Saudi Press

Saudi Arabia and the world
Monday, Oct 14, 2024

NDF contributes to financing world's largest green hydrogen project with SR10.3 billion financing

NDF contributes to financing world's largest green hydrogen project with SR10.3 billion financing

The National Development Fund (NDF) through its supervised entities, contributed to the financing of the largest green hydrogen production plant in the world set to be established in Oxagon city at NEOM.
This initiative came as part of the efforts of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) — under establishment —, along with local and international banks, to advance green and sustainable solutions in the Kingdom, with financing exceeding SR10.3 billion ($2.7 billion).

This project comes as part of Saudi Arabia’s efforts to shift to clean energy and meet the growing demand for energy globally. Green hydrogen represents one of the most prominent investments for the Kingdom as it leads a new chapter into the future.

The National Development Fund targets to promote sustainability and enable Saudi Vision 2030 for a greener future by leveraging its expertise in development financing and delivering contributions to the Kingdom's ambitious goal to achieve net carbon neutrality by 2060.

The green hydrogen project, NEOM Green Hydrogen Company (NGHC), is a significant milestone in the transition towards a low-carbon economy.

By harnessing cutting-edge technology and leveraging renewable energy sources, NGHC produces hydrogen through electrolysis, mitigating carbon emissions and reducing dependence on fossil fuels.

Located in Oxagon, in Saudi Arabia’s region of NEOM, NGHC boasts an impressive production capacity of 600 tons per day of carbon-free hydrogen by the end of 2026, offering a multitude of applications across various sectors, including transportation, industry, and energy integration.

The project positions the Kingdom as a global frontrunner in the green hydrogen sector, fostering economic growth and creating high-value job opportunities.

"We are proud to be part of this historic and transformative project, which will undoubtedly pave the way for the large-scale adoption of green hydrogen as a clean, sustainable energy source.

“Our involvement in financing NGHC's mega-plant further underscores our commitment to actively support innovative technologies and projects that drive sustainable development and contribute to a carbon-free future," said Mohammed Al-Tuwaijri, vice chairman of NDF Board.

This initiative comes with strategic financing provided by the Saudi Industrial Development Fund (SIDF) that comes in line with its role in promoting Industrial investment opportunities, developing the industrial sector.

