Dr. Nabeel Koshak, CEO and board member of the Saudi Venture Capital Co.

Dr. Nabeel Koshak
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Updated 30 June 2020

Dr. Nabeel Koshak, CEO and board member of the Saudi Venture Capital Co.

  • Koshak is a prominent Saudi academic and entrepreneur

Dr. Nabeel Koshak is the CEO and board member of the Saudi Venture Capital Co. (SVC).
SVC is a government venture capital firm established in 2018. It aims to develop the venture capital ecosystem in Saudi Arabia to support startups by co-investing along with angel investors, venture capitalists, and sophisticated investors in startups as well as investing in funds.
It recently signed an investment deal with a venture capital fund licensed by the Capital Market Authority and founded by Osool & Bakheet Investment Co. (OBIC) and iMENA Group. The signing ceremony took place virtually between Koshak and OBIC’s CEO Mazin Al-Dawood, the Saudi Press Agency reported.
Koshak is a prominent Saudi academic and entrepreneur. He was the founder and CEO of five tech startups.
He was also the founder and angel investor at Athaal (Angel Investors Group), which invests in early-stage startups across the MENA region.
He is chairman of Saudi Arabia’s Global Entrepreneurship Network and a member of the investment committees at King Abdullah University of Science and Technology’s Innovation Fund.
He was the founding dean of the Prince Mohammad bin Salman College (MBSC) between 2017 and 2019. It is Saudi Arabia’s first institute of higher learning specializing in leadership and entrepreneurial development.
Established in 2016, the MBSC is located at the King Abdullah Economic City near Jeddah. Koshak is a member of MBSC’s board of trustees.
Koshak is the former president of Al-Baha University and the former vice president for business and innovation at Umm Al-Qura University (UQU).
He was an associate professor conducting research at the Hajj and Umrah Research Institute while teaching courses at UQU’s College of Engineering and Architecture.
Koshak is the former director of the King Abdulaziz City for Science and Technology GIS Technology Innovation Center at UQU, and the former chairman of the board of directors at the Transportation and Crowd Management Innovation Center.
He is the co-founder and former general supervisor of UQU’s Innovation and Entrepreneurship Institute, and the co-founder and vice-chairman of the board of directors of Wadi Makkah Co., a platform for launching startup companies in various sectors in the Kingdom.
Koshak received his bachelor’s degree in architecture from UQU in Makkah in 1993, and his master’s degree from Colorado University in 1997. He received a doctorate in computational design from Carnegie Mellon University in 2002. He later joined Harvard’s executive education programs.
He is a member of various boards including the Middle East Venture Capital Association, the King Abdulaziz and His Companions Foundation for Giftedness and Creativity and the executive committee of the King Faisal International Prize.

New agreement for green hydrogen production plant in NEOM

Updated 07 July 2020

New agreement for green hydrogen production plant in NEOM

  • The joint venture project is the first partnership for NEOM with international and national partners in the renewable energy field

JEDDAH: A $5 billion production facility powered by renewable energy to supply 650 tons of carbon-free hydrogen daily for export to global markets is to be built at the main NEOM site under a new agreement.

Air Products, a world-leading industrial gases company, and ACWA Power, a developer and operator of power generation and desalinated water production plants, signed the agreement with NEOM to build the hydrogen-based ammonia production facility, which will be equally owned by the three partners. It aims to produce green ammonia for export to global markets by 2025.

The joint venture project is the first partnership for NEOM, a new model for sustainable living located in the north west corner of the Saudi Arabia, with international and national partners in the renewable energy field. It will include the innovative integration of more than four gigawatts of renewable power from solar and wind power and storage using various methods of production.

“This partnership reflects our deep commitment to developing a carbon-positive society that will be a beacon for sustainable living and a solution to many of the environmental challenges facing the world,” said Nadhmi Al Nasr, NEOM CEO.

“NEOM’s Board of Directors, headed by Crown Prince Mohammed bin Salman, and the company’s executive team are delighted to announce this significant milestone, the world’s largest renewable hydrogen project, for NEOM to make it a global leader in green hydrogen production and green fuels. We are also excited that two world-class organizations, Air Products and ACWA Power, have joined us in developing this major project, the first of many developments at this scale that will put NEOM at the heart of a new future society.”

“We are honored and proud to partner with ACWA Power and NEOM and use proven technologies to make the world’s dream of 100 percent green energy a reality,” said Seifi Ghasemi, Chairman, President and Chief Executive Officer for Air Products.

Ghasemi went on to say that harnessing the unique profile of NEOM’s sun and wind to convert water to hydrogen will yield a clean source of energy on a massive scale and will rid the world of over 3 million tons of CO2 emissions annually and eliminate smog-forming emissions and other pollutants from the equivalent of over 700,000 cars.

Air Products will be the exclusive off-taker of the green ammonia and intends to transport it around the world to be turned into green hydrogen for the transportation market.

ACWA Power chairman Mohammed A. Abunayyan said that “based in NEOM’s Industrial Cluster and enabled by its unique mandate, this investment will integrate and localize cutting-edge technologies that will harness solar and wind power to produce sustainable and globally accessible green energy.”

“ACWA Power has a proven track record of leveraging pioneering renewable technologies to deliver carbon-free power at the lowest cost. With our global experience, we are confident that our collaboration with an industry-leading company like Air Products will create significant opportunities in the production of green hydrogen, and further us in our goal to help countries meet their clean energy targets and unlock significant socio-economic benefits.”