NEOM Green Hydrogen targets global market leadership: CEO 

In an interview with Arab News on the sidelines of the Saudi Green Initiative Forum, Wesam Al-Ghamdi emphasized the project’s broader objectives. AN Photo
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Updated 05 December 2024
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NEOM Green Hydrogen targets global market leadership: CEO 

  • Project serves as a model for large-scale hydrogen production
  • Plant will be powered entirely by solar and wind energy, with a 2.2-gigawatt electrolyzer designed for continuous hydrogen production

RIYADH: NEOM Green Hydrogen Co., part of Saudi Arabia’s futuristic city NEOM, is building a foundation for a transformative clean energy sector, aiming for global leadership rather than merely establishing the world’s largest production plant, said its CEO. 

In an interview with Arab News on the sidelines of the Saudi Green Initiative Forum, Wesam Al-Ghamdi emphasized the project’s broader objectives, highlighting its alignment with Saudi Arabia’s Vision 2030 and the country’s decarbonization and economic transformation goals. 

“When we are in production by December 2026, the 1.2 million tonnes of ammonia we’re going to be producing is equivalent to decarbonizing 22,000 heavy trucks. That’s up to 5 million tonnes of carbon emissions saved,” Al-Ghamdi said.  

“But even beyond that, it goes to us building NEOM Green Hydrogen, building the industry in Saudi Arabia, building the skill sets and the know-how within the Kingdom,” he said.   

The CEO noted that the project also serves as a model for large-scale hydrogen production, positioning Saudi Arabia as a leader in the global hydrogen economy. 

The plant will be powered entirely by solar and wind energy, with a 2.2-gigawatt electrolyzer designed for continuous hydrogen production. Construction is progressing rapidly, with over 60 percent of key infrastructure completed, including the hydrogen processing plant, solar facility, and wind farm.  

“To date, we have received and installed every major piece of equipment,” Al-Ghamdi revealed, pointing to critical milestones such as the installation of electrolyzers, hydrogen storage systems, and ammonia tanks, all contributing to the plant’s readiness for operation. 

In addition to construction, NGHC is focused on building its operational capabilities by recruiting skilled professionals and forging partnerships with educational institutions to develop a strong local talent pool. 

“We are also building the company today in terms of the operation and maintenance procedures, policies, and recruitment,” Al-Ghamdi said.  

Looking ahead, NGHC is set to operate a single electrolyzer at ENOWA’s Hydrogen Innovation and Development Center in Oxagon. The electrolyzer, which was always planned as part of the HIDC, will play a crucial role in refining processes and training engineers.

The company has also secured key partnerships to ensure the project’s long-term success. These include agreements with Thyssenkrupp for R&D on the technology, Baker Hughes to localize manufacturing of hydrogen compressors, and long-term service agreements with suppliers like Envision for wind turbines. Additionally, NGHC has partnered with Topsoe for ammonia plant technology. 

The scale and ambition of the project aim to position Saudi Arabia as a global leader in the hydrogen market. NGHC has also signed a 30-year offtake agreement with Air Products, allowing its hydrogen output to be converted into ammonia for easier transport and distribution to international markets.  

This strategic partnership ensures the plant can meet the growing global demand for hydrogen, particularly in the heavy transport and industrial manufacturing sectors. 

Reflecting on the significance of the project, Al-Ghamdi described it as more than just an industrial endeavor.  

“Our existence by itself is the answer,” he said when asked about how the project will scale the Kingdom’s clean energy transition.  

“We’re actually building the hydrogen production at the scale no one has ever attempted to. This scale is definitely the blueprint for everybody else to follow, to build at this scale. So, the world can get the demand of hydrogen.” 


Closing Bell: Saudi main index slips to close at 10,588 

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Closing Bell: Saudi main index slips to close at 10,588 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83. 

The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.    

Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.    

The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.     

The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.   

Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09. 

Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90. 

Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82. 

CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40. 

On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions. 

According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.  

Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent. 

Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years. 

Cenomi Retail ended the session at SR20.00, up 0.26 percent. 

First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase. 

The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course. 

First Milling Co. ended the session at SR49.22, down 1.06 percent.