Saudi Arabia has announced ambitious targets for hydrogen production, launching the Saudi Green Initiative and the Saudi Hydrogen Strategy, which aim to make Saudi Arabia a global leader in the production and export of hydrogen.

As part of its National Hydrogen Strategy, Saudi Arabia hopes to attract more than US$36 billion of investment by 2030 with NEOM Green Hydrogen Company having already completed financial close with total investment of US$8.4 billion.

In pursuit of market share, Saudi Arabia has set ambitious clean hydrogen production targets of 3 million tons per year by 2030 and 4 million tons per year by 2035, offering substantial growth opportunity across the value chain.

Saudi Arabia is already working with international partners from countries including the US, Japan and Korea to accelerate development of the industry and improve efficiency. Commercial opportunities exist for both multinationals and SMEs at all levels of the sector.

With abundant potential for both solar and wind energy, existing infrastructure and supply chains, low-cost resources, high-capacity factors and availability of land, Saudi Arabia has a unique opportunity to produce hydrogen at low cost and at scale.

Saudi Arabia has a well-established hydrocarbon industry, which can be leveraged to produce and export hydrogen. The country also has a strong manufacturing sector, which has potential to stimulate domestic demand and produce hydrogen-powered vehicles and other products.