SARCO, UAE’s Go Energy partner on Saudi Arabia’s green hydrogen push 

The deal will see the two companies conduct a joint study on the project and design a legal framework to support their collaboration. Shutterstock
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Updated 12 October 2025
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SARCO, UAE’s Go Energy partner on Saudi Arabia’s green hydrogen push 

RIYADH: A green hydrogen and ammonia project is set to take shape in the Kingdom after Saudi Arabia Refineries Co. signed a non-binding memorandum of understanding with UAE-based Go Energy. 

The deal will see the two companies conduct a joint study on the project and design a legal framework to support their collaboration, SARCO said in a statement to Tadawul.  

The MoU is valid for one year unless extended by mutual agreement, the statement added. 

The deal aligns with Saudi Arabia’s wider strategy to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, targeting annual production of 1.2 million tonnes by the end of the decade. 

This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying Saudi Arabia’s energy portfolio and reducing reliance on fossil fuels. 

“SARCO is pleased to announce the signing of a non-binding MoU with the UAE-based GO Energy Company to collaborate on developing the green hydrogen (ammonia) project in Saudi Arabia,” the Tadawul-listed firm said.  

SARCO added that the agreement has no immediate financial implications and involves no related parties. The move also reflects the company’s strategy to expand services through specialized energy partnerships. 

Green hydrogen, created through electrolysis powered by renewable energy, is seen as a critical component in reducing global carbon emissions because it produces no greenhouse gases during production. 

With a net-zero emissions target by 2060, Saudi Arabia is investing heavily in both green and blue hydrogen, with companies like Saudi Aramco and ACWA Power spearheading the energy transition in the Kingdom. 

The Kingdom is also building the world’s largest green hydrogen plant in the futuristic city of NEOM, expected to be operational by December 2026, as confirmed by NEOM Green Hydrogen Co. CEO Wesam Al-Ghamdi in November 2024. 

In July, ACWA Power also signed multiple agreements to export renewable electricity and green hydrogen to Europe, reinforcing the Kingdom’s drive to become a global clean energy hub. 


Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

Updated 07 December 2025
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Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.  

The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors. 

Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.  

Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority. 

Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference. 

“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said. 

Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.” 

MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.  

“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.  

The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors. 

Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference. 

The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.