The collaboration is aimed at strengthening the country's international competitiveness in producing and supplying hydrogen and derivatives, as well as contributing to the achievement of the goals outlined in Vision 2030.

Under the MoU, PIF and ENGIE will work together to assess the feasibility of co-development opportunities and formulate a strategy for the global market to secure off-take arrangements.

The partnership comes after PIF signed an MoU in January with Korea's Posco and Samsung C&T to develop a new green hydrogen production plant.

The main objective of the MoU was to complete project feasibility for an export-oriented green hydrogen project.

PIF and ENGIE's collaboration takes a step forward in reducing carbon emissions and transferring knowledge and expertise between the Kingdom and South Korea.

The world's largest green hydrogen development in the Kingdom's $500 billion giga-project NEOM has also formally entered the construction stage.

The green hydrogen facility is being constructed by NEOM Green Hydrogen Co., which issued a full award notice to proceed with the engineering, procurement, and construction, approved by the affiliate.

In May, NGHC signed financial documents with 23 local, regional, and international banks and investment firms to construct the green hydrogen facility at a total investment value of $8.4 billion.

The move is part of the Kingdom's efforts to increase domestic generation capacity from renewable energy to 50 percent by the end of this decade and achieve net-zero emissions by 2060.

Managing Director at ENGIE Frederic Claux expressed his pride in contributing to driving the energy transition in the Kingdom and achieving its aspirations and goals in the green hydrogen sector.

"Our partnership with PIF will contribute to laying robust foundations for the green hydrogen industry, enabling the Kingdom to be one of the top exporters of green hydrogen worldwide," Claux added.

The collaboration between PIF, ENGIE, and other