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KSA Enables Private Sector to Invest In State Development Projects

Saudi Arabia seeks to enable the private sector to participate in government development projects. (Asharq Al-Awsat)
Saudi Arabia seeks to enable the private sector to participate in government development projects. (Asharq Al-Awsat)
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KSA Enables Private Sector to Invest In State Development Projects

Saudi Arabia seeks to enable the private sector to participate in government development projects. (Asharq Al-Awsat)
Saudi Arabia seeks to enable the private sector to participate in government development projects. (Asharq Al-Awsat)

Saudi Arabia’s General Authority for Real Estate announced the signing of a MoU with the Projects Support Fund at the Ministry of Finance to enhance mutual cooperation in the field of partnerships with the private sector.

The memorandum gives the private sector the opportunity to invest in development projects in the sectors covered by the fund, namely education, health care and real estate development.

The governor of the Real Estate General Authority, Ihsan Bafakih, said on Thursday that the MoU reflected the Authority’s approach towards enhancing integration and partnership between all components of the government system in order to achieve the desired goals.

According to Bafakih, the Authority and the Fund seek, through the MoU, to achieve several goals, including contributing to financing real estate development projects, such as buildings and integrated service projects, in accordance with the financing policies approved by the Fund, in addition to qualifying private sector institutions and introducing them to the financial and technical requirements and providing an favorable environment to attract various qualitative investments.

On a different note, the National Debt Management Center at the Ministry of Finance (NDMC) signed a memorandum of cooperation with the Nippon Export and Investment Insurance (NEXI). The agreement was signed by Fahad Al-Saif, Chief Executive Officer of the NDMC, and Atsuo Kuroda, Chairman and CEO of NEXI.

Saudi Finance Minister Mohammed Al-Jadaan, who is also the chairman of the NDMC’s Board of Directors, said that the signing of the Memorandum came in parallel with the fifth Saudi-Japan Vision 2030 Ministerial Meeting and aimed to expand the opportunities of financing government projects implemented by Japanese companies in the Kingdom.

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Türkiye in Talks with US to Cooperate on Nuclear Energy Projects

Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
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Türkiye in Talks with US to Cooperate on Nuclear Energy Projects

Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)

Türkiye is holding talks with the United States on the construction of large-scale nuclear power plants and small modular reactors (SMR), a senior Turkish Energy Ministry official said on Tuesday.

“The USA is showing serious interest in Türkiye’s goal of increasing its nuclear energy capacity and building new power plants,” Yusuf Ceylan told Reuters at a conference on nuclear power plants.

Asked about the projects under discussion, he said: “We can consider the areas of existing power plants or new power plants.”

“We are negotiating with the USA for both large-scale power plants and small modular reactors. This is a statement of intent,” he said.

Last month, US Ambassador to Türkiye Jeff Flake told Reuters that Ankara “talked to us and others about (building) small modular reactors.”

Ceylan said negotiations continued with South Korea and Russia for a second nuclear power plant planned to be built in the Black Sea region of Sinop, and with China's SPIC for a third nuclear power plant in northwest Türkiye’s Thrace region.

The construction of Türkiye's first 4,800 MW nuclear power plant by Russia's Rosatom is continuing at Akkuyu in Türkiye’s Mediterranean region.

Ankara plans to build three four-reactor nuclear plants and complement them with SMRs for a total of 20,000 MW generation capacity to diversify its electricity production mix.

The United States earlier held talks with Türkiye on the construction of SMRs, which are still under development. However, no reports showed that the two sides were negotiating large-scale power plants that require billions of dollars of investment.

In May, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said that Türkiye and the US are ready to collaborate in the energy and mining sectors.

Speaking on the sidelines of the 39th American-Turkish Conference in Washington, the Minister said: “We are ready to enhance our bilateral cooperation with the US in the field of energy, minerals and liquified gas.”

US Assistant Secretary for the Bureau of Energy Resources Geoffrey R. Pyatt earlier emphasized the importance of the ongoing talks on energy between Ankara and Washington.

He said both countries have opportunities for cooperation in small modular reactors in nuclear energy and energy transition. Their cooperation comes at a time when the energy issue has become one of the most important global priorities since the Russian-Ukrainian war.

Pyatt had visited Türkiye, Romania and Bulgaria in October 2022 to meet government officials and energy sector leaders for bilateral discussions. In Ankara, he held talks with Deputy Energy and Natural Resources Minister, Alparslan Bayraktar, and other Turkish officials.