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Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
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Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz underlined on Monday the importance of the nuclear security and safety system and that the responsibility for maintaining this system within any country rests entirely with the state in line with its national requirements and international obligations.

He also announced that the Kingdom is forging ahead in benefiting from nuclear energy.

“Given the importance of nuclear energy in social and economic development, the Kingdom is moving towards benefiting from nuclear energy and its radiation applications for peaceful purposes,” declared Prince Abdulaziz at the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna.

“The Kingdom continues to implement its national nuclear energy project with all its components, including the construction of its first nuclear power plant to contribute to the national energy mix and to achieve the sustainable national development in accordance with the national requirements and within the framework of the international commitments,” added Prince Abdulaziz, who is also Chairman of the Board of Directors of King Abdullah City for Atomic and Renewable Energy and Chairman of the Board of Directors of Nuclear and Radiological Regulatory Commission.

The Kingdom has completed the essential administrative preparations related to nuclear regulatory framework and the requirements for implementing to the Comprehensive Safeguards Agreement and has submitted a request to the Agency in July of 2024 to rescind the Small Quantities Protocol and implement the full Comprehensive Safeguards Agreement, he revealed.

Saudi Arabia is currently working with the IAEA to finalize all necessary subsidiary arrangements for the Small Quantities Protocol to be effectively rescinded by the end of December of this year.

In his statement, Prince Abdulaziz stressed that the Kingdom continues to stand by its legally binding international commitments related to its national nuclear energy project. Its national legislation and institutional infrastructure satisfy all requirements for controlling nuclear materials and technology, as well as regulating exports, consistent with its obligations and fulfilling its important role under the international non-proliferation regime.

He extended his gratitude to IAEA Director General Rafael Grossi and the Deputy Director for Safeguards for their efforts that have allowed the Kingdom to reach this stage.

Moreover, Prince Abdulaziz announced that the Kingdom will host an international conference on nuclear emergencies in Riyadh at the end of 2025 as part of the Kingdom's focus on preparedness to nuclear emergencies and in recognition of the IAEA’s important role in this area.

The Kingdom is looking forward to the cooperation between countries to ensure the success of the conference, which will contribute to boosting the global response to nuclear and radiological emergencies, building on the IAEA and its International Emergency Center's work.

He also highlighted the Kingdom's participation in strengthening the radiological monitoring and early warning capabilities for nuclear incidents at the international center by providing the opportunity to benefit from its national capabilities in the global system of radiological monitoring and early warning.

The Kingdom is pleased to offer its capabilities to the IAEA and the International Emergency Center in other areas, including predicting the environmental impacts of nuclear and radiological incidents, said the minister.

“As part of developing the Kingdom's efforts in the cooperation with the IAEA, the Kingdom deposited, on August 7 its instrument for acceptance of the IAEA's Agreement on the Privileges and Immunities,” continued Prince Abdulaziz.

“The Kingdom is committed to several international instruments related to nuclear fields, including those concerning nuclear security, safety, and safeguards. The Kingdom is also collaborating with the IAEA to host a workshop on the Joint Convention on the Safety of Spent Fuel Management and the Safety of Radioactive Waste Management, which will invite states non-party to the Convention to boost global efforts towards the universality of this Convention,” he added.

Furthermore, Prince Abdulaziz stressed that the Kingdom has benefited from the IAEA's Integrated Regulatory Review Service (IRRS) mission, which completed its task in October 2023. He said the mission has played an effective role in assessing the national nuclear regulatory efforts and the overall integration of national nuclear regulatory framework.

It commended the Kingdom's commitment to radiation safety standards and noted the progress in the regulatory nuclear and radiological framework and the commitment to continuously developing practices according to the highest international standards.

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Business

Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)
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Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)

Asian shares mostly advanced on Thursday, tracking Wall Street, after US President Donald Trump walked back from imposing tariffs on eight European countries over Greenland and ruled out using military force to take control of the territory.

The future for the S&P 500 gained less than 0.1% and that for the Dow Jones Industrial Average was virtually flat on Thursday, The Associated Press reported.

Tokyo’s Nikkei 225 climbed 1.7% to 53,688.89, with technology stocks leading gains. SoftBank Group jumped 11.6% and equipment maker Disco Corp. soared 17.1%. Advantest, which makes testing equipment for computer chips, surged 5%.

South Korea’s Kospi closed 0.9% higher at 4,952.44 after crossing the 5,000 mark for the first time, as traders cheered. Technology-related stocks drove the rally. Shares of chipmaker SK Hynix picked up 2%, while Samsung Electronics rose 1.9%.

Hong Kong’s Hang Seng edged less than 0.1% higher to 26,600.68. The Shanghai Composite index edged 0.1% higher to 4,122.58.

In Australia, the S&P/ASX 200 gained nearly 0.8% to 8,848.70.

Taiwan’s Taiex rose 1.6%, while India’s Sensex added 0.2%.

US markets logged their biggest losses since October on Tuesday as investors reacted to Trump’s threat over the weekend to slap tariffs of 10% on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland for opposing US control of Greenland, sparking concerns over worsening relationships between the US and its European allies.

But Trump, attending the World Economic Forum in Davos, Switzerland, backed down on Wednesday and said he would not use force to acquire Greenland. The US president also said in a post on his social media site that he had agreed with the head of NATO on a “framework of a future deal” on Greenland and on Arctic security.

The easing tensions drove Wall Street optimism. On Wednesday, the S&P 500 climbed 1.2% to 6,875. The Dow Jones Industrial Average gained 1.2% to 49,077.23, while the Nasdaq composite also rose 1.2%, to 23,224.82.

