All global oil majors saw profits fall by about TOKYO: Prime Minister Fumio Kishida's visit to the Middle East has led to a flurry of agreements for studies that Japan hopes will encourage countries in the region become hydrogen partners. A key agreement was a Japan-Saudi Arabia initiative called Lighthouse that aims to develop clean energy projects relating to areas such as hydrogen, ammonia and carbon recycling. Separately, seven agreements and MoUs were signed between Japanese and regional companies.

The GCC is seen as well placed to form a green energy production hub due to its low solar energy production costs.

According to the International Energy Agency, the GCC plans to export 1 million tons of low-emission hydrogen by 2030.

Meanwhile, Japan is betting big on hydrogen and has pledged to invest over $100 billion in the next 15 years.