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.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.