Halliburton, the oil field services company, jumped 4.1% following stronger-than-expected profits for the latest quarter. United Airlines rose 2.2% also after better-than-expected quarterly profits. Netflix fell 2.2% even as it reported a stronger profit than expected, as investors focused on factors including a slowing growth of subscribers.

The price of gold fell 0.2% to $4,828.70 per ounce, reflecting investors’ reduced worries, after passing the $4,800 mark ahead of Trump’s reversal of stance on Greenland as many flocked to safe-haven assets.

In the bond market, US Treasury yields also eased following lessened fear among investors as well as a calming of Japan’s bond market turmoil. The yield on the 10-year Treasury eased to 4.25% from 4.30% late Tuesday.

Japan’s long-term bond yields surged to records earlier this week after Prime Minister Sanae Takaichi’s decision to call a snap election in February. That sparked concerns over her pledges to cut taxes and increase spending, which could hinder efforts to rein in government debt.

The US dollar rose to 158.75 Japanese yen from 158.27 yen, prompting analysts to speculate that authorities might intervene if the yen falls any further.

The euro rose to $1.1692 from $1.1687.

US benchmark crude oil shed 16 cents to $60.46 per barrel. Brent crude, the international standard, fell 24 cents to $65.00 per barrel.

Business

Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
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Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification ​into gold.

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday. The safe-haven metal has climbed more than 11% so far in 2026, extending a blistering rally that saw it jump 64% last year.

"We assume private sector diversification buyers, whose purchases hedge ‌global policy ‌risks and have driven the ‌upside ⁠surprise ​to our ‌price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tons in 2026 as ⁠emerging market central banks are likely to continue diversification of ‌their reserves into gold.

Commerzbank, last ‍week, raised its ‍gold price forecast to $4,900 by the end ‍of this year, citing increased safe-haven demand.

Business

Saudi Arabia’s National Insurance Strategy: A New Engine for Non-Oil GDP Growth

Riyadh, Saudi Arabia 
Riyadh, Saudi Arabia 
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Saudi Arabia’s National Insurance Strategy: A New Engine for Non-Oil GDP Growth

Riyadh, Saudi Arabia 
Riyadh, Saudi Arabia 

Saudi Arabia’s Cabinet approval of the National Insurance Strategy marks a major milestone for the Kingdom’s financial sector, with experts describing it as a transformative step that could reshape the role of insurance in the national economy.

Analysts say the strategy is designed to increase the insurance sector’s contribution to non-oil gross domestic product (GDP), shift the Saudi market from a largely consumer-based model to a regional insurance hub, and build a dynamic sector capable of generating economic and investment value. In this sense, insurance is positioned as a key pillar in achieving the objectives of Saudi Vision 2030.

The announcement has already had a positive impact on the Saudi stock market, where insurance companies recorded broad gains.

Fadl Al-Buainain, a member of the Saudi Shura Council and economic adviser, said the insurance sector is among the most important financial sectors due to its close links with all areas of the economy. He noted that the strategy will help unlock the sector’s potential, strengthen its foundations, and enhance the competitiveness, efficiency, and financial resilience of the Saudi insurance market, ultimately positioning it as a regional insurance center in line with Vision 2030.

Al-Buainain added that insurance is a key driver of development and economic growth, which explains the government’s focus on launching a strategy aligned with other sectoral plans. He emphasized that the initiative will improve market performance, product quality, and institutional solvency, while also prioritizing the development of national talent and the localization of insurance jobs to strengthen the sector’s contribution to national development goals.

From Regulation to Investment Powerhouse

Financial analyst Hussein Al-Raqeeb, founder and director of the ZAD Consulting Center, described the strategy as a qualitative shift in the role of insurance, from a limited regulatory function to a powerful economic and investment engine within Vision 2030.

He explained that the strategy seeks to modernize the regulatory and supervisory framework through the Insurance Authority, enhancing market efficiency, financial stability, and the protection of policyholders and beneficiaries. It also focuses on expanding insurance products for individuals, businesses, and specialized risks, moving beyond traditional offerings with limited impact.

Al-Raqeeb noted that raising public awareness of insurance remains a major challenge, as the strategy aims to reposition insurance as a tool for risk management rather than a financial burden. He added that clearer and more stable regulations will make the sector more attractive to domestic and foreign investors, boosting the regional competitiveness of the Saudi market.

The strategy also places strong emphasis on developing national capabilities through skills training, job localization, and integration with technology and innovation, particularly in the field of InsurTech. According to Al-Raqeeb, these measures will help create a more efficient and balanced insurance market that aligns profitability with consumer protection and long-term financial sustainability.

Strategic Goals and Key Targets

The National Insurance Strategy is built around three core objectives: strengthening insurance protection for individuals and businesses, developing a sustainable and efficient insurance market, and ensuring adequate coverage for national risks.

Implementation will be led by the Insurance Authority in partnership with stakeholders, through 11 strategic programs and 72 initiatives designed to deliver nine key outcomes aligned with Vision 2030 targets.

These programs cover health insurance, motor insurance, property and casualty insurance for individuals and companies, protection and savings products, reinsurance, market capacity and retention, uninsured risks, regulatory frameworks, technology and artificial intelligence, and human capital development.

Among the strategy’s most ambitious targets are expanding the size of the insurance market, increasing the sector’s contribution to GDP to 3.6 percent by 2030, doubling risk-based capital, and raising retention rates in property and casualty insurance.

The strategy also aims to increase the number of health insurance beneficiaries to 23 million, the number of insured vehicles to 16 million, and the number of jobs for national talent in the insurance sector to 38,500.

Ultimately, the strategy seeks to drive a comprehensive transformation of the Saudi insurance sector, moving it beyond a secondary service role to become a central pillar of economic growth, investment, and financial stability in the Kingdom.