ACWA Power inks deal with POSCO to explore green hydrogen production

The agreement will involve the joint development of green hydrogen and its derivatives which include green ammonia. (Supplied)
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Updated 19 July 2022
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ACWA Power inks deal with POSCO to explore green hydrogen production

RIYADH: Saudi Public Investment Fund-owned ACWA Power Co. has signed a memorandum of understanding with South Korea’s POSCO Holdings to jointly explore the production of green hydrogen. 

The agreement will involve the joint development of green hydrogen and its derivatives which include green ammonia, a press release stated. 

The MoU also includes decarbonizing POSCO Group’s power generation, and its steel manufacturing processes, along with serving other Korean clients of POSCO Group, it added.

“The partnership with POSCO Holdings, a giant in their field, represents our firm commitment toward working with like-minded partners to support global decarbonization efforts, and the critical and timely achievement of net zero targets as per the timeframes set by the Paris Agreement,” said Paddy Padmanathan, vice chairman and CEO of ACWA Power. 

This deal will also help to meet POSCO Group’s ambitious targets to produce 500,000 tons of hydrogen globally by 2030, the press release further noted. 

Meanwhile, ACWA Power, in association with NEOM and Air Products, is developing a green hydrogen project in Saudi Arabia, which is expected to be completed in 2026. Once completed, the project will produce 1.2 million tons of green ammonia per year for the purposes of decarbonizing industries. 

 


Saudi Arabia among top states in tech security with 99% score, says official  

Updated 21 December 2025
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Saudi Arabia among top states in tech security with 99% score, says official  

RIYADH: Programs and security initiatives launched by the Ministry of Interior have contributed significantly to improving quality of life in Saudi Arabia by generating high-quality data that supports planning and enables faster responses, placing the Kingdom in the global spotlight, Khalid Al-Bakr, CEO of the Quality of Life Program, told Al-Eqtisadiah. 

He noted that the Unified Security Operations Centers 911 in Riyadh, the Eastern Province, Madinah, and Makkah are among the Quality of Life Program’s initiatives implemented in partnership with the Ministry of Interior, producing data that helps develop plans and ensure swift responses to incidents. 

Al-Bakr added that technology has been integrated into security capabilities, including the use of body cameras for security personnel, which has helped maintain high levels of public safety. 

He highlighted that reporting violations or crimes via 911 has an average response time of just two seconds, describing it as a technological leap that serves residents and visitors alike and enhances trust in security services. 

The CEO of Saudi Arabia’s Quality of Life Program said the Kingdom ranks among the top countries globally in security technology, with a 99 percent rating, emphasizing that Saudi Arabia is a leader in leveraging advanced security technologies to serve residents and visitors, making it an attractive place to live and visit. 

Al-Bakr explained that the major transformation in the use of technology — particularly in services provided by the Ministry of Interior — has had a significant impact on quality of life, noting that accessing services such as passport or national ID renewal has become faster and more convenient, often available at the click of a button.