عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi PIF Signs MoU to Develop Green Hydrogen Production

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
TT
TT

Saudi PIF Signs MoU to Develop Green Hydrogen Production

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) announced on Tuesday the signing of a three-party MoU with the goal of developing a project to produce green hydrogen for export. The MoU was signed during the Saudi-Korean Investment Forum held in Riyadh.

The MoU was signed on the sideline of the official visit by South Korean President Moon Jae-in to the Kingdom where he met with Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

It was signed by Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, Yoo, Byeong-Og, head of industrial gases and hydrogen business unit of POSCO, and Oh, Se-chul, president and CEO of Samsung C&T Engineering & Construction Group, in the presence of several government representatives and other stakeholders.

Minister of Energy Prince Abdulaziz bin Salman, South Korea’s Minister of Trade, Industry and Energy Moon, Sung Wook, and PIF Governor Yasir Al-Rumayyan, also attended.

Through participation in the green hydrogen project, the three parties aim to enable the Kingdom’s strategy to play a leading role in the Low Carbon Hydrogen market to support global efforts to build a more sustainable future through the reduction of carbon emissions.

The MoU encompasses collaborations to conduct feasibility studies, which is one of the conditions to signing the definitive agreements.

“PIF welcomes this collaboration with POSCO and Samsung C&T, which is in line with PIF’s intent to increase its investments in green hydrogen and other sustainability-linked projects,” said Al-Humied. “PIF plays a vital role in realizing the Kingdom’s aim to achieve net-zero greenhouse gas emissions by 2060, and this partnership is a natural and significant extension to activities already underway.”

“The Kingdom of Saudi Arabia has the potential to produce some of the lowest-cost renewable energy in the world and is one of the most important countries for POSCO, which is planning to develop significant hydrogen production operations,” said POSCO’s Yoo.

Yoo added: “We look forward to successfully establishing hydrogen production operations and supporting the industry’s growth in the Kingdom.”

“Samsung C&T is expanding its capability across the entire value chain from production to utilization by focusing on hydrogen at the center of future energy. Samsung C&T will be a close partner to Saudi Arabia, with aims to help position the Kingdom to be one of the largest hydrogen exporters globally,” said Oh.

Samsung C&T is a leading South Korean construction company that specializes in building, infrastructure, and plant businesses, while POSCO is the largest steel manufacturer in South Korea.

PIF acquired a 38% stake in POSCO E&C in 2015, which is one of the affiliates of POSCO.

The cooperation between the three entities is set to contribute to a giant leap in the reduction of carbon emissions, as well as the transfer of knowledge and expertise between Saudi Arabia and South Korea.

Additionally, POSCO and Samsung C&T signed a Master Service Agreement covering technical development of liquid nitrogen for global green hydrogen production and storage in November 2021.

POSCO promotes hydrogen production projects with the vision of becoming a top 10 global hydrogen producer, producing approximately seven million tons of hydrogen in 2050 through initially targeting 0.5 million tons of hydrogen production with an investment of KRW 10 trillion up to 2030.

Samsung C&T is promoting eco-friendly energy solutions through preparing its green hydrogen business as part of its future growth plans.

Samsung C&T will actively develop its international green hydrogen business using its experience on global renewable project execution and its extensive experience and presence in the Middle East region, which is a core market for its green hydrogen business and those of its customers.

Such a collaboration integrates well with PIF’s 2021-2025 strategy, which aims to develop new and promising sectors.

In addition, the collaboration will contribute to the diversification of the Kingdom’s economy in line with Vision 2030 following PIF’s successful unlocking of sustainable new sectors in Saudi Arabia, such as, renewable energy and waste management.

Most Viewed

 
 
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
TT
TT

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)
TT
TT

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.

Business

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
TT
TT

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.