This is in addition to financing provided by the National Infrastructure Fund (NIF), which is the project’s largest single financier, to promote its role in supporting infrastructure projects in vital sectors.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Erdogan Criticizes UN's Inaction; Global Tensions Rise Over Human Rights and Resource Disputes
Global Tensions Surge: US-UK Airstrikes in Yemen, Diplomatic Shifts in Iran, and Israeli-Lebanese Struggles
Saudi Arabia's Ambitious Moves: Hydrogen Trains, Riyadh Metro, and Smart City Collaborations
Global Tensions and Tragedies: UN Experts Criticize Tunisia's Migrant Policies, Israeli Airstrikes Hit Lebanon, UK Court Hears Family Murder Trial, and New Saudi-Philippines Energy Pact
Saudi Arabia Embraces Sustainable Progress with Energy Pact and Cultural Milestones: From Renewable Innovations to Fashion and Sporting Triumphs
Netanyahu Urges UN to Relocate Lebanon Peacekeepers Amid Escalating Tensions
Tech Boosts Singapore’s Economy to 4.1% Growth in Q3
EU Sanctions Iranian Entities, UNHCR Warns of Global Displacement, and Saudi Arabia Advances Green and Industrial Ventures
Riyadh Season 2024: A Blend of Cultural Marvels and Cybersecurity Initiatives Amidst Middle Eastern Turmoil and Archaeological Revelations
From Desert Adventures to Diplomatic Tensions: Exploring Philby's Legacy and Global Affairs
Qatar's Tourism Boom and Saudi Arabia's Strategic Advances: Highlights from Economic Growth to Humanitarian Efforts
Global Developments: Philippines-Saudi Green Alliance, Pakistan's Security Ops, France's Immigration Shift, Ukraine-Russia Tensions, EU on Israeli Actions, and Dussmann's Strategic Move
Rising Tensions and Humanitarian Crises: Israeli Airstrikes in Gaza and Regional Conflicts Escalate
Global Tensions and Local Challenges: Missile Strikes Shift Defense Focus, Political Security Concerns Rise, and Societal Transformations Unfold
World Bank Warns of Rising Debt; Saudi Arabia Unearths Cave Wonders; Middle East Tensions and U.S. Military Moves; China Conducts Drills Near Taiwan
Sweden Urges EU to Designate Iran's Guards as Terrorists Amid Alleged Recruitment of Swedish Gang Members
Regional Diplomacy Intensifies Amid Rising Tensions Between Hezbollah and Israel
Saudi Arabia's Vision 2030: Pioneering Food Security, Digital Transformation, and Global Partnerships Amidst Regional Tensions
Amid Conflict in Lebanon, Saudi Arabia Charts Path to Global Logistics Leadership and Cultural Enrichment
Madinah Dates Festival Celebrates Heritage Amid Rising Middle East Tensions: A Complex Global Landscape
Saudi Arabia Unveils Ambitious Logistics and Technological Plans Amidst Vision 2030 Reforms
Tensions Escalate in Middle East Following Israeli Airstrike; Saudi Arabia Drives Environmental and Economic Initiatives
Saudi Arabia's Environmental Achievements Shine on IUCN Green List Amid Regional Conflicts and Cultural Celebrations
Global Developments: Saudi Arabia Condemns Land Seizure, Australia Criticizes Calls Against Ceasefire, and Cultural Initiatives in Full Swing
Iran Condemns New U.S. Sanctions Amid Rising Tensions in Middle East and Asia
Regional Tensions Flare as Israel Targets Iranian Sites Amid Saudi Condemnation and Humanitarian Efforts
Tesla's Robotaxi Design Strikes Controversy
Global Condemnation, Political Shifts, and Cultural Changes: Key Developments Around the World
Russia and Iran Bolster Economic Ties with Strategic Partnership Talks
Israel Issues Warning to Southern Lebanon Amid Ongoing Conflict
Poll Shows Trump Favored Over Harris in Handling Wars
Iran Enforces Electronics Ban on Flights After Lebanon Attacks
Gunfire Targets Jewish School in Toronto as Anti-Semitic Incidents Surge Across Canada
Global Tensions and Diplomatic Efforts: Key Developments from Turkey-Greece Talks to Electoral Concerns in Mozambique
Saudi Arabia Hosts Regional Environmental Summit Amid Rising Middle East Tensions
Saudi Arabia's Bold Reforms: Tax Exemptions, Water Security Initiatives, and Global Health Leadership Amid Middle East Tensions
100 Days of Keir Starmer: Navigating Economy, Controversies, and Global Challenges
Global Tensions Rise: Ukrainian Conscription Raids, Sectarian Clashes in Pakistan, and Natural Disasters in Florida and Nepal
Iranian Speaker Condemns Israeli Airstrike Amidst Regional Tensions; Saudi Arabia and Morocco Navigate Diplomatic Challenges
From Falconry to Foreign Relations: Exploring Heritage and Headlines Across the Middle East
Escalating Conflicts in Gaza and Lebanon Highlight Global Tensions Amid Nobel Peace Prize Reminders
Global Shifts: Navalny's Legacy, China's Taiwan Pressure, Saudi Arabia's Fintech Boom, and Middle East Tensions
Nicaragua Cuts Ties with Israel Amid Rising Global Tensions and Domestic Political Shifts
Putin and Pezeshkian Forge Economic Ties as Geopolitical Tensions Rise Across Middle East
Saudi Arabia Pursues Sustainable Future Amid Middle East Tensions and Iraq's Cultural Revival
Global Leaders Address Middle East Tensions Amid Regional Security Initiatives and Cultural Innovations
Bridging Cultures and Innovations: From Arabic Sign Language Tech to Saudi Heritage and Global Exhibitions
Cybersecurity Breach at Intesa Sanpaolo and Global Scandals: A Rundown of Key Developments
Noor Riyadh Celebrates Light Art Festival Amidst Middle East Tensions and Global Diplomatic Moves
Saudi Arabia Strengthens Global Economic Ties: Key Agreements and Strategic Investments Highlighted at Forums
×