Hydrogen Egypt is eyeing expansion into the Saudi Arabian market. Engineer Khaled Naguib, Chairman of the Board of Directors of Hydrogen Egypt, revealed that the company views the Saudi market as exceptionally promising for hydrogen, particularly in the context of supplying clean energy to the growing Asian market.
Naguib highlighted the increasing demand for clean energy in Asia, making it a prime market for green hydrogen, which he refers to as the “fuel of the future.” With this vision in mind, Hydrogen Egypt aims to establish its presence in Saudi Arabia, with plans set for the early half of 2024. This move signifies a strategic alignment between the Egyptian and Saudi markets in the green hydrogen sector.
Saudi Arabia holds immense potential in the production and distribution of green hydrogen. It is poised to take a leading role in Asia, with several countries expected to rely on Saudi-produced green hydrogen for various energy applications, including production, storage, and export.
The proximity of the Saudi and Egyptian markets to the European continent further enhances their significance. Integration between these markets could transform them into a vital source of green hydrogen for both Asia and Europe, bridging continents with clean and sustainable energy.
Naguib’s discussions with the Saudi Public Investment Fund during the first hydrogen conference in Egypt, scheduled from September 13 to 14, will shed light on the intricate details of establishing the Saudi Hydrogen Company. This significant endeavor represents a key step toward realizing the vision of a hydrogen-powered future.
The global hydrogen market, valued at $150 billion in 2020, is anticipated to soar to $600 billion by 2050. Egypt’s hydrogen sector, currently valued at $200 billion to $300 billion, underscores the tremendous potential that clean energy holds in shaping the future of energy production and consumption. With Hydrogen Egypt’s expansion into Saudi Arabia, the future of green hydrogen in the Middle East takes on a new level of significance, promising to be a cornerstone of sustainable energy in the region and beyond.
