The governor of the National Development Fund said on Tuesday that the NEOM Green Hydrogen Project shows what can be done with public and private capital working together in Saudi Arabia’s development finance system to turn strategic energy projects into real economic gains.
Abdulaziz Al-Arifi said that energy is one of the most important areas where national capabilities, investment, and financing all come together at the WPC Energy Congress in Riyadh. He spoke at a keynote session titled “Powering the energy transition: The role of development institutions in energy.”
He said, “Investing in energy drives industrial activity, helps cities grow, makes businesses more competitive, and raises the quality of life.” The NDF is made up of 12 government funds and banks that work together to turn the Kingdom’s potential into economic and development chances that are in line with Vision 2030.
The integrated model combines funding, strategic investment, national capabilities, and partnerships to help sectors grow and compete. This makes it easier for the system to meet all of the needs for growth. Al-Arifi discussed the NEOM Green Hydrogen Project, which he called the biggest project of its kind in the world, with more than SR31 billion ($8.3 billion) invested. He said the National Infrastructure Fund, the Saudi Industrial Development Fund, and banks and financial institutions worldwide were crucial to making the project possible.
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