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Joining the vogue for promising major investments in hydrogen, energy minister Prince Abdelaziz Bin Salman told a late February online conference that “if Europe would like to buy more hydrogen, Saudi green hydrogen, we would be more than happy, and even, if the economics allow for it, piping it all the way to somewhere in Europe.”

In another major statement of intent about using renewables in energy-intensive sectors previously dominated by hydrocarbons, Dubai Electricity and Water Authority (Dewa) on 18 January started to supply Emirates Global Aluminium (EGA) with 560,000MWh/yr of solar power generated at the Mohammed Bin Rashid Al-Maktoum Solar Park (MBR Solar Park). Branding was attached to a project that gives Dubai a notable world first by producing aluminium using solar energy: EGA said the product would be marketed under the name CelestiAL.

The UAE and Saudi Arabia are among countries seeking global leadership in emerging technologies that harness the abundant element’s potential – and could displace oil in a future decarbonised global economy.

Most of the industrial hydrogen currently available is produced from natural gas through a steam methane reforming process; this is known as ‘blue hydrogen’. In contrast, ‘green hydrogen’ is produced by applying electric currents generated from renewable energy sources to water, in the process breaking H2O into its hydrogen and oxygen components.

An estimated $11bn-worth of investments in petrochemicals plants were put on hold in the first week of November, as regional energy companies face up to coronavirus economics, low demand and volatile commodity prices. 

Among the UAE companies exploring potential opportunities in Israel is the well-connected Al-Dahra Holding. A delegation led by Al-Dahra co-founder Khadim Abdulla Al-Darei travelled to Israel on 19 October at the invitation of Israeli irrigation specialist Netafim, which is itself planning to set up an office in the UAE.

Arabtec Holding, an iconic name in Dubai’s construction industry, is to file for liquidation following a shareholder vote at its annual general meeting on 30 September. The company was responsible for landmarks such as the Burj Khalifa and Louvre Abu Dhabi. However, it lost Dh848.7m ($231m) last year and warned that its ability to continue as a going concern was at risk.

In final steps towards Saudi Arabian Oil Company (Aramco acquiring a 70% stake in the petrochemicals giant, an extraordinary shareholders’ meeting on 10 June approved changes to Saudi Basic Industries (Sabic)’s bylaws, while Aramco bought up shares via the Saudi Stock Exchange (Tadawul).The eventual price the Public Investment Fund would obtain for Sabic – which will go into PIF coffers for further purchases – had been expected to be lower than the $69.1bn originally stated, reflecting the collapse of oil and Sabic share prices since the deal was agreed last year.

Saudi Aramco and France’s Total have signed a memorandum of understanding with UK-based chemicals firm Ineos to develop three new plants as part of their $5bn Amiral petrochemicals joint venture in Jubail. The plants include a 425,000t acrylonitrile plant, a 400,000t linear alpha olefin (LAO) plant and associated poly alpha olefin (PAO) unit.

Saudi Arabian Mining Company (Maaden) has awarded the contract for its largest ever gold project, the development of the Mansourah and Massarah mine in the Central Arabian Gold Region, in the west of the kingdom. On 30 April, Maaden Gold and Base Metals Company announced it had awarded a contract to a consortium of Finland’s Outotec and India’s Larsen & Toubro to complete the engineering, procurement, construction, pre-commissioning, commissioning and start-up assistance of the project, which is due to be completed in 2022.

As widely expected, Saudi Aramco announced the acquisition of 70% of petrochemicals giant Saudi Basic Industries Corporation (Sabic) on 27 March, agreeing a price of SR259bn ($69.1bn) for the stake, or SR123.39 per share, in line with the previous day’s close of Sabic shares on the Saudi Stock Exchange (Tadawul) of SR123.40.The deal has provided Crown Prince Mohammed Bin Salman’s Public Investment Fund (PIF) with a healthy boost at a time when foreign investors have been showing some reluctance to commit capital to projects in Saudi Arabia – unless they are offered incentives or partnerships by the PIF.

Local petrochemicals firms Sipchem and Sahara Petrochemicals entered into a legally binding merger agreement on 5 December. The two firms had previously signed a non-binding memorandum of understanding in early October. The deal will be conducted by Sipchem acquiring all of the issued shares in Sahara in exchange for the issue of new shares. It will leave both sides with 50% of the enlarged company.

Abu Dhabi National Oil Company (Adnoc) is pushing ahead with its ambitious expansion plans, unveiling a series of eye-catching production targets and a five-year business plan which includes Dh486bn ($132.3bn) of investment. The spending plan, which runs from 2019 and 2023, was approved by the emirate’s Supreme Petroleum Council (SPC) on 4 November; it includes a previously-announced five-year Dh165bn downstream investment programme.Alongside the huge spending plans, the SPC also announced new discoveries totalling 15 tcf of natural gas and 1bn barrels of crude oil.

French oil giant Total has signed a memorandum of understanding with Saudi Aramco to build a giant petrochemicals complex in Jubail, alongside the two companies’ existing Satorp efinery. Ownership of the Satorp joint venture is split between Aramco (62.5%) and Total (37.5%); the plant has 440,000 b/d capacity. The new petrochemicals project, entitled Amiral, is designed to exploit potential synergies and will have a mixed-feed steam cracker with a capacity of 1.5m t/yr of ethylene and other related high- value-add units.

Establishment of a specialised bank to encourage more investment into the petrochemicals industry is being considered, according to officials quoted by the official Shana news agency. The development emerged during a meeting of the Majlis-e Shura-ye Eslami (Islamic Consultative Assembly – parliament) Industries and Mines Committee, which was addressed by National Petrochemical Company managing director and deputy petroleum minister for petrochemical affairs Marziyeh Shahdaei. According to committee member Saeid Bastani, Shahdaei told the MPs the government is considering plans for the specialised bank as part of efforts to engage foreign investors and major petrochemical companies.