Clean hydrogen key to achieving sustainable decarbonization: NEOM Green Hydrogen CEO

Green hydrogen can effectively help decarbonise a range of sectors, including long-haul transport, chemicals, and iron and steel. Shutterstock
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Updated 16 April 2024
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Clean hydrogen key to achieving sustainable decarbonization: NEOM Green Hydrogen CEO

RIYADH: Clean hydrogen is one of the most promising ways to achieve sustainable decarbonization and combat climate change, a top official has told Arab News. 

Wesam Al-Ghamdi, CEO of NEOM Green Hydrogen Co. said that once combusted the fuel produces only water, thus making it totally carbon-free in its end use. 

In its 2023 annual report the International Energy Agency underscored the importance of green hydrogen in the energy transition journey, as it can effectively help decarbonise a range of sectors, including long-haul transport, chemicals, and iron and steel.

Al-Ghamdi revealed that the company’s plant in the $500 billion giga-project will be operational by 2026, and it will produce up to 600 tonnes of clean hydrogen per day, which will be exported globally in the form of green ammonia. 

“As the global surge toward net zero continues, clean hydrogen can be a critical solution for the global energy transition – and in some sectors like steelmaking, and from my experience at Maa’den, even in the mining industry, it could be the only answer to achieve substantial decarbonization,” said Al-Ghamdi. 

He added: “NGHC is crucial in this transition, supporting global efforts toward a sustainable future for us all.” 

NGHC plant progressing as planned

The official further noted that Saudi Arabia is eyeing to become the world’s leading hydrogen producer and exporter. 

He added that the Kingdom has an ambition to produce four million tons of hydrogen per year by 2030. 

“NGHC’s plant is rapidly becoming a reality, making us a first mover in the green hydrogen industry at the forefront of the global energy transition. With the expertise of our dedicated team, I am confident that we will achieve green hydrogen production at a massive scale, and at the lowest cost in the market, from 2026,” added Al-Ghamdi. 

He added that Saudi Arabia’s “long expertise” in renewables, together with its abundant natural resources including wind, sun and available land, mean the Kingdom is poised to lead the world in green hydrogen production.

“I am proud that NGHC is playing its part in Saudi Arabia’s environmental and economic transformation, as well as providing the world with green hydrogen that will help decarbonize key sectors like heavy transport and industry,” said the CEO. 

Developing and exporting renewable and environmentally friendly energy is vital for Saudi Arabia, as the Kingdom is steadily diversifying its economy away from oil, aligned with the goals outlined in Vision 2030. 




Wesam Al-Ghamdi, CEO of NEOM Green Hydrogen Co. Supplied

According to Al-Ghamdi, NGHC’s green hydrogen project, once fully operational in 2026 will help reduce 5 million tonnes of carbon dioxide emissions every year. 

“Clean hydrogen will be a critical part of the future energy mix, solving the challenge of decarbonizing ‘hard to abate’ sectors that we rely on in our everyday lives. For example, we see huge potential for clean hydrogen use in heavy trucks and machinery where they need to run all day, often in remote parts of the world, with minimal downtime for refueling,” he pointed out. 

Al-Ghamdi noted that NGHC is currently busy building and expanding the team as the company is nearing its operational phase in the next two years. 

Recruiting talents locally and globally

He revealed that NGHC, being a Saudi company, is actively recruiting talents from the Kingdom, along with skilled global experts. 

“The total direct headcount will reach 300 direct jobs once we are fully operational and will also enable many more indirectly via our contractors and technology partners,” he continued. 

The official added: “At NGHC we believe in investing in our people, ensuring that we cultivate a workforce capable of driving the hydrogen industry forward and meeting the future demands of green hydrogen and ammonia production.

“Our commitment extends beyond job creation; we are dedicated to nurturing a skilled workforce through comprehensive education, training, and upskilling programs.” 

He revealed that NGHC is also working with local communities and education institutions in Saudi Arabia to promote and guide young people who wish to enter this emerging industry. 

