NEOM to Begin First Commercial Green Hydrogen Output in 2027

Wesam Alghamdi, the chief executive officer at NEOM Green Hydrogen Company  - Ashar Al-Awsat
Wesam Alghamdi, the chief executive officer at NEOM Green Hydrogen Company - Ashar Al-Awsat
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NEOM to Begin First Commercial Green Hydrogen Output in 2027

Wesam Alghamdi, the chief executive officer at NEOM Green Hydrogen Company  - Ashar Al-Awsat
Wesam Alghamdi, the chief executive officer at NEOM Green Hydrogen Company - Ashar Al-Awsat

Saudi Arabia’s NEOM, the Public Investment Fund’s flagship development, is accelerating work as the Oxagon industrial city and the NEOM Green Hydrogen project move closer to production and operation.

Together, the two ventures are set to anchor the country’s shift toward clean energy and advanced industries, supporting Vision 2030 goals to cut carbon emissions and diversify the economy by building integrated industrial and technology ecosystems powered by renewable energy and innovation.

The progress reinforces NEOM’s position as a global hub for sustainable industries and future technologies.

Operations and maintenance

Wesam Alghamdi, chief executive officer of NEOM Green Hydrogen Company, said the facility is preparing to begin commercial production in 2027, following testing and commissioning phases scheduled for 2026.

He said the project is one of the most important pillars of the kingdom’s clean-energy transition and is aligned with Vision 2030 targets for decarbonization and net zero emissions.

He said the company is a joint venture between ACWA Power, Air Products and NEOM, and is located in Oxagon, the industrial city within the wider NEOM project.

The project consists of three primary sites: the hydrogen plant in Oxagon, a solar field about 80 kilometers to the east, and a wind turbine site about 120 kilometers to the north.

Speaking to Asharq Al-Awsat, he said the project will generate a total of 4 gigawatts of power for the hydrogen plant by the end of 2026, with commercial operations to start in 2027.

The plant will be able to produce 600 tons of hydrogen a day, which will be converted into 1.2 million tons of ammonia annually and shipped through a dedicated port that includes a purpose-built berth.

He added that construction began about two years ago and that more than 80 percent of the work is now complete. Solar and wind farms have reached advanced stages and are ready to supply power for testing and commissioning in 2026.

He said the company is not only building the plant but is also building its institutional structure. The workforce has reached about 350 employees, and the company has recruited the staff needed for operations, maintenance and supporting roles. It has also launched specialized training programs to prepare new graduates for careers in the emerging sector.

Alghamdi said the company’s location in Oxagon and its proximity to the hydrogen plant’s port were critical to the project’s progress.

All wind turbines were imported through NEOM Port and Oxagon’s logistics network, along with the main equipment for the hydrogen plant, including hydrogen storage vessels and the cooling box, which is a key component of the air separation unit used to produce nitrogen. Many other pieces of equipment also arrived through the NEOM and Oxagon port facilities.

He said Oxagon provides industrial investors with an integrated ecosystem that includes licenses, permits, port services and engineering and logistics support, helping the project achieve major milestones during execution.

The chief executive said what is being built is not just a plant but the start of a new industry that will serve as a global model proving that large-scale hydrogen production is possible.

On the economic and social impact, he said the company will create between 300 and 350 direct jobs at NEOM Green Hydrogen Company, many of which have already been filled. He said the project will also generate a multiplier effect of six to seven times in indirect jobs across supporting sectors.

He said the project’s presence in NEOM will open opportunities for developing upstream and downstream services, leading to continuous industrial support for long-term maintenance and operations.

He said the kingdom’s hydrogen industry will attract specialized companies in fields such as artificial intelligence, digitalization and engineering solutions, making it a new driver for Saudi economic diversification.

Future opportunities

Vishal Wanchoo, chief executive of Oxagon, said the project is the home of advanced and clean industries in NEOM and is one of the main engines of its economy. He said Oxagon has seen significant progress since its plan was launched in 2021.

The city is located on the Red Sea around NEOM Port, in a strategic position that offers excellent access to many regions, especially Europe and Africa, making it an ideal location for exports as well as serving Saudi Arabia.

He told Asharq Al-Awsat that NEOM Port is already operational and that efforts are under way to attract industrial companies to establish operations in Oxagon.

The NEOM Green Hydrogen project is the first of the major ventures, he said, describing it as a large-scale project for producing green hydrogen.

He added that Oxagon is developing an integrated renewable-energy ecosystem and expanding artificial intelligence data centers while strengthening the wider AI environment, which are among the industrial city’s core priorities.

He said NEOM Port is supporting the green hydrogen project by providing materials and handling complex shipments. He expressed strong optimism about the future opportunities linked to the project.

He said an integrated renewable-energy ecosystem is one of Oxagon’s top priorities, noting that work on green hydrogen began about four years ago and highlighted the importance of developing all components of the renewable-energy system to support the kingdom and its export capabilities as it transitions from traditional to clean energy.

He said Oxagon’s first three pillars focus on large-scale local manufacturing of wind-energy technology, midstream and end-stage production of solar-energy technologies, including solar cells, modules and raw materials, all of which will be produced in high-capacity factories capable of meeting Saudi Arabia’s renewable-energy needs and serving export markets.

He said work is also progressing on battery technologies, which he described as a central part of the renewable-energy system.

On clean and tech-driven industries, he said all Oxagon activities revolve around renewable energy, which is inherently clean.

The goal is not only to manufacture renewable-energy components but to power all industries in Oxagon entirely with renewable energy.

He noted that NEOM Green Hydrogen Company is one of the largest renewable-energy production projects and operates entirely on clean energy, enabling it to supply the same power to other industries in Oxagon.

He said the city’s technology focus is centered on artificial intelligence, and that there is a strong link between AI and renewable energy because one of the biggest challenges facing AI today is sustainability, given its high consumption of energy and water for cooling.

Oxagon aims to adopt sustainable solutions, including a major AI data center that will run on renewable energy and use seawater for cooling to ensure sustainable operations.

He said the goal is to move forward with discussions and finalize agreements that allow companies to launch operations. The plan is to start industrial production before the end of 2026 and reach full manufacturing capacity by 2027, amid rapid growth in renewable-energy and AI projects.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.