Saudi Arabia, a nation long defined by its oil wealth, is closing in on one of the most transformative energy projects the world has ever seen. In the remote northwestern desert, at the heart of the massive NEOM mega-project in the floating city of OXAGON, the Kingdom is building a green hydrogen plant the size of Chicago.

Spearheaded by Crown Prince Mohammed bin Salman, this project is more than a marvel of engineering. It is a declaration that Saudi Arabia intends to be a leader not only in oil but also in the next generation of clean energy. Construction of the facility is now 80% complete, with full operations expected by 2026 and exports set to begin in 2027.

The green hydrogen facility is a centerpiece of Crown Prince Mohammed bin Salman’s Vision 2030, the long-term strategy to diversify the Saudi economy and reduce its dependence on oil. The project aligns with his plan to position Saudi Arabia at the forefront of renewable energy innovation.

The $8.4 billion venture has already achieved financial close, backed by $6.1 billion in non-recourse loans from 23 regional and global financial institutions. Alongside the physical infrastructure, NGHC is building human capital by recruiting top global experts and launching partnerships with Saudi universities to prepare young professionals for roles in clean energy, engineering, and hydrogen logistics.

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