$8.5 billion...Saudi Arabia completes the first phase of the NEOM green hydrogen project

Saudi Energy Minister Prince Abdulaziz bin Salman announced the implementation of the first phase of the NEOM green hydrogen project, with a total investment of $8.5 billion.

The Minister of Energy said today, Monday, December 4, 2023, during the launch of the third edition of the Saudi Green Initiative, that the economic corridor project between India and Europe supports the Kingdom’s ambition to export green electricity and hydrogen.

Geographic survey project next year 2024

The Minister of Energy, Prince Abdulaziz bin Salman, explained that Saudi Arabia will launch a geographic survey project next year 2024, explaining that the Kingdom is working with a number of African countries to provide clean cooking fuel for millions of people.

The activities of the third edition of the Saudi Green Initiative Forum 2023 were launched in Dubai today, Monday, in conjunction with the “COP28” conference.

This year's edition focuses on financing climate action activities, innovating clean energy solutions in addition to protecting land and marine areas in the Kingdom. The Saudi Green Initiative (SGI) was launched in 2021 and focuses on combating climate change, improving the quality of life, and protecting the environment.

Italian Technogym Company

Saturday, the Saudi Investment Fund NEOM announced its acquisition of a 6% stake in the Italian company Technogym, which specializes in manufacturing fitness equipment, after injecting investments worth 111 million euros (equivalent to 120.83 million dollars).

The fund bought 8.8 million shares at a price of 9.20 euros per share

The fund added that it bought 8.8 million shares at a price of 9.20 euros per share from other investors, in addition to seeking to buy 3.3 million ordinary shares in the form of financial derivatives.

Yesterday, Friday, Technogym shares rose by 6.8% to 8.54 euros per share, after ending Thursday’s session at 7.99 euros per share. The price paid by the fund represents a 15% premium compared to the closing price of the company’s shares on Thursday.

Rome and Riyadh signed an agreement last September to strengthen economic relations and increase investments with a focus on areas such as energy, sustainability, supply chains and sports.

NEOM Investment Fund

On Tuesday, October 24, 2023, NEOM Saudi Arabia announced the establishment of the NEOM Investment Fund to support the construction and development of the 14 priority sectors in NEOM, and to enhance its value in the long term.

The fund, which is the strategic investment arm of NEOM, will support its portfolio of global investments through mergers and acquisitions and investment in a number of emerging technology companies.

It will focus primarily on companies with high growth rates and those specialized in next-generation industries, and the fund will develop a number of joint projects and partnerships within the NEOM region, in cooperation with major international companies, investment entities and innovators.

NEOM City is the largest project within the Crown Prince's plan to diversify the country's economy dependent on oil revenues, as he aspires to make the city an architectural masterpiece that will transform the Saudi economy and serve as a test for technologies that can revolutionize daily life.