QNB, a leading financial institution in the Middle East and Africa, has joined a major financing agreement to support development of what is expected to become the largest single sustainable aviation fuel (SAF) production facility in the Middle East and Africa. The project is being developed by Green Sky Capital and represents a significant investment in clean energy infrastructure aimed at reducing aviation-related emissions. Executives from QNB emphasized that the initiative aligns with the bank’s broader strategy of supporting innovative, sustainability-focused projects that deliver both economic and environmental benefits across the region.
The facility will be located near the Suez Canal and is projected to produce up to 200,000 tonnes of SAF annually once operational, with a targeted launch by the end of 2027. This output could contribute a meaningful share to global SAF supply while helping cut carbon emissions by hundreds of thousands of tonnes each year. The project is also expected to strengthen regional energy security and position the Middle East as an emerging player in the global sustainable fuel market, reflecting growing momentum behind efforts to decarbonize aviation.
Sustainable Aviation Fuel (SAF) is a biofuel used to power aircraft that has similar properties to conventional jet fuel, but with a smaller carbon footprint. SAF, which is made from renewable biomass and waste-based feedstocks, can be used in all existing turbine aircraft, and reduces aviation lifecycle greenhouse gas emissions (GHG) by as much as 80%.
