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CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
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CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi

The CEO of NEOM Green Hydrogen Co. has announced progress on building the world’s largest hydrogen plant in Saudi Arabia’s NEOM region.

Wesam Al-Ghamdi revealed that the construction of the plant in NEOM’s city of “Oxagon” is advancing significantly.

Speaking to Asharq Al-Awsat, Al-Ghamdi revealed that his company received initial supplies and is now focusing on installation, expecting more deliveries this year.

The CEO reaffirmed that he aims for significant construction progress this year, gearing up for full operations by 2026.

Al-Ghamdi referenced the company’s notable accomplishment in 2023, reaching full financial closure in May of the previous year after securing a total funding of $8.4 billion.

The CEO highlighted the importance of getting started at the NOEM green hydrogen complex. He mentioned that even though it’s in the early stages with support from ACWA Power, Air Products, and NEOM, the funding has helped speed up construction.

He emphasized how this financial backing shows confidence in the project’s economic value and its goal of creating the biggest hydrogen plant globally.

Hydrogen Production

Al-Ghamdi explained that in 2023, the company focused on completing basic construction works to prepare for receiving key supplies at their NEOM site. The first six wind turbines arrived in October at NEOM’s port in “Oxagon,” a city focused on clean industries.

He stressed his company’s confidence in scaling up green hydrogen production at the lowest cost possible by 2026. Saudi Arabia aims to lead globally in hydrogen production and exports, aligning with green initiatives. The target is to produce 4 million tons of clean hydrogen annually by 2030.

Saudi Arabia Leading in Green Hydrogen

Al-Ghamdi predicted that Saudi Arabia will take the lead in producing green hydrogen soon, tapping into its vast experience and natural resources like wind and solar power.

He stressed that the NEOM green hydrogen project aims to play a big role in achieving this ambitious goal.

Once operational, the plant is expected to churn out 600 tons of carbon-free hydrogen daily by 2026, enough to power around 20,000 hydrogen buses.

It also plans to produce 1.2 million tons of green ammonia yearly for global export. The company will have a special pier for shipping the hydrogen as ammonia directly from its site.

Al-Ghamdi highlighted the project’s importance, saying it aligns with the goals of Saudi Arabia’s national transformation plan, Vision 2030, and will help remove carbon from major sectors like transportation and heavy industries.

NEOM Green Hydrogen Project Leads in Full Funding

Al-Ghamdi highlighted that while many green hydrogen projects globally are still in early planning, the NEOM one stands out as the only project fully funded. This achievement came through an exclusive deal with Air Products to buy all their green hydrogen output for export over three decades.

Al-Ghamdi noted that the emerging green hydrogen sector offers significant global opportunities. NEOM Green Hydrogen aims to showcase these opportunities by proving the economic feasibility of large-scale green hydrogen production and its potential for extensive growth.

Clean hydrogen is increasingly seen as a key solution to combat climate change. As countries strive for carbon neutrality, clean hydrogen is expected to play a vital role in speeding up the transition to cleaner energy and industries, providing the only viable way to remove carbon on a large scale.

NEOM Green Hydrogen Plant Aims to Offset 5 Million Tons of CO2 Annually

Al-Ghamdi affirmed that the plant, upon full operation by 2026, aims to offset up to 5 million tons of carbon dioxide annually.

Clean hydrogen is seen as crucial in addressing emissions from industries heavily reliant on it, such as transportation and heavy machinery.

The CEO emphasized its potential for remote areas where continuous operation is vital, like around-the-clock trucking.

Moreover, Al-Ghamdi highlighted that hydrogen combustion solely produces water vapor, making it a carbon-free end product. In addition to its environmental benefits, the NEOM green hydrogen plant aims to foster international collaboration and invest in clean energy technology.

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Business

Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
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Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo

European Central Bank President Christine Lagarde has attempted to calm speculation about her stepping down early that has called into question the central bank's separation from politics, telling the Wall Street Journal she expects to complete her term.

Lagarde's status as leader of Europe's most important financial institution
was plunged into doubt this week after the Financial Times reported she planned to leave her job ahead of next spring's French presidential election, giving outgoing leader
Emmanuel Macron a say in picking her successor.

In an interview with the WSJ on Thursday, Lagarde dampened speculation about an imminent exit but still left the door slightly ajar to the possibility that she might leave before the end of her contract in October 2027.

“When I look back at all these years, I ‌think that we have ‌accomplished a lot, that I have accomplished a lot,” she told the ‌paper. “We ⁠need to consolidate ⁠and make sure that this is really solid and reliable. So my baseline is that it will take until the end of my term.”

Reuters exclusively reported that Lagarde had sent a private message to fellow policymakers reassuring them that she was still concentrating on her job and that they would hear it from her, rather than the press, if she wanted to step down.

The ECB has said that Lagarde has not made a decision about the end of her term, but stopped short of denying the FT report.

Some analysts thought an ⁠early exit risked tangling the ECB up in European politics as it could ‌give the impression of trying to make sure France's eurosceptic far ‌right, which could win next year's presidential vote, had no say in her succession.

Lagarde said last year she intended ‌to complete her term, a commitment she has conspicuously failed to repeat this week.

Bank of France Governor Francois ‌Villeroy de Galhau announced plans to step down from his job last week, in a move that gives President Macron a chance to pick the next French central bank chief, drawing sharp criticism from the far-right who called the move anti-democratic.

Villeroy's early departure and the confusion about Lagarde's future come just as US President Donald Trump is attacking the Federal Reserve, ‌further stoking debates about central bank independence from politics.

"After the recent events in the US, this is another reminder that although central banks are nominally ⁠independent, who leads them and ⁠their worldview is a matter for high politics," economists at Oxford Economics wrote on Friday.

As the head of the euro zone's second largest economy, the French president plays an important role in wider negotiations to select the head of the ECB.

Polls show either far-right National Rally leader Marine Le Pen, or her protege Jordan Bardella, could win the French presidency.

While the party has long dropped a call for France to leave the euro, it is still seen as something of an unknown quantity in central banking circles.

According to Reuters, Lagarde told the WSJ that she viewed her mission as price and financial stability, as well as "protecting the euro, making sure that it is solid and strong and fit for the future of Europe."

She also said that the World Economic Forum was "one of the many options" she was considering once she left the central bank.

When Lagarde's name first emerged as a possible candidate for ECB president in 2019, she said she had no interest in the job and would not leave the International Monetary Fund, where she was the managing director.

Business

Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.

Business

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.