Saudi Arabia is set to invest at least $10bn in green hydrogen production as part of its strategy to diversify away from oil and gas. The sovereign wealth fund, chaired by Crown Prince Mohammed bin Salman, is establishing Energy Solutions to focus on financing green hydrogen power production. The company is expected to be led by former Thyssenkrupp Uhde CEO Cord Landsmann. Saudi Arabia's intention is to become a major producer of hydrogen, particularly green hydrogen, as a carbon-free energy alternative. Despite challenges such as high costs and logistical complexities, the country is progressing with large-scale projects. One such $8bn project has already secured an equity partner commitment to purchase its entire output. Saudi Arabia is also venturing into blue hydrogen production with plans to invest in this sector alongside Aramco. The aim is to supply 15% of the global blue hydrogen market. The country's ambition in hydrogen aligns with global efforts towards sustainable energy solutions. Meanwhile, Abu Dhabi National Oil Company has recently made a move in blue hydrogen by acquiring a stake in ExxonMobil's production facility in Texas, USA.