CEO of ROSATOM MENA Center: Nuclear Energy Prevents Emission of 2 GtC of Carbon Annually

Alexander Voronkov, CEO of ROSATOM Regional Center in Middle East and Northern Africa
Alexander Voronkov, CEO of ROSATOM Regional Center in Middle East and Northern Africa
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CEO of ROSATOM MENA Center: Nuclear Energy Prevents Emission of 2 GtC of Carbon Annually

Alexander Voronkov, CEO of ROSATOM Regional Center in Middle East and Northern Africa
Alexander Voronkov, CEO of ROSATOM Regional Center in Middle East and Northern Africa

Prices in the energy sector have jumped since the beginning of 2021, as a result of an increased demand with a shortage of supply. Prices of gas rose by more than 800 percent, while oil witnessed an 85 percent increase, and coal more than 300 percent.

The record rise in prices caused a global energy crisis that led to the bankruptcy of European and British energy companies, and the decline in the production capacity of some commodities due to the disruption of production lines in some factories, as a result of the continuous power cuts.

Meanwhile, nuclear energy has emerged as a sustainable solution to diversify energy sources and contribute to the global energy mix.

Moreover, combating climate change may require developing the nuclear energy sector to reduce carbon emissions and increase reliance on thermal energy.

In an interview with Asharq Al-Awsat, Alexander Voronkov, CEO of ROSATOM Regional Center in Middle East and Northern Africa, said that nuclear energy was an integral part of the global energy system.

“The International Energy Agency (IEA), which is known for its impartiality, says explicitly that achieving the de-carbonization targets set by the Paris climate agreement would not be possible without nuclear power,” he stated.

IEA experts point out that nuclear energy currently represents the second largest source of low carbon energy in the world, where the contribution of nuclear power plants amounts to 10 percent of the total electricity production in the world, Voronkov remarked.

He added that nuclear power has been the largest source of low-carbon electricity for more than 30 years in countries with advanced economies such as the United States, Canada, Japan and the European Union.

“The benefit of nuclear energy lies not only in generating clean and environmentally friendly energy, but also in the development of large infrastructure projects that ensure sustainable growth for the regions in which they are located for several decades,” the ROSATOM official noted.

On the reliance on nuclear power to combat climate change, Voronkov said many parties, including the Intergovernmental Panel on Climate Change (IPCC), are aware that a program to combat global warming and carbon dioxide emissions - which requires keeping the average global temperature at a level of no more than 1.5 degrees Celsius - must include work on developing the energy sector.

“Nuclear energy is an important source of low carbon electric energy and thermal energy capable of contributing to mitigating the effects of climate change,” he underlined.

Voronkov noted that ROSATOM was currently responsible for operating about 40 power generation units in Russia, which help avoid the emission of more than 100 million tons of carbon dioxide annually, in addition to preventing the emission of another 100 million tons thanks to the operation of Russian-designed nuclear plants outside the country’s territories, the equivalent of removing 57 million cars from the roads. Thus, nuclear energy, as a powerful source of primary load electricity, contributes to de-carbonization.

He added that in 2020, nuclear power represented the largest net source of electricity generation in Russia with a market share of 20.28 percent.

“If we add the energy produced from hydroelectric and renewable energy sources, it will account for about 40 percent of the country’s total electricity generation,” he underlined.

Voronkov said that ROSATOM’s projects in the Middle East and North Africa are still in the implementation phase, and they include the construction of a nuclear power plant in the El-Dabaa region in Egypt, which consists of 4 power units of the VVER-1200 type.

The company is also building the Akkuyu Nuclear Power Plant in Turkey, which will also be equipped with 4 VVER-1200 power units with a total capacity of 4,800 MW, he noted.

On the future of the nuclear energy sector in the Middle East, especially in the Arab countries, Voronkov said: “The fact that the countries of the Middle East and North Africa region, which are rich in oil and also in renewable energy resources, such as sunlight and wind, are pumping increasing investments in the development of the nuclear energy sector, indicates that nuclear energy plays an indispensable role in these countries’ efforts to form a Green energy mix for the future.”

