This is aimed at securing a significant market share in this promising sector, given Europe’s interest in importing energy from Cairo and Asia’s reliance on Riyadh’s energy resources.

Nageib told Asharq Al-Awsat that the integration of Egypt and Saudi Arabia in the hydrogen markets would secure approximately a third of the market share in both the European and Asian markets, amounting to an annual sum ranging from $50 billion to $100 billion over a period of 3 to 5 years.

In 2020, the global hydrogen market was assessed at around $150 billion, with expectations of reaching $600 billion by the year 2050. The value estimated by the head of Hydrogen Egypt currently stands at $200 billion to $300 billion.

Nageib believes that Egypt possesses sustainability in renewable energy production through solar and wind power, in addition to its infrastructure, ports, geographic proximity to Europe, and human resources.

These factors collectively reduce the costs of hydrogen production.

He noted that Europe annually requires 20 million tons of green hydrogen, importing at least 10 million tons from outside the EU, according to the latest European studies.

Moreover, Saudi Arabia possesses sunlight and wind, along with infrastructure, ports, and geographic proximity to Asian countries.

The presence of fossil fuels, which is an essential component for hydrogen production, makes the Kingdom the preferred partner for Asia in purchasing green hydrogen.

Considering that the green hydrogen market is both emerging and promising, the integration of two countries the size of Egypt and Saudi Arabia in this sector ensures a significant share in this market.

This synergy also provides momentum for international agreements and memoranda of understanding regarding green hydrogen production, according to Nageib.



IMF Says Ready to Support Syria Reconstruction when Conditions Allow

A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
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IMF Says Ready to Support Syria Reconstruction when Conditions Allow

A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra

The International Monetary Fund stands ready to assist Syria's reconstruction alongside the international community, but the situation on the ground remains fluid, IMF spokesperson Julie Kozack said on Thursday.
Kozack told a regular press briefing that the IMF has had no meaningful contact with Syrian authorities since an economic consultation in 2009, Reuters reported.
"It's too early to make an economic assessment. We are closely monitoring the situation, and we stand ready to support the international community's efforts to assist serious reconstruction as needed and when conditions allow," Kozack said.
Less than two weeks after Syrian opposition fighters toppled Bashar al-Assad's regime and seized control of the capital Damascus, Kozack said that the emerging Syrian authorities face many difficulties after 13 years of civil war.
"The Syrian people have suffered for far too long. We hope that the country can now begin to address its deep humanitarian, social and economic challenges, and to begin the rehabilitation of the Syrian economy," Kozack said.

Kozack also said that the IMF Executive Board will meet on Friday to consider approval of a $1.1 billion disbursement to Ukraine from the IMF's $15.6 billion loan program to the war torn country.

The disbursement, part of the sixth review of the four-year Ukraine loan, would bring total program disbursements to $9.8 billion, with about $2.7 billion available for 2025, Kozack added.