The Clap
The Saudi Public Investment Fund (PIF) is expected to sign memorandums of understanding with four South Korean companies to build a new green hydrogen and ammonia plant, worth $6.5 billion.
What
The project aims to establish a green hydrogen and ammonia plant in Yanbu, Saudi Arabia on 396,694 square meters between 2025 and 2029.
So What
The plant is expected to produce 1.2 million tons of green hydrogen and ammonia annually.
Now What
According to Asharq News, the Saudi Venture Capital Company finalized an agreement in South Korea to establish seven specialized funds to motivate bold investors to invest in startups in the two countries.
