Russia Proposes 'VVER' Reactors for First Saudi Nuclear Power Planthttps://english.aawsat.com/home/article/3075861/russia-proposes-vver-reactors-first-saudi-nuclear-power-plant
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
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
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.
Chaired by Saudi Crown Prince, PIF Board of Directors Approves PIF 2026-2030 Strategyhttps://english.aawsat.com/business/5262647-chaired-saudi-crown-prince-pif-board-directors-approves-pif-2026-2030-strategy
Chaired by Saudi Crown Prince, PIF Board of Directors Approves PIF 2026-2030 Strategy
Saudi Crown Prince Mohammed bin Salman - SPA
The Public Investment Fund (PIF) Board of Directors, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has approved PIF’s 2026-2030 strategy, a continuation of the fund’s long-term strategy that will focus on delivering competitive domestic ecosystems to connect sectors, unlock the full potential of strategic assets, maximize long-term returns, and continue to drive the economic transformation of Saudi Arabia and further enhance the quality of life of its citizens.
The 2026-2030 strategy marks a natural evolution as PIF moves from a period of rapid growth and acceleration to a new phase of sustained value creation, with a strengthened focus on maximizing impact, raising the efficiency of investments, and applying the highest standards of governance, transparency and institutional excellence. In addition, PIF will further enable the role of the private sector as an effective partner for sustainable economic development, according to SPA.
Under the 2026-2030 strategy, PIF has structured its investments into three portfolios. The Vision Portfolio aims to leverage synergies across strategic sectors, maximize value for PIF portfolio companies, and continue to drive the growth of the local economy. It will contribute to national priorities through the delivery of six competitive domestic ecosystems and by further integrating PIF’s investments. The Vision Portfolio will unlock new opportunities for the domestic private sector as an investor, partner, and supplier, to further enable its role as an effective partner for sustainable economic development, while also attracting global partners and investors.
The six ecosystems include: Tourism, Travel, and Entertainment; Urban Development and Livability; Advanced Manufacturing and Innovation; Industrials and Logistics; Clean Energy, Water, and Renewables Infrastructure; and NEOM.
The Strategic Portfolio will actively manage key strategic assets to maximize financial returns and the economic impact of PIF’s companies, while supporting their efforts to attract capital and become global champions. Through the Strategic Portfolio, PIF will also continue to invest in opportunities arising from long-term global trends.
The Financial Portfolio will focus on delivering sustainable financial returns to further strengthen PIF’s financial position and continue to grow national wealth for future generations. It will manage PIF’s direct and indirect investments in global markets to maximize returns, while building a more diversified and resilient portfolio. It will further strengthen strategic international partnerships to help attract capital and increase access to global investment opportunities.
PIF Governor Yasir Al-Rumayyan said: "PIF’s strategy continues to deliver results as we grow domestically and internationally. In less than a decade, we have launched unprecedented projects, including giga-projects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy. PIF also grew assets under management six-fold and attracted global partners and capital to take part in Saudi Arabia’s transformation."
He added that PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-2025 strategy.
"The 2026-2030 strategy is a natural next step in PIF’s growth journey. It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF. In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia," Al-Rumayyan said.
PIF will continue to invest with agility in both local and international markets and maintain its ability to respond to emerging opportunities that benefit the local economy and impact an ever-shifting global economy. It will maintain a disciplined focus on value realization, sustainable returns, enhanced capital efficiency and the highest institutional standards, as it drives innovation and advanced utilization of data and artificial intelligence.
PIF’s 2026-2030 strategy provides a clear strategic direction for the coming decades. It also strengthens PIF’s position as a local and global investor, with a diversified and resilient portfolio that contributes to Saudi Arabia’s long-term economic prosperity. PIF’s unique mandate will remain the same: to drive the economic transformation of Saudi Arabia and generate sustainable financial returns.
