‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries
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‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

Dr. Gregory Sosnin, Vice President of the ASE Group representing the Engineering Department of Ross Atom, stressed the importance of nuclear energy as part of the sustainable development of MENA countries.

He was speaking at the Fifth Arab Forum on the Prospects of Nuclear Energy in Electricity Generation and Desalinization of Sea Water that was held lately in Cairo.

Sosnin, who works as director of the Egyptian Dabaa plant project, said: "Countries of the region today – such as Egypt, the United Arab Emirates, the Kingdom of Saudi Arabia, and Turkey – are all rich in hydrocarbons and enjoy a warm climate ideal for solar PV, but all of them invest in nuclear energy.

"The decision makes sense when you see the benefits of nuclear energy. Its potential is huge, in fact."

Speaking of Ross Atom's experience in building nuclear power plants, he added: “We firmly believe the successful implementation of nuclear energy program is inevitably linked to success in areas such as individuals working in nuclear energy, and problems of public acceptance.

"The background of many newcomers to the nuclear energy field revealed that the delay in training individuals could lead to a deviation in the project's assigned schedule," he said, explaining that the support of the public "becomes an engine for the project."

Speaking at a session on regulatory and legislative frameworks for nuclear activities, safety, security, and nuclear safeguards, Deputy General Manager of Ross Atum ServicesYulia Chernakhovskaya expressed her opinion on the importance of nuclear infrastructure for sustainable development in the country.

Chernakhovskaya said: "This way, for example, Ross Atom Services works as a secretary in the inter-ministerial agreement between Ross Atom and the Federal Agency for Environmental, Technology and Nuclear Management (Rostekhnadzor) as part of helping to create and improve national nuclear energy infrastructure in countries that create or Planning to build nuclear facilities according to Russian designs."



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.