He continued: “I am sure that the launching of the Barakah nuclear power plant in the UAE and the implementation of other nuclear projects in the region, such as the construction of the Dabaa nuclear plant in Egypt, will raise the level of awareness among the countries of the region of the need to add nuclear energy to their energy mix.”

Asked about the future of nuclear energy in the context of governments’ pursuit of carbon neutrality, the CEO of ROSATOM MENA Center noted that nuclear energy was not yet classified as a renewable energy source, but a clean energy source.

Nuclear power plants do not emit greenhouse gases during operation, and they provide clean, reliable and affordable energy, stimulating the social and economic development of entire regions and countries, he emphasized.

“Currently, operating nuclear power plants already prevents the emission of 2 Gigatons of carbon dioxide per year, the equivalent of removing 400 million cars from the roads annually,” Voronkov stated.



IMF: Middle East Faces Pivotal Economic Moment

Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
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IMF: Middle East Faces Pivotal Economic Moment

Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
Azour speaks during a presentation of the Regional Economic Outlook update (AFP)

The International Monetary Fund said the Middle East, North Africa, and Pakistan were facing a pivotal and exceptionally difficult moment in their modern economic history after the war that broke out on Feb. 28, 2026, describing it as a severe and multifaceted shock to one of the world’s most strategically important economic corridors.

The IMF said the conflict was not merely a border crisis but had disrupted “three pillars of stability, energy markets, trade routes, and business confidence,” triggering a global energy shock and weakening supply chains.

Amid these challenges, Saudi Arabia’s economy emerged as a model of resilience, showing what the IMF described as “exceptional sturdiness” that enabled it to absorb the impact of disruptions to the Strait of Hormuz and a decline in regional output, supported by the pillars of Vision 2030, which strengthened fiscal discipline and logistical flexibility.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said while presenting an update of the Regional Economic Outlook in Washington, on the sidelines of the IMF and World Bank Spring Meetings, that the war was reshaping the region’s economic outlook.

At the center of the shock was energy, he said, noting that the Strait of Hormuz, “the world’s most critical energy chokepoint, through which roughly one-fifth of global oil supply and about one-quarter of global LNG trade normally transit,” had come close to a standstill.

He said disruptions and shutdowns had cut oil and gas output across Gulf Cooperation Council countries, pushing Brent crude above $100 a barrel, while “European gas prices rose by roughly 60 percent, exceeding the spike observed after Russia’s invasion of Ukraine,” putting global energy security at risk.

He said energy disruptions caused by the war would weigh heavily on Gulf exporters, while oil-importing countries such as Egypt and Jordan were facing higher commodity prices and weaker remittance flows.

More broadly, the Middle East and North Africa region is expected to see a marked slowdown in growth this year, with real GDP projected at about 1.1%, significantly below pre-war forecasts, before a recovery in 2027, according to the IMF.

Azour said the shock extended beyond oil and gas, noting that “commodity disruptions extend beyond oil and gas,” affecting fertilizers, chemicals, and other products in which the region holds a strategic position.

He warned that rising food costs were directly threatening vulnerable populations, saying that “these price increases translate directly into higher food costs for some of the world’s most vulnerable populations,” particularly in import-dependent economies across the region and beyond.

He added that the conflict had also affected services, saying, “air traffic collapsed at major Gulf hubs, maritime insurance premiums surged, shipping routes lengthened, and logistics chains weakened,” highlighting the broad impact on aviation and logistics.

The IMF said some oil-importing economies in the region relied heavily on Gulf countries for energy imports and financial flows, leaving them exposed if the conflict intensified or persisted.

Saudi experience

Azour said one of the most important lessons from the war and the disruption of the Strait of Hormuz was the need to diversify trade routes.

