NDF Chief: SR31.5 billion invested in green hydrogen project

RIYADH — The Saudi National Development Fund (NDF) Governor Abdulaziz Al-Arifi announced that the NDF, alongside the Saudi Industrial Development Fund and international financial institutions, have invested a total of SR31.5 billion in a green hydrogen project. Speaking at the World Petroleum Congress in Riyadh on Wednesday, Al-Arifi explained that 12 development funds and banks are collaborating under the NDF to promote these projects, broaden investment avenues, and foster national talent development, all aimed at enhancing energy security and sustainability.

Al-Arifi highlighted that the significance of development financing lies not only in the scale of investments but also in the opportunities it generates and its profound impact on people's lives and the economy's future. He noted that the development financing system has been instrumental in facilitating strategic investments, advancing infrastructure, bolstering private sector involvement, supporting development initiatives in developing nations, enhancing essential services, and opening new pathways for economic expansion.