The strategy builds on the substantial progress and achievements delivered by PIF under its previous strategies, including increasing grown assets under management from $150 billion in 2015 to more than $900 billion; achieving an annualized total shareholder return of over 7% since 2017; investing more than $199 billion in new projects in Saudi Arabia from 2021 to 2025; contributing more than $243 billion to real non-oil GDP from 2021 to 2024, equivalent to around 10% of Saudi Arabia’s total non-oil GDP in 2024; spending together with its portfolio companies more than $157 billion with the local private sector from 2021 to 2024; expanding PIF’s global presence in priority markets with subsidiary company offices in North America, Europe, and Asia to deepen PIF’s ties in international markets and continue to invest in sectors, industries, and companies shaping the future of the global economy; and being one of the few sovereign wealth funds with strong credit ratings from each of the world’s top three rating agencies. Moody’s rated PIF Aa3 with a stable outlook, while Fitch rated PIF A+, also with a stable outlook
World Bank to Asharq Al-Awsat: Saudi Arabia Plays a Central Role in Stabilizing Energy Marketshttps://english.aawsat.com/business/5262644-world-bank-asharq-al-awsat-saudi-arabia-plays-central-role-stabilizing-energy
World Bank to Asharq Al-Awsat: Saudi Arabia Plays a Central Role in Stabilizing Energy Markets
FILE PHOTO: A cargo ship in the Gulf, near the Strait of Hormuz, March 11, 2026. REUTERS/Stringer/File Photo/File Photo
At a time when waves of geopolitical tensions disrupt the stability of vital maritime corridors, fundamental questions are emerging about the ability of major economic ambitions in the Gulf to withstand the test of the Strait of Hormuz, which represents an indispensable “lifeline” for the global economy, according to Roberta Gatti, Chief Economist for the Middle East, North Africa, Afghanistan, and Pakistan at the World Bank.
In remarks to Asharq Al-Awsat, Gatti warned that current geopolitical tensions place the region’s economic diversification ambitions under a real test, while stressing, on the other hand, the central role Saudi Arabia plays in global energy markets through measures aimed at enhancing the reliability of supply chains. She explained that the Kingdom’s efforts extend not only to exporters, but also to inflation, trade, and global growth.
Last week, the World Bank issued a report ahead of the Spring Meetings of the World Bank and the International Monetary Fund, in which it maintained Saudi Arabia at the forefront, with projected growth of 3.1 percent in 2026, highlighting it as the Gulf economy most capable of coping with the repercussions of the current geopolitical crisis, despite sharp revisions affecting regional estimates. Data in the report also showed that the fiscal deficit is expected to narrow by half to 3 percent, from 6 percent in 2025, alongside a shift in the current account balance from a deficit of -2.7 percent to a surplus of 3.3 percent.
Chief Economist for the Middle East, North Africa, Afghanistan, and Pakistan at the World Bank (World Bank)
On Monday, the United States imposed a naval blockade on Iranian ports, in an attempt to escalate pressure on Iran to reopen the vital oil corridor following the collapse of peace negotiations in Pakistan over the past weekend. These negotiations are expected to resume in the coming days.
Gatti stressed: “Saudi Arabia plays a central role in global energy markets, and its efforts to strengthen resilience are especially important at a time of heightened uncertainty around the Strait of Hormuz.”
She added: “Measures that enhance the reliability of energy supply chains—whether through infrastructure investment, alternative export routes, spare capacity, or stronger logistical preparedness—can help reduce the risk that such shocks translate into broader global disruption. These efforts matter not only for reducing volatility in global oil and gas markets for the benefit of the exporters, but also for global inflation, trade, and growth, especially in energy-importing developing countries that are highly vulnerable to volatility of these markets.”
