Vishal Wanchoo, CEO of Oxagon, highlighted the city as a beacon of innovation and sustainability at the heart of Saudi Arabia’s transformation, saying that the NEOM Port is set to reshape global trade.
Oxagon, a reimagined industrial city within NEOM, offers a clean ecosystem attracting factories of the future, relying entirely on renewable energy to achieve net-zero emissions. Its strategic location on the Red Sea, near global shipping lanes, positions it as a key hub for major markets and urban centers.
Embracing Sustainable Solutions
Discussing Oxagon’s strategic vision, Wanchoo noted that traditional industries often pose environmental and health risks and contribute to climate change. He emphasized the urgency of adopting sustainable solutions, which has prompted sectors to accelerate the transition to clean technologies and green energy.
“Oxagon provides a clean industrial ecosystem that welcomes factories of the future from across the globe. By relying solely on renewable energy, we offer manufacturers a platform to achieve their net-zero goals,” Wanchoo explained.
Strengthening Local Supply Chains
Wanchoo underscored Oxagon’s alignment with Saudi Vision 2030, which prioritizes developing promising industries, enhancing logistics, and bolstering local, regional, and international trade networks.
“Our focus is on developing seven industrial zones, along with vibrant urban areas that stimulate economic growth through retail and hospitality,” Wanchoo stated. He emphasized Oxagon’s role in making Saudi Arabia a regional hub for imports and exports through the advanced NEOM Port on the Red Sea, connecting global trade routes.
He added: “With over 13% of global trade passing through the Suez Canal annually, NEOM Port’s location enhances its significance as a gateway between Europe and Asia.”
Attracting Foreign Investments
Looking ahead, Wanchoo outlined Oxagon’s goal of driving economic diversification, fostering innovation, and attracting foreign investments over the next five years.
“We are actively engaging with major manufacturers to enhance our industrial ecosystem, strengthen local supply chains, and establish Saudi Arabia as a regional and global manufacturing hub,” he said.
Environmental Commitment
Wanchoo highlighted Oxagon’s commitment to sustainable construction methods. The pilot integrated community, Oxagon Hive, exemplifies this by reducing waste, minimizing costs, and ensuring scalability.
He noted that since taking over Duba Port in 2022, Oxagon has made significant strides in transforming it into a sustainable and automated facility.
“We have reused 100% of excavated materials and recycled decommissioned port facilities for new developments,” he said.
Challenges and Opportunities
“Building a new industrial model from scratch is complex, but we prioritize state-of-the-art infrastructure to support advanced, clean manufacturing,” the CEO of Oxagon remarked. He underlined the importance of partnerships with innovative companies and the adoption of cutting-edge technologies like AI and robotics to address global challenges.
Pioneering Green Hydrogen
Oxagon is also home to the world’s largest green hydrogen plant, developed by NEOM Green Hydrogen Company. Scheduled to produce up to 600 metric tons of carbon-free hydrogen daily by 2026, the plant will operate entirely on solar and wind energy. Currently, 60% of the facility’s infrastructure has been completed.
The project relies on NEOM Port for equipment deliveries, including electrolyzers, wind turbines, and hydrogen storage vessels, crucial for the plant’s operation.
Research and Innovation
Oxagon’s innovation hub, Oxagon Innovation Bay, will become operational in 2025, powered by NEOM Energy & Water’s Enowa-Circle central power station. Initial projects include launching a 20 MW electrolyzer to produce 8 tons of hydrogen daily, providing valuable data to optimize the main plant’s performance.
Milestones of 2023 and 2024
Reflecting on recent achievements, Wanchoo highlighted the 2023 launch of the first global accelerator in partnership with McLaren, focusing on supply chain challenges. Seven startups were selected out of 80 applicants, with funding and connections to venture capital provided. Three pilot projects are now underway in NEOM.
In 2024, milestones include opening NEOM Port to investors and advancing seven selected startups from over 100 participants to the final stages of development.
