Oman's Hydrom has signed agreements worth $10 billion to develop two new green hydrogen projects with a Posco-Engie consortium and the Hyport Duqm consortium.
The contracts are expected to yield a total production capacity of 250 kilotonnes per annum from more than 6.5 gigawatts of installed renewable energy capacity at the sites, state news agency ONA reported on Wednesday.
The projects will be located in Al Wusta province, the ONA reported.
“We are pleased to witness the signings of these new agreements with such prestigious international companies,” said Salim Al Aufi, Oman’s Energy Minister.
“The fast-paced efforts behind the announcement of these new projects reflect Oman’s commitment to reinforce its leading position in the global green hydrogen sector in line with its energy transformation strategy,” Mr Al Aufi said.
Oman, the largest non-Opec oil producer in the Middle East, aims to produce at least a million tonnes of renewable hydrogen a year by 2030 before ramping up capacity to 3.75 million tonnes by 2040 and 8.5 million tonnes by 2050.
In October, the sultanate set up Hydrom to oversee the development of hydrogen projects in the country.
The country has earmarked two blocks in the southern port city of Duqm and another four blocks in Salalah to be tendered for the development of green hydrogen projects.
Separately, on Thursday, French energy company Engie and South Korea’s Posco said the hydrogen produced from the project would be converted into about 1.2 million tonnes per annum of green ammonia for export.
Operations are expected begin by 2030, the companies said.
“This venture marks a significant leap forward in its worldwide dedication to expediting the transition to low-carbon energy,” said Frederic Claux, Engie's managing director responsible for flexible generation and retail in the Asia-Pacific, Middle East and Africa.
“By joining forces with our consortium partners, we aim to unlock Oman's extraordinary renewable energy potential while capitalising on their expertise and capabilities.
“Ultimately, this collaboration propels Engie towards its global ambitions of attaining a hydrogen capacity of 4 gigawatts by 2030.”
Hyport Duqum, which consists of Oman's state energy company OQ and Belgium’s DEME Group, aims to produce more than 50 kilotonnes per annum of green hydrogen by 2029 in the project’s first phase.
Hydrom, which also launched the second bid round of its green hydrogen auction process, aims to award up to three land blocks in the Dhofar region by the end of the first quarter of 2024.
Earlier this month, Hydrom signed agreements worth $20 billion with Amnah, Green Energy Oman, and BP Oman to establish three major green hydrogen projects in Al Wusta province.
“The signing of these agreements reflects Oman’s commitment towards stimulating the growth of its green hydrogen sector and cementing its leading position regionally and globally,” said Abdulaziz Al Shidhani, managing director of Hydrom.
“These accelerated steps [are] aimed at achieving the national objective of producing more than one [million tonnes per annum] of green hydrogen by 2030.”
The International Energy Agency has said that Oman could become one of the largest producers of hydrogen in the world by the end of the decade, thanks to ample renewable energy sources and vast tracts of available land.
Hydrogen, which can be produced from renewable energy and natural gas, is expected to become a critical fuel as economies and industries transition to a low-carbon world.
It comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas while green is derived from splitting water molecules through electrolysis.
French investment bank Natixis estimates that investment in hydrogen will exceed $300 billion by 2030.
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Four out of five stars
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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The National's picks
4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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9.30pm: Forever Young
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
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Price: Dh554,000
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Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
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Lars Sullivan won by disqualification against Lucha House Party
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Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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