PIF to Invest USD 10 Billion in Green Hydrogen Production

The Public Investment Fund (PIF) has announced plans to invest at least USD 10 billion in low-carbon fuel production through their newly created company, Energy Solutions Company, in order to enhance green hydrogen production within Saudi Arabia.

The initiative will see some investments made in partnership with state-owned oil company Saudi Aramco, expanding the country’s commitment to renewable energy. This effort is part of a broader strategy to diversify Saudi Arabia’s economy and reduce its dependence on traditional fossil fuels.

The new company is expected to be led by Cord Landsmann, former CEO of Thyssenkrupp Uhde, a major player in the global chemical and energy industries.