Al-Ghamdi added that the construction of the green hydrogen plant is progressing as planned, and noted that the first six wind turbines were delivered to the Port of NEOM in October. 

He revealed that more shipments of wind turbines, and deliveries of major equipment for the hydrogen facility, wind garden and solar farm are expected to happen this year.

NGHC’s crucial financial closure

NGHC is a joint venture between ACWA Power, Air Products, and NEOM.

Al-Ghamdi added that NGHC stands apart from other similar projects globally, as it has already reached financial closure for its green hydrogen plant. 

“Despite many other green hydrogen projects in the planning stages elsewhere in the world, only NGHC has investment secured, spades in the ground and full production in sight. NGHC achieved full financial close in May 2023, bringing the total investment in the project to $8.4 billion including support from 23 local, regional, and international financial institutions,” he said.

Al-Ghamdi continued: “Financial close was a huge moment for our project, demonstrating the robustness of our project and allowing us to accelerate construction. Critical to this was our offtake agreement with Air Products, under which they will export 100 percent of the green hydrogen for a 30-year period.” 

According to the CEO, green hydrogen is a very young industry, and it has huge potential for the future. 

He also added that NGHC is also trying to unlock the potential of other projects by proving the business case for green hydrogen at scale, providing a blueprint for other projects and demonstrating this emerging industry’s potential for substantial expansion.

It was in October 2023 that Al-Ghamdi succeeded David Edmondson as the CEO of NGHC, having previously worked at mining firm Ma’aden as the vice president of strategy and business development. 

After announcing the leadership change in October, Nadhmi Al-Nasr, chairman of NEOM Green Hydrogen Co., said: “The focus of the next two years at NGHC will be to complete the construction of the giga-scale facility for the operational phase of the project. I would like to welcome Wesam Al-Ghamdi, who will now lead the execution of the project to its completion.” 

With a career spanning over 25 years, Al-Ghamdi’s expertise lies in engineering, operations and project management in companies including Saudi Basic Industries Corp. and Shell.
 


Saudi Arabia launches global platform to shape future of tourism 

Updated 22 May 2025
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Saudi Arabia launches global platform to shape future of tourism 

RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation. 

The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.  

The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product. 

Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”  

He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”  

TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors. 

According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations. 

The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.  

An Innovation Zone will spotlight emerging technologies from both public and private sector firms. 

An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.  

Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day. 

“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.  


Egypt central bank cuts key interest rates by 100 basis points, statement says

Updated 22 May 2025
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Egypt central bank cuts key interest rates by 100 basis points, statement says

CAIRO: Egypt’s central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.


Closing Bell: Saudi main index ends lower at 11,188

Updated 22 May 2025
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Closing Bell: Saudi main index ends lower at 11,188

  • MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
  • Parallel market Nomu declined by 156.89 points to end at 27,260.73

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.

The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.

The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.

The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.

The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.

Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.

The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.

Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.

The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.

Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.

Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Updated 22 May 2025
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Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

  • Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
  • Dairy producer Almarai is recognized as the Kingdom’s third strongest brand

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions. 

stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added. 


Saudi Arabia doubles funding to Union of Arab Chambers

Updated 22 May 2025
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Saudi Arabia doubles funding to Union of Arab Chambers

  • Expanded support will significantly enhance UAC’s capacity to deliver programs and initiatives empowering the Arab private sector
  • FSC and UAC are working to boost intra-Arab trade and expand access to third markets

JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.

The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC’s capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.

The decision underscores the Kingdom’s growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.

Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region’s total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as “modest” in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.

The FSC noted that Saudi Arabia’s enhanced contribution reflects its “strategic responsibility” as the UAC’s largest financial backer and soon-to-be president. “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels,” it said.

The Kingdom’s leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.

With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.

As the only Arab country in the G20 and the region’s largest economy, Saudi Arabia’s growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.