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Russia Proposes 'VVER' Reactors for First Saudi Nuclear Power Plant

The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
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Russia Proposes 'VVER' Reactors for First Saudi Nuclear Power Plant

The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo

Moscow looks forward to expanding the horizons of Russian-Saudi cooperation in nuclear technology, especially in designing and building peaceful atomic power plants in the Kingdom, Rosatom State Nuclear Energy Corporation revealed to Asharq Al-Awsat.

"VVER" nuclear reactors - 'water-water energy reactor' - are a crucial product that Rosatom offers in its bidding portfolio, said Alexander Voronkov, CEO of ROSATOM Regional Center in the Middle East and Northern Africa region.

Voronkov added that Russia has proposed installing the hydro energy reactors to the first nuclear power plant Saudi Arabia plans to build in coming years.

Speaking to Asharq Al-Awsat, the Rosatom CEO confirms that the Russian reactor has withstood the test of time and has been developed since 1955.

To date, no VVER-equipped power plant has registered any serious mishap, which favors the technology when compared to its many competitors in the international market, explained Voronkov.

Since October 2017, Rosatom has been engaged in competitive talks for helping establish Saudi Arabia's first nuclear power plant.

In December 2017, Rosatom and the King Abdullah City for Atomic and Renewable Energy signed a roadmap for cooperation in the peaceful use of nuclear energy.

Voronkov pointed out that Rosatom is involved in nuclear power plant construction projects in 12 countries worldwide, including Turkey and Egypt.

He added that a focus on Russian projects with VVER-1200 reactors offers safety that is of particular importance to countries new to the nuclear industry, such as Saudi Arabia.

"Our gained experience allows us to support the client at any stage of the implementation of any nuclear project," affirmed Voronkov, noting that the construction of a nuclear power plant constitutes a complex, comprehensive, and multifaceted task.

According to Voronkov, Rosatom can help with several areas such as design and construction, refueling, operation and maintenance services, modernizing generating units, educating and training staffers, and raising the level of public acceptance of nuclear energy.

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Business

QatarEnergy Declares Force Majeure on LNG Contracts

QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
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QatarEnergy Declares Force Majeure on LNG Contracts

QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)

QatarEnergy declared on Tuesday force ‌majeure ‌on some ‌of ⁠its affected long-term ⁠LNG ⁠supply contracts, ‌with ‌counterparties including ‌customers in ‌Italy, Belgium, ‌South Korea, and ⁠China.

It said it was ‌continuing ‌to assess ‌the ⁠full impact of ⁠these recent events on its operations.

It added that it was assessing the impact ⁠and repair ‌timeline ‌for damaged facilities.

Missile ‌attacks on QatarEnergy's Ras Laffan production ‌hub on March 18 and 19 ⁠⁠caused significant damage.

Business

Saudi Arabia Says World Economic Forum Postpones Jeddah Meeting

A World Economic Forum (WEF) logo. AFP
A World Economic Forum (WEF) logo. AFP
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Saudi Arabia Says World Economic Forum Postpones Jeddah Meeting

A World Economic Forum (WEF) logo. AFP
A World Economic Forum (WEF) logo. AFP

The World Economic Forum ⁠has postponed its Global ⁠Collaboration and Growth Meeting, originally ⁠set for April 22–23 in Jeddah, following consultations with the Saudi Ministry of Economy and ⁠Planning, citing ⁠current regional developments.

Saudi Minister of Economy and Planning Faisal Alibrahim stressed in January the need for sustained dialogue to accelerate global growth, calling on participants to engage actively in the meeting.

The Ministry of Economy and Planning affirmed Tuesday that the Kingdom has made comprehensive preparations to host the meeting and remains fully equipped to convene it, reflecting its continued role as a global platform for dialogue and agenda setting.

Building on its proven track record of convening major international gatherings, including the World Economic Forum Special Meeting in Riyadh in 2024, the ministry said it looks forward to hosting the Global Collaboration and Growth Meeting at a date to be announced in due course.

The World Economic Forum said: “The Global Collaboration and Growth Meeting will serve as a leading platform for shaping constructive global dialogue. Following coordination between the World Economic Forum and the Ministry of Economy and Planning of Saudi Arabia, it has been agreed to reschedule the meeting to maximize its global impact.”
 

Business

IMF: Conflict Casts Shadow on Morocco's Economic Growth

FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
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IMF: Conflict Casts Shadow on Morocco's Economic Growth

FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh

The International Monetary Fund has warned that in the near term, growth in Morocco would be impacted by the ongoing conflict in the Middle East.

The Executive Board of the IMF concluded last week the 2026 Article IV consultation with Morocco and completed the Mid-Term Review under the Flexible Credit Line Arrangement (FCL), which was approved on April 2, 2025.

The Staff Report issued on Monday said that real GDP growth is projected at 4.4 percent for 2026, 4.5 percent for 2027, and 4 percent over the medium term, assuming normalized agriculture production and continued infrastructure investment with greater private sector participation.

Real GDP growth in 2025 accelerated to an estimated 4.9 percent, supported by a rebound in agricultural output and a surge in large-scale infrastructure projects, the IMF said.

Nonetheless, high unemployment remains a significant challenge. Average inflation remained low at 0.8 percent, allowing Bank Al-Maghrib to maintain a neutral policy stance after earlier rate cuts.

The IMF lauded strong revenue performance that facilitated a smaller than anticipated overall fiscal deficit at 3.5 percent of GDP.

The overall fiscal deficits for 2026 and the medium term are consistent with a gradual reduction in debt to GDP to 60.5 percent by 2031.

The current account widened to 2.1 percent of GDP as imports rose with investment, partly offset by buoyant tourism.

“Sustainable job creation remains a pressing priority, and calls for a more dynamic private sector, leveling the playing field between public and private entities, and further reforms in the labor market,” the IMF said.

“Morocco continues to meet the qualification criteria for the Flexible Credit Line arrangement. Morocco has a sustained track record of implementing very strong macroeconomic policies and remains committed to maintaining such policies in the future, and continues to have very strong economic fundamentals and institutional policy frameworks. The authorities intend to continue treating the FCL arrangement as precautionary and to gradually exit it, depending on the evolution of external risks,” said IMF Deputy Managing Director and Chair Kenji Okamura.