Economic Diversification Under Stress Test
Gatti said the current conflict has directly highlighted the strategic importance of economic diversification, which is a core objective adopted in national development plans across GCC countries. She pointed out that data recorded since February 28 clearly reflects this divergence, stating: “The current conflict has highlighted the importance of economic diversification, an objective mentioned in multiple National Development Plans of GCC countries. Since February 28, relatively more diversified economies such as the UAE and Bahrain have seen their forecasts downgraded significantly less than those of less diversified economies such as Qatar and Kuwait. In addition, these larger forecast downgrades for Qatar and Kuwait reflect their higher reliance on route that goes through Strait of Hormuz for trade and energy exports and the lack of alternative bypass routes.”
The World Bank expects Qatar’s economy to contract by 5.7 percent, marking a downgrade of 11 percentage points from previous estimates due to damage to liquefied natural gas supplies. Kuwait’s economy is also expected to contract more sharply by 6.4 percent, given its 100 percent reliance on the Strait of Hormuz for oil exports, making any closure of the strait equivalent to a complete halt of the country’s financial lifeline. In contrast, the UAE and Oman are expected to grow by 2.4 percent each, while Bahrain is expected to grow by 3.1 percent.
In this context, Gatti said the “Vision” strategies remain appropriate and vital, noting: “The ‘Vision’ strategies remain appropriate and important as they aim to reduce structural dependence on hydrocarbons and promote private sector–led growth, but, as these recent events show, their implementation is sensitive to external shocks and the impacts are likely to be uneven across the region: more diversified economies tend to be more resilient due to stronger fiscal buffers and deeper non-oil sectors. It also matters greatly into which new sectors the economies are diversifying. For example, prolonged instability could dampen investment and further disrupt tourism, aviation, and logistics sectors which have been expanding rapidly in the region. In contrast, sectors like banking and finance have been more insulated.”
The commercial port of Yanbu is one of Saudi Arabia’s current key maritime gateways (Mawani).
Energy Poverty
In her analysis, Gatti turned to the more severe dimension of energy market volatility, explaining that rising oil prices impose compounded pressures on developing importing countries, as they translate directly into higher electricity costs, more expensive public transportation, and rising food prices linked to increased fertilizer costs. She noted that these pressures inevitably lead to wider trade deficits and greater strain on public budgets, particularly in poorer countries with limited reserves, which are forced to bear significant fiscal costs if they attempt to subsidize energy prices to ease the burden on citizens.
Gatti further noted that reliable and affordable energy is not merely a service, but a lifeline for both households and firms. In this context, volatility in fuel and gas markets delivers a “double hit” to these economies, as households struggle to meet basic needs while firms face more expensive and less reliable energy, making industrial expansion slower, riskier, and less competitive. In this sense, sharp short-term price increases may not only have immediate effects, but could also disrupt long-term structural transformation in energy-poor developing economies.
She concluded: “The resilience of economies to withstand oil and gas shocks depends on exposure and vulnerability of their economic structures. Degree of reliance on imported energy matters, and so do reliance on energy-intensive sectors, and how consumers, firms, and government adapt to rising prices.”
The “Cost” of Alternative Energy Routes
Addressing the need to invest in land corridors or pipelines that bypass narrow maritime chokepoints, Gatti said the decision requires a careful balance between economic efficiency and resilience. She stated: “Decisions on such investments must balance consideration for economic efficiency and resilience to shocks. The concentration of oil and gas export routes from the Gulf through the Strait of Hormuz suggests that this is likely the most economically efficient option, given geography and other technical and economic considerations. On the other hand, diversifying trade routes brings resilience to shocks.”
For example she highlights that Saudi Arabia can “divert a portion of their oil exports to the Red Sea port of Yanbu via the East-West pipeline, with 7mbpd capacity. The UAE similarly has Habshan-Fujairah pipeline with 1.5-1.8mbpd capacity to bypass Hormuz. Conversely, the Kirkuk–Ceyhan pipeline between Iraq and Türkiye can carry only about 0.4 mbpd, well below its 1.5 mbpd intended capacity, because of the delayed repairs needed for the segment within Iraq.”
