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Saudi Arabia Prepares for Nuclear Power Plant License to Produce Electricity

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
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Saudi Arabia Prepares for Nuclear Power Plant License to Produce Electricity

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz announced that the Kingdom is considering requesting a license for a Saudi nuclear power plant for electricity production.

Prince Abdulaziz also stressed to the Kingdom's contribution to supporting the International Atomic Energy Agency (IAEA) nuclear and radiological laboratories within the framework of the ReNuAL2 Initiative.

- Saudi support

The Saudi Minister stressed the Kingdom's support for the Agency's initiative in the integrated work of the qualitative development of nuclear technologies.

Saudi Arabia is looking forward to the contributions of developed countries with their expertise and capabilities to support the Agency in implementing its programs.

- Energy resources

Speaking at the 66th General Conference of the International Atomic Energy Agency in Austria, Prince Abdulaziz discussed the Saudi strategy aimed at diversifying energy sources and its national project to build a nuclear power plant to produce electricity.

He explained that currently, Saudi Arabia wants to request a license for the nuclear plant site after preparing the plant's technical specifications, which were put up in an international competition.

The Minister stressed the Kingdom's commitment, under its national decisions, to use the Agency's standards for nuclear safety and security as a basis for its criteria.

Saudi Arabia stresses the importance of concerted international efforts to implement the treaty and the importance of not politicizing non-proliferation issues while maintaining countries' rights to obtain peaceful nuclear technology.

- Exhibition

Prince Abdulaziz, with IAEA Director General Rafael Grossi, inaugurated the Saudi exhibition accompanying the conference, highlighting the Kingdom's activities in the nuclear and radiological regulatory commission and the importance of solid regulations.

- Desalinization industry

The Saline Water Conversion Corporation (SWCC) has announced the implementation of a project of photovoltaic solar cells systems (PV), including parts on water surfaces with a generation capacity of 110 megawatts.

It aims at enhancing applications of renewable energy in the desalination industry and reducing energy consumption used from the grid to less than 2.16 kilowatts per cubic meter and over 20 percent of the consumption average of design energy, which stands at an average of 2.7 kilowatts per hour for one cubic meter for the desalination system that is being established in the al-Jubail area with a production capacity of more than one million cubic meters per day.

- Standard units

The project is part of several schemes that the corporation works on to provide 300 million Metric Million British Thermal Units (MMBTU) of the consumption of natural gas, in addition to reducing fluid fuel to 10 million tons annually by 2024.

It will contribute to reducing operational costs, realizing the highest environmental standards, and reducing carbon emissions to 34 million tons, in line with the ecological standards and the Saudi Green Initiative.

SWCC has mobile plants that were designed and manufactured by the corporation itself, which rely on solar energy with a consumption rate not exceeding 2.27 kilowatts for one cubic meter, which is a new world record for this category, where the corporation seeks to reduce power consumption in these mobile plants to reach 2 kilowatts.

- New navigation line

The Saudi Ports Authority (Mawani) introduced a new line connecting Jeddah Islamic Port with ten global ports.

Mawani announced that the Mediterranean Shipping Company (MSC), a global transport and logistics service, will introduce the new shipping line as part of the company's direction towards enhancing its services.

The new addition will link Jeddah Islamic Port with ports of Colombo, Nhava Sheva, Mundra, Salalah, King Abdullah Port, Valencia, Felixstowe, Rotterdam, Hamburg, and Antwerp.

At the same time, the service will include 11 mother ships with a capacity of 14,000 TEUs for each vessel, with its first vessel sailing expected to arrive at Jeddah Islamic Port on 23rd October.

- Operational efficiency

The cooperation will enhance Saudi ports' performance on the investment and logistical fronts and fulfill its aim of providing direct services to clients by strengthening connectivity between the Kingdom and the world.

It will reflect positively on the operational efficiency to align with the National Transport and Logistics Strategy (NTLS) objectives of positioning Saudi Arabia as a global logistics hub.

The Jeddah Islamic Port derives its prominence from various attributes, which make it one of the world's major trade gateways.

The port remains the region's leading hub for trade and transshipment, as it was listed 8th on the Container Port Performance Index, issued by the World Bank in its 2021 edition.

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Business

IEA to Speed up Oil Stocks Release Including Over 20 Million Barrels of Diesel

An aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on October 15, 2026. (AFP)
An aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on October 15, 2026. (AFP)
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IEA to Speed up Oil Stocks Release Including Over 20 Million Barrels of Diesel

An aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on October 15, 2026. (AFP)
An aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on October 15, 2026. (AFