Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals

The NEOM Green Hydrogen Project includes the development of a green hydrogen and green ammonia plant (Shutterstock)
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Updated 01 March 2023
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Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals

RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing.

The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant.

Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility.

NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power – which holds a 33.3 percent equity stake.

The total investment cost is funded by a combination of long-term debt and equity.

It is divided into $5.85 billion senior debt and $475 million mezzanine debt facilities, both of which are arranged on a non-recourse project finance basis.

The arrangement includes $1.5 billion from the National Development Fund on behalf of the National Infrastructure Fund.

In addition to this, the arrangement also includes $1.25 billion in the form of Saudi riyal-denominated financing from Saudi Industrial Development Fund.

The consortium of financiers from which the balance came from entails First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, among several others.

Last year, during the Future Minerals Forum in Riyadh, NEOM’s CEO Nadhmi Al-Nasr announced the first phase of its green hydrogen facilities are set to come online in 2025.

Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. 

NEOM is doing this to attract the best students in the world to come and be prepared for the research and innovation for the future of mining, Al-Nasr explained. 

“It is time for the mining industry to compete with the oil industry,” he said, adding: “Oil has made the big move to move to the next generation. We need the same in the mining sector.” 


Major airlines suspend, reroute flights amid US-Israel strikes on Iran

Updated 28 February 2026
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Major airlines suspend, reroute flights amid US-Israel strikes on Iran

  • Saudia says decision taken in line with aviation safety and security standards
  • Emirates said it temporarily suspended it's operations out of Dubai

RIYADH: Major international airlines across the Middle East and South Asia have suspended, canceled or rerouted flights following ongoing US-Israel attacks on Iran and the resulting airspace closures, according to official statements issued via X.

Saudia said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The airline said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia said its flights were experiencing cancellations, delays or rerouting as a result of the evolving situation and airspace closures.

The airline advised passengers to check the status of their flights before traveling to the airport by visiting its website or contacting its call center.

Customers booked on affected flights will be notified directly, the airline said, adding that further updates would be provided as the situation develops.

Air India announced a broader suspension, stating that “in view of the developing situation in parts of the Middle East, all Air India flights to all destinations in the Middle East have been suspended.”

The airline said it remains committed to maintaining the highest standards of safety for passengers and crew and will continue to assess the safety and security environment for flight operations, adjusting services proactively as required.

Air India said its teams would extend necessary support to passengers and advised customers to check flight status online or contact its 24/7 call center for assistance.  

All flight operations at Dubai International and Dubai World Central – Al Maktoum International are suspended until further notice, according to a post by Dubai Media Office on X.

Dubai-based Emirates reported that regional airspace closures had caused disruption to several of its flights and that the airline had temporarily suspended its operations from its hub Dubai.

The airline said it is actively monitoring the situation, engaging with relevant authorities and adjusting operations in line with the latest developments. 

The carrier apologized to affected customers and said it is assisting them with rebooking, refunds or alternative travel arrangements, reiterating that the safety and security of passengers and crew remain its highest priority.  

Qatar Airways confirmed a temporary suspension of flights to and from Doha due to the closure of Qatari airspace.

The airline said it is working closely with government stakeholders and relevant authorities to support impacted passengers and will resume operations once the airspace reopens.

It warned that delays are anticipated when usual operations resume and said additional ground staff have been deployed at Hamad International Airport and other key airports to assist passengers.  

Meanwhile, Al Jazeera reported that British Airways had canceled flights to Tel Aviv and Bahrain, adding to the list of carriers adjusting operations.

Across their statements, airlines consistently cited airspace closures and safety considerations as the primary reasons for suspensions and disruptions, while urging passengers to monitor official channels for updates as the situation continues to evolve.