KAUST, NEOM Collaborate to Advance Green Economy with Hydrogen and Sustainable Fuel Technologies

NEOM's OXAGON. Photo: Asharq Al-Awsat
NEOM's OXAGON. Photo: Asharq Al-Awsat
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KAUST, NEOM Collaborate to Advance Green Economy with Hydrogen and Sustainable Fuel Technologies

NEOM's OXAGON. Photo: Asharq Al-Awsat
NEOM's OXAGON. Photo: Asharq Al-Awsat

King Abdullah University of Science and Technology (KAUST) has announced a strategic partnership with NEOM to accelerate the transformation of the Kingdom's green economy.

The collaboration focuses on developing hydrogen and sustainable fuel production technologies through three cutting-edge applied research projects.

Under this partnership, NEOM's Education, Research, and Innovation Foundation, through the Hydrogen and E-Fuels Applied Research Institute (HEFARI), is sponsoring the development of hydrogen as a renewable energy source.

KAUST researchers and scientists are at the forefront of these initiatives, showcasing progress at a recent two-day KAUST Research and Technology Park summit.

The summit brought together senior representatives from KAUST, NEOM, HEFARI, INOWA, Imperial College, Saudi Aramco, HyET, Cruise Saudi, Next7, and Dow. The attendees engaged in discussions on the ongoing projects, the challenges ahead, and the opportunities for advancing a green hydrogen economy in Saudi Arabia.

Key topics of the summit included the economic production of green hydrogen and ammonia, their critical applications in sustainable aviation fuel and marine propulsion, and the development of essential technologies such as electrolyzers, improved catalysts, and membranes.

Participants also addressed these technologies' crucial manufacturing, transportation, and storage needs.

Prominent KAUST faculty members lead the three research projects sponsored by HEFARI. Professor William Roberts, Professor of Mechanical Engineering, is spearheading efforts to develop carbon-neutral fuels for marine engines in response to new regulations to decarbonize shipping.

Professor Mani Sarathy, Professor of Chemical Engineering, is focused on reducing the costs of large-scale electrolysis technologies to produce cleaner hydrogen. Meanwhile, Assistant Professor of Mechanical Engineering Thibaut Guiberti is working on minimizing unwanted emissions from engines and turbines that utilize green ammonia as fuel.

This collaboration aligns with Saudi Arabia's ambitious goals to generate 50% of its electricity from renewable sources by 2030 and to become the world's largest producer and supplier of green hydrogen.

Additionally, it supports the Kingdom's target of achieving carbon neutrality by 2060 through the circular carbon economy approach. This strategy emphasizes replacing and localizing advanced carbon management technologies, enhancing integrated solutions to combat climate change and the Kingdom's commitment to maintaining global leadership in this critical field.



$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.