Saudi NEOM, Air Products, ACWA Power Ink Deal for $5 Bn Green Hydrogen Production Facility

Saudi NEOM, Air Products, ACWA Power Ink Deal for $5 Bn Green Hydrogen Production Facility
TT
20

Saudi NEOM, Air Products, ACWA Power Ink Deal for $5 Bn Green Hydrogen Production Facility

Saudi NEOM, Air Products, ACWA Power Ink Deal for $5 Bn Green Hydrogen Production Facility

Air Products, in conjunction with ACWA Power and Saudi Arabia’s NEOM, announced the signing of an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy.

The project, which will be equally owned by the three partners, will be sited in NEOM, a new model for sustainable living located in the northwestern corner of Saudi Arabia, and will produce green ammonia for export to global markets, the companies said in a statement on Tuesday.

The joint venture project is the first partnership for NEOM with leading international and national partners in the renewable energy field and it will be a cornerstone for its strategy to become a major player in the global hydrogen market.

It is based on proven, world-class technology and will include the innovative integration of over four gigawatts of renewable power from solar, wind and storage; production of 650 tons per day of hydrogen by electrolysis using thyssenkrupp technology; production of nitrogen by air separation using Air Products technology; and production of 1.2 million tons per year of green ammonia using Haldor Topsoe technology. The project is scheduled to be onstream in 2025.

Air Products will be the exclusive off-taker of the green ammonia and intends to transport it around the world to be dissociated to produce green hydrogen for the transportation market.

"We are honored and proud to partner with ACWA Power and NEOM and use proven technologies to make the world's dream of 100 percent green energy a reality," said Seifi Ghasemi, Chairman, President and Chief Executive Officer for Air Products.

"Harnessing the unique profile of NEOM's sun and wind to convert water to hydrogen, this project will yield a totally clean source of energy on a massive scale and will save the world over three million tons of CO2 emissions annually and eliminate smog-forming emissions and other pollutants from the equivalent of over 700,000 cars."

Mohammad A. Abunayyan, ACWA Power Chairman, said: "Stemming from our belief in Vision 2030 and Crown Prince Mohammed bin Salman's aspirations for NEOM to become the global pioneer in sustainable living, the Board of Directors and Management of ACWA Power are proud to take part in this groundbreaking and first-of-its-kind investment in the world.”

“ACWA Power has a proven track record of leveraging pioneering renewable technologies to deliver carbon-free power at the lowest cost. With our global experience, we are confident that our collaboration with an industry-leading company like Air Products will create significant opportunities in the production of green hydrogen, and further us in our goal to help countries meet their clean energy targets and unlock significant socio-economic benefits.”

NEOM CEO, Nadhmi Al Nasr, said: "This partnership reflects our deep commitment to developing a carbon positive society which will be a beacon for sustainable living and a solution to many of the environmental challenges facing the world.”

“This demonstrates the ability of NEOM to generate significant partnership opportunities for international and national investors. This is a pivotal moment for the development of NEOM and a key element in Saudi Vision 2030 contributing to the Kingdom's clean energy and circular carbon economy strategy,” he added.

“As the world's largest renewable hydrogen project, NEOM's Board of Directors, headed by Crown Prince Mohammed bin Salman, and the company's Executive team are delighted to announce this significant milestone for NEOM in becoming a global leader in green hydrogen production and green fuels,” he stated.

“We are also excited that two world-class organizations, Air Products and ACWA Power, have joined us in developing this major project, the first of many developments at this scale that will put NEOM at the heart of a new future society,” he stressed.



Anger Against Trump Is Forecast to Cost the US International Visitors 

Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
TT
20

Anger Against Trump Is Forecast to Cost the US International Visitors 

Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)

Anger over the Trump administration’s tariffs and rhetoric will likely cause international travel to the US to fall even further than expected this year, an influential travel forecasting company said Tuesday.

Tourism Economics said it expects the number of people arriving in the US from abroad to decline by 9.4% this year. That’s almost twice the 5% drop the company forecast at the end of February.

At the beginning of the year, Tourism Economics predicted a booming year for international travel to the US, with visits up 9% from 2024.

But Tourism Economics President Adam Sacks said high-profile lockups of European tourists at the US border in recent weeks have chilled international travelers. Potential visitors have also been angered by tariffs, Trump's stance toward Canada and Greenland, and his heated White House exchange with Ukraine President Volodymyr Zelenskyy.

“With each policy development, each rhetorical missive, we’re just seeing unforced error after unforced error in the administration,” Sacks said. “It has a direct impact on international travel to the US.”

The decline will have consequences for airlines, hotels, national parks and other sites frequented by tourists.

Tourism Economics expects travel from Canada to plummet 20% this year, a decline that will be acutely felt in border states like New York and Michigan but also popular tourist destinations like California, Nevada and Florida.

The US Travel Association, a trade group, has also warned about Canadians staying away. Even a 10% reduction in travel from Canada could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses, the group said in February.

Other travel-related companies have noted worrying signs. At its annual shareholder meeting on Monday, Air Canada said bookings to the US were down 10% for the April-September period compared to the same period a year ago.

Sacks said he now expects foreign visitors to spend $9 billion less in the US compared to 2024, when international tourism to the country rose 9.1%.

“The irony is that the tariffs are being put in place to help right the trade deficit, but they're harming the trade balance by causing fewer international travelers to come and spend money here,” Sacks said.

Sacks said international arrivals had been getting close to returning to 2019 numbers, before the coronavirus pandemic halted most travel. Now he thinks they won't get back to that level until 2029.