Oman's green hydrogen to face competition from Saudi Arabia, UAE 

Al-Monitor Pro Members

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

March 24, 2023

Oman’s aspirations to become a new clean fuel giant got a boost in March 2023, when its new state hydrogen company Hydrom signed binding commercial term sheets with global developers for the first six green hydrogen projects in the Sultanate, requiring total expected investments of around $20 billion. Those will be pivotal to reaching Oman’s targets of producing 1 million tons of green hydrogen annually by 2030 and roughly 8 million tons by 2050, goals that could require investments of $140 billion to reach. This comes as Saudi Arabia and the UAE also seek to become major green hydrogen producers and exporters, raising the competitive stakes for Oman as it pursues needed economic diversification.