NDF Chief: SR31.5 billion invested in green hydrogen project
Quick Look
- Saudi National Development Fund Governor Abdulaziz Al-Arifi announced that the NDF and Saudi Industrial Development Fund, alongside local and international financial institutions, have financed a green hydrogen project with total investments of SR31.5 billion.
- Speaking at the World Petroleum Congress in Riyadh, he emphasized that development financing's value lies in investment volume, created opportunities, impact on lives, and economic future.
AI-generated summary
Why It Matters
Saudi Arabia is advancing its Vision 2030 strategy to diversify the economy away from oil dependence, with green hydrogen as a key component of its renewable energy and sustainability goals.
RIYADH — The Saudi National Development Fund (NDF) Governor Abdulaziz Al-Arifi revealed that the NDF and the Saudi Industrial Development Fund, in partnership with local and international financial institutions, have contributed to financing the green hydrogen project, with total investments amounting to SR31.5 billion.
Speaking at the World Petroleum Congress in Riyadh on Wednesday, Al-Arifi stated that 12 development funds and banks are working collectively under the umbrella of the NDF to enable projects, expand investment opportunities, and develop national talent, thereby contributing to energy security and sustainability.
He emphasized that the value of development financing is measured not merely by the volume of investments it generates, but also by the opportunities it creates and its impact on people's lives and the future of the economy.
What to Watch
AI outlook — possibilities, not facts
Saudi Arabia will announce additional green hydrogen projects in the coming year.
Likely · Within months
Open Questions
- What is the timeline for completion of the green hydrogen project?
- Which specific local and international financial institutions are involved in the financing?
- What is the expected production capacity of the green hydrogen project?
