Saudi Arabia hopes to attract more than $36 billion of investment by 2030 under its National Hydrogen Strategy, which is being finalised, a senior official from the country's Energy Ministry said.

Ahmed Al-Dowsary, Director, Ministry of Energy, said the strategy focuses on key elements of the value chain, including production, exports, and domestic use of clean hydrogen, and from an industry perspective, on the infrastructure and transport sector.

Speaking at a virtual event conducted by International Renewable Energy Agency (IRENA) on Tuesday, he said the Kingdom would focus on five priority areas in the implementation stage.

"These include conducting government-to-government engagements supporting hydrogen mobility; exploring the possibility for hydrogen exports infrastructure; establishing a regulatory framework; standards and certifications, and expediting hydrogen-related investments."

He said Saudi Arabia is open to engaging with all IRENA member countries for hydrogen synergies, with engagements already underway with some European Union countries.

Dowsary said the Kingdom enjoys huge advantages in hydrogen production due to the low levelised cost of renewable electricity and could become a major exporter in the future while noting that key challenges include driving down production costs and transport of hydrogen.

(Reporting by Sowmya Sundar; Editing by Anoop Menon)