Saudi Patent for Clean Hydrogen Production at Reduced Cost

Saudi Arabia aims to become one of the largest exporters of clean hydrogen in the world (Asharq Al-Awsat)
Saudi Arabia aims to become one of the largest exporters of clean hydrogen in the world (Asharq Al-Awsat)
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Saudi Patent for Clean Hydrogen Production at Reduced Cost

Saudi Arabia aims to become one of the largest exporters of clean hydrogen in the world (Asharq Al-Awsat)
Saudi Arabia aims to become one of the largest exporters of clean hydrogen in the world (Asharq Al-Awsat)

A Saudi researcher has achieved a global patent in the clean hydrogen production sector, contributing to a significant reduction in production costs. This accomplishment positions Saudi Arabia’s hydrogen production as the most efficient and cost-effective on a global scale.

According to information obtained by Asharq Al-Awsat, the patent was granted to Dr. Abdulrahman Abdulaal.

He holds the position of Chief Executive Director for Business Development and Head of Green Hydrogen Project Development at ACWA Power.

He is also an expert in open innovation at the United States Patent and Trademark Office. The exact percentage of the cost reduction has not been disclosed due to the sensitivity of the information, as described.

Abdulaal’s invention in the realm of clean hydrogen and water desalination stands as a testament to innovative approaches to clean hydrogen production.

This innovation promises to drive down carbon emissions, harness and mitigate their impact, curb greenhouse gas effects, and preserve the environment.

The invention also aims to enhance Saudi Arabia’s global leadership in the sector, offering substantial economic viability and cost-efficiency while maximizing the utilization of available resources.

This patent arrives at a time when Crown Prince Mohammed bin Salman had previously affirmed Saudi Arabia’s aspiration to become one of the largest sources of clean hydrogen globally. This aligns with the Kingdom’s commitment to achieving carbon neutrality by 2060.

In a personal discussion, Abdulaal affirmed that securing the patent for clean hydrogen, which positions Saudi Arabia as a paragon of efficiency and cost-effectiveness, stems from the nation’s extensive capabilities in both traditional and renewable energy sectors.

He emphasized that this invention is part of his contribution towards realizing the objectives of Vision 2030, elevating the knowledge-based and innovation-driven economy, and bolstering Saudi Arabia’s global prominence in inventions, intellectual property, and innovations within the clean hydrogen value chains.

This initiative aims to foster a sustainable economy in the hydrogen industry, aligning it locally and establishing it as an exportable economic and intellectual asset worldwide.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.