The End of the “Efficiency-Only” Era
On supply chain resilience, Gatti said the world is undergoing a severe test that began with the COVID-19 pandemic and has extended to regional conflicts, events that have exposed the fragility of excessive reliance on geographically concentrated production networks.
She stressed that the key lesson from these crises is that “efficiency alone is no longer enough,” as governments and companies increasingly need to build buffers, diversify sources, increase inventories of critical goods, and develop more flexible logistics systems.
The World Bank’s chief economist also pointed to the current analytical frameworks and extensive research to support countries in this transition, referring to the World Development Report 2020, which examined the challenges facing developing countries in the era of global value chains.
She also noted an upcoming report titled “Resources to Resilience: Economic Diversification for Oil and Gas Exporters in MENAAP,” which will provide a roadmap for exporters in the Middle East, North Africa, and Asia-Pacific on how to diversify their economic capabilities to navigate disruptions in maritime corridors and sudden shocks.
Chairman of Menzies Aviation Hassan El-Houry. (Menzies Aviation)
The aviation services sector continues to demonstrate strong resilience amid geopolitical tensions disrupting air traffic across the Middle East, said Hassan El-Houry, chairman of Menzies Aviation.
While airspace closures, flight cancellations and reroutings have strained operations, El-Houry described the situation as a stress test for an industry that has historically rebounded from crises.
In an interview with Asharq Al-Awsat, he outlined a transformation phase for the company, which has surpassed $3 billion in annual revenue for the first time, while highlighting expansion plans and growing investment in artificial intelligence.
Recent tensions have affected Menzies’ operations in markets including Iraq, Pakistan and Jordan, with broader impacts on global cargo routes and international airports. Rising jet fuel costs have added further pressure.
However, El-Houry said the aviation sector has repeatedly proven its ability to absorb shocks, with demand for air travel typically rebounding after crises. He expects passenger confidence to recover gradually as regional stability improves.
Airlines, he added, are increasingly prioritizing efficiency, cost control and operational flexibility. This shift has accelerated demand for integrated service providers with global reach and the capability to maintain safe and reliable operations during periods of disruption.
The trend is particularly evident in Saudi Arabia, where low-cost carriers such as flynas and flyadeal are expanding rapidly, driving demand for cost-effective service partners.
Menzies reported a 16% rise in revenue in 2025, exceeding $3 billion. El-Houry attributed the growth to disciplined strategy execution, structured expansion and stronger multi-service partnerships with airlines and airports.
The company now operates at 347 airports in 65 countries, handling 5.3 million flights annually, with a customer retention rate of 90%.
Its acquisition of G2 Secure Staff has significantly expanded its footprint in the United States, reinforcing its position as a leading aviation services provider in the world’s largest market.
To address cost pressures, Menzies is investing in innovation, including AI-powered tools that use computer vision to measure cabin baggage and advanced baggage reconciliation systems to improve accuracy and reduce manual workloads.
A workforce planning optimization system is already deployed in more than 30 locations and is expected to cover over 22,000 employees by the end of 2026.
El-Houry said acquisitions remain central to long-term growth, with the company pursuing expansion in both established and high-potential markets. Saudi Arabia is a key focus, with the Kingdom aiming to reach 330 million passengers annually under Vision 2030.
On technology, Menzies is expanding its MACH cargo management system, now active at 46 sites and handling 55% of cargo volumes. The company is also developing AI-based risk detection systems to enhance safety oversight, while aiming for full AI integration in workforce planning by 2028.
Sustainability remains a priority, with more than $200 million invested to increase the share of electric ground support equipment to 25% globally, supporting a net-zero emissions target by 2045.
El-Houry also pointed to growth opportunities in emerging markets, particularly in the Middle East, Asia and Latin America. In India, Menzies has secured a ground handling license at Kempegowda International Airport in Bengaluru and launched a new site for Air Menzies International as part of its global expansion strategy.
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