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RIYADH: A green hydrogen and ammonia project is set to take shape in the Kingdom after �������� Refineries Co. signed a non-binding memorandum of understanding with UAE-based Go Energy. 

The deal will see the two companies conduct a joint study on the project and design a legal framework to support their collaboration, SARCO said in a statement to Tadawul.  

The MoU is valid for one year unless extended by mutual agreement, the statement added. 

The deal aligns with ��������’s wider strategy to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, targeting annual production of 1.2 million tonnes by the end of the decade. 

This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying ��������’s energy portfolio and reducing reliance on fossil fuels. 

“SARCO is pleased to announce the signing of a non-binding MoU with the UAE-based GO Energy Company to collaborate on developing the green hydrogen (ammonia) project in ��������,” the Tadawul-listed firm said.  

SARCO added that the agreement has no immediate financial implications and involves no related parties. The move also reflects the company’s strategy to expand services through specialized energy partnerships. 

Green hydrogen, created through electrolysis powered by renewable energy, is seen as a critical component in reducing global carbon emissions because it produces no greenhouse gases during production. 

With a net-zero emissions target by 2060, �������� is investing heavily in both green and blue hydrogen, with companies like Saudi Aramco and ACWA Power spearheading the energy transition in the Kingdom. 

The Kingdom is also building the world’s largest green hydrogen plant in the futuristic city of NEOM, expected to be operational by December 2026, as confirmed by NEOM Green Hydrogen Co. CEO Wesam Al-Ghamdi in November 2024. 

In July, ACWA Power also signed multiple agreements to export renewable electricity and green hydrogen to Europe, reinforcing the Kingdom’s drive to become a global clean energy hub. 

JEDDAH: Oman’s banking sector continued its steady growth in August 2025, with total credit rising 8.6 percent year on year to 34.1 billion Omani rials ($88.69 billion), while private sector lending increased 6.5 percent, official data showed. 

Sectoral distribution data indicated that non-financial corporates accounted for the largest share at 46.7 percent, followed by households at 44.7 percent, according to a statement from the Central Bank of Oman.  

The remaining portion was allocated to financial corporations at 5.7 percent and other sectors at 2.9 percent. 

Oman’s robust banking sector, coupled with strong performance from listed companies, reflects the nation’s steady progress toward Vision 2040, which emphasizes economic diversification, private sector growth, and financial resilience. 

Rising credit flows, particularly to non-financial corporates and households, are fueling the development of small and medium-sized enterprises and domestic investment, supporting efforts to reduce reliance on hydrocarbons and build a more diversified economy. 

“Total deposits held with ODCs registered a Y-o-Y significant growth of 7 percent to reach 33.3 billion rials at the end of August 2025. Total private sector deposits increased by 7.5 percent to OMR 22.4 billion,” CBO said in a release. 

In terms of sectoral composition, households held the largest share of private sector deposits at 50 percent, followed by non-financial corporates at 30.6 percent, financial corporations at 17.2 percent, and other sectors at 2.2 percent. 

The combined balance sheet of conventional banks showed a 7.3 percent year-on-year growth in total outstanding credit by the end of August. Credit to the private sector rose 4.5 percent to 21.4 billion rials, while overall investments in securities increased 3.2 percent to 6.1 billion rials. 

Investments in government development bonds grew 12 percent to 2.2 billion rials, whereas foreign securities declined 7 percent to 2.3 billion rials, according to the CBO report. 

On the liabilities side, aggregate deposits with conventional banks rose 5.5 percent year on year to 26.1 billion rials at the end of August. Government deposits increased 9.6 percent to 5.9 billion rials, while public enterprise deposits fell 7.8 percent to 1.7 billion rials. Private sector deposits, representing 67 percent of total deposits, grew 6.1 percent to 17.5 billion rials. 

The CBO also noted that the total assets of Islamic banks and windows grew 15.1 percent year on year to 9.1 billion rials, representing about 19.7 percent of the banking system’s total assets at the end of August. 

“Islamic banking entities provided financing of OMR 7.3 billion at the end of August 2025, recording a growth of 13.5 percent over that a year ago. Total deposits held with Islamic banks and windows increased by 12.9 percent to OMR 7.2 billion,” it added.