Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
TT

Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)

Saudi Arabia is closely cooperating with the International Atomic Energy Agency (IAEA) and is actively working to develop peaceful uses of nuclear energy in various fields, announced Energy Minister Prince Abdulaziz bin Salman.

Prince Abdulaziz announced the Kingdom's support for the 'Rays of Hope' initiative launched by the International Atomic Energy Agency (IAEA), with a contribution amounting to $2.5 million. It aims to save lives and address the burden of cancer by using nuclear techniques.

The Minister addressed the Kingdom's perspective at the 67th General Assembly meeting of IAEA in Vienna. Representatives from the agency's 177 member countries attended the meeting held between September 25th and 29th.

At the onset of his speech, the Minister reaffirmed the Kingdom's commitment to its national nuclear energy policy, emphasizing the utmost standards of transparency, reliability, and top-tier safety measures.

He elaborated that Saudi Arabia believes in the positive contributions of nuclear energy to energy security and its social and economic benefits.

The Kingdom is working to develop peaceful uses for nuclear energy across various fields through close cooperation with IAEA, including the Saudi National Atomic Energy Project and its components, and building the first nuclear energy power plant.

The Minister said that the Kingdom is looking forward to operating a regional cooperation center with the IAEA to develop human capabilities in the areas of preparedness and response to radiological and nuclear emergencies, as well as other regulatory aspects at national, regional, and international levels.

Saudi Arabia emphasizes the importance of concerted international efforts to implement the provisions of the Non-Proliferation Treaty, ensuring its universal adherence, he said, reaffirming the significance of countering nuclear proliferation in the Middle East.

"In this regard, we reaffirm the importance of fully implementing Resolution 1995, which aims to establish a nuclear-weapon-free zone in the Middle East," the Minister said.

Furthermore, he congratulated the IAEA and its member states on the upcoming Nuclear Security Training and Demonstration Centre launch in Seibersdorf, scheduled to be operational in October of this year. Saudi Arabia and other countries collaborated on establishing and funding it.

The Kingdom hopes this center will serve as a key enabler for the agency in strengthening the capabilities of all member states in many areas of nuclear security.

The Minister voiced the Kingdom's appreciation for the IAEA's role in maintaining neutrality and its outstanding efforts in dealing with non-proliferation issues by maintaining its safeguards and verification responsibilities.

He also expressed the Kingdom's appreciation for the agency's efforts in ensuring that these activities represent important principles and contribute effectively to the development of peaceful uses of nuclear energy.

Prince Abdulaziz affirmed Saudi Arabia's inherent right to benefit from peaceful nuclear technology, including the nuclear fuel cycle, and to benefit from its natural resources of uranium ores commercially under relevant international treaties and agreements.

Saudi Arabia supports the agency to harness nuclear technology for humanity, calling on the International Community to cooperate actively in developing and addressing all attempts at non-peaceful and unsafe uses of nuclear technologies.

Delegates will discuss various issues throughout the week, including the 2022 annual report and 2024 budget, to enhance activities related to nuclear science and technology and its applications.

It also includes the agency's activities in nuclear safety and security and enhancing the effectiveness and efficiency of the agency's assurances.

The International Atomic Energy Agency states that the "Rays of Hope" initiative has started to impact by expanding the scope of access to radiation therapy, medical imaging, and nuclear medicine services in low and middle-income countries.



Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
TT

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 


Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
TT

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.


Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
TT

Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP

Asian markets made a bright start to 2026 on Friday but volumes were thin with Tokyo and Shanghai still closed as investors awaited fresh direction from Wall Street.

Stocks had a bumper 2025, with the S&P adding 16.4 percent, the tech-rich Nasdaq 20.4 percent and London's FTSE enjoying its merriest Christmas in 16 years, said AFP.

In Asia, Seoul stocks whooshed 75 percent, while Hong Kong's Hang Seng index bounced 28 percent and Tokyo's Nikkei 225 rocketed more than 26 percent.

"Naturally, the start of the new year comes with the question everyone asks moving from one year to the next: will this continue? The consensus is that, yes, it will," said Kyle Rodda at Australian brokerage Capital.com.

"When it comes to the all important US economy, Wall Street is pricing in growth will accelerate this year while inflation still moderates and interest rates get cut. Meanwhile, analysts predict that corporate fundamentals will improve," Rodda said.

Hong Kong was up 2.2 percent Friday with chip designer Biren Technologies roaring 80 percent higher after its initial public offering.

The Shanghai-based firm's listing raised more than $700 million, suggesting that investor appetite for anything related to artificial intelligence remains insatiable.

Biren "enjoys scarcity value and high market attention", said Kenny Ng, a strategist at China Everbright Securities.

"The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential," Ng said.

Search-engine giant Baidu jumped almost seven percent after saying its AI chip unit Kunlunxin had filed a listing application in Hong Kong.

Taipei, Sydney, Jakarta, Manila and Singapore also advanced while while Seoul's Kospi, which soared 76 percent in 2025 in large part due to AI boom, was up 1.7 percent.

Samsung Electronics added three percent after co-CEO Jun Young Hyun said customers had praised its high-bandwidth memory (HBM) chips, some saying that "Samsung is back", Bloomberg News reported. 

After volatile recent days, following record highs for silver, precious metals started the new year on a bright note with gold up 0.64 percent per ounce and silver 1.5 percent shinier.