Saudi Arabia’s visionary Neom City has taken a big step towards actualizing the sustainable project. A total investment value of $8.4 billion will breathe clean air into Neom and its residents. Neom Green Hydrogen Company (NGHC), 23 local, regional, and international banks and investment firms signed financial documents on the green hydrogen production facility. The address of the plant is the port and logistics hub, Oxagon, the world’s largest floating structure.
The plant, too, will be the largest commercial-scale green hydrogen production facility in the world. It will boast an initial production of up to 600 tonnes of green hydrogen per day, which eventually saves an insane 5 million tonnes of CO2 annually. Crown Prince Mohammed bin Salman, MBS’s dream of sustainable regional development in northwest Saudi Arabia doesn’t look like a distant dream anymore. The National Development Fund (NDF) will contribute to financing the world’s largest green hydrogen project through its supervised entities.
What is Oxagon?
This octagonal floating port city in Neom, 455 times bigger than Manhattan, is the pulse of the region. The first of its kind, fully automated port, and integrated logistics hub that takes advantage of shipping traveling through the Suez Canal. The eight-pronged development will be divided between land and a large section protruding into the Red Sea.
Oxagon will be a net-zero city using robots and AI for operations that will be entirely powered by clean energy, which we now know is not a myth but an $8.4 billion reality. “Oxagon will be the catalyst for economic growth and diversity in Neom and the kingdom, further meeting our ambitions under Vision 2030,” said Crown Prince Mohammed. “It will contribute to Saudi Arabia’s regional trade and commerce and support creating a new focal point for global trade flows. I am pleased to see that.”