“This shock underscores the importance of building greater resilience and strengthening integration,” he said, adding that this includes “diversifying trade routes and deepening regional cooperation,” to ensure the continued flow of goods and energy.

He said Saudi Arabia’s approach under its strategic vision went beyond infrastructure development to a broader reshaping of logistics networks. By expanding alternative ports on the Red Sea and strengthening land and rail connectivity, the kingdom reduced its reliance on a single maritime chokepoint.

He said this ability to create parallel trade routes allowed Saudi trade to continue effectively despite disruptions to regional corridors, offering a model for protecting economic security and ensuring uninterrupted supply flows.

Egypt

Azour said economic reforms implemented by Egypt, along with stronger policy buffers, were helping the country better manage external shocks.

He said allowing the exchange rate to become more flexible helped absorb shocks, while higher reserves provided reassurance to markets.

Regional divergence

The IMF report highlighted a sharp divergence across countries. Qatar faced a steep downgrade to growth forecasts due to damage to its gas infrastructure, while Oman showed relative resilience given its geographic position outside the Strait of Hormuz.

At the same time, financing pressures increased on Egypt, Pakistan, and Jordan as sovereign spreads widened, prompting Azour to stress that the IMF stood ready to support countries.

He said that if oil production recovered and the Strait of Hormuz fully reopened, countries would be able to increase output quickly, adding that higher oil prices compared with pre-2026 levels would help producers recover some of their losses from the crisis.


Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
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Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).

Pakistan announced that it has received $2 billion from Saudi Arabia’s Ministry of Finance as part of a broader financial support package.

Earlier, Pakistan’s Finance Minister, Muhammad Aurangzeb, said that Saudi Arabia had committed to depositing an additional $3 billion, while extending an existing $5 billion loan for three years instead of renewing it annually.

This support comes as Pakistan faces repayment of $3.5 billion to the United Arab Emirates, putting pressure on its reserves, which stand at about $16.4 billion.

Saudi Arabia has a history of assisting Pakistan during economic crises, including a $6 billion support package in 2018 that included deposits and deferred oil payments.


Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
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Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)

Gold prices rose on Thursday as growing optimism about a possible end to conflicts in the Middle East calmed inflation worries and improved prospects for lower interest rates.

Spot gold rose 0.5% to $4,815.15 per ounce by 0926 GMT, after rising to a one-month high in the previous session. US gold futures for June delivery gained 0.3% to $4,836.50.

"For the month of March gold was under pressure because of the need for liquidity in the metal following the war, but that is kind of mostly run its course, that need for liquidity," said Nitesh Shah, commodity strategist at WisdomTree.

Shah added that he expects gold prices to remain very well supported as concerns surrounding central bank independence and dollar debasement risk still remain prevalent, Reuters reported.

Optimism grew on Thursday that the war in the Middle East may be near an end, with a key Pakistani mediator in Tehran and the administration of US President Donald Trump talking up hopes for a deal that would open the crucial Strait of Hormuz.

Crude oil prices were up more than 1% on Thursday, but remained well below the $100-a-barrel mark.

"Gold remains supported amid renewed optimism around de-escalation. The pullback in oil prices is easing some of the inflation concerns that weighed on prices earlier in the conflict. The move reflects a broader shift in market focus," ING analysts said.

Global equities vaulted past their previous all-time highs in Asian trading as optimism grew about a deal to end the Iran war.

Gold prices fell to as low as $4,097.99 an ounce on March 23 as high inflation concerns due to soaring energy prices raised expectations of a more hawkish approach to intrest rates by the US Federal Reserve, weighing on the non-yielding metal's demand.

Prices have since recovered as investors now see a more than 34% chance of at least one US interest rate cut by 2026-end, up from 32% a day prior, as per CME's FedWatch Tool.

Among other metals, spot silver rose 1.4% to $80.12 per ounce, platinum gained 1% to $2,130.25, and palladium was up 0.9% at $1,587.25.