Hydrogen Egypt is studying a potential expansion in the Saudi market, which constitutes an essential source for providing clean energy supplies to Asian countries.
In exclusive remarks to Asharq Al-Awsat, Eng. Khaled Naguib, Chairman of the Board of Directors of Hydrogen Egypt, said that his company was studying expansion in the Saudi market, which he sees as “exceptionally promising for hydrogen, particularly in the context of supplying clean energy to the growing Asian market.”
Hydrogen Egypt aims to establish its presence in Saudi Arabia, with plans set for the early half of 2024, he underlined, adding that this move indicates a strategic alignment between the Egyptian and Saudi markets in the green hydrogen sector.
He added that Saudi Arabia has tremendous potential in producing and distributing green hydrogen, which qualifies it to lead Asia in this sector, with several countries expected to rely on Saudi-produced green hydrogen for various energy applications, including production, storage, and export.
Naguib told Asharq Al-Awsat that he will discuss this issue with the Saudi Public Investment Fund during his participation in the first hydrogen conference in Egypt, from Sept. 13-14, to know about the intricate details of establishing the Saudi Hydrogen Company.
In 2020, the global hydrogen market was valued at about $150 billion, with expectations that it would reach $600 billion by 2050. The president of Hydrogen Egypt estimated the current value at $200 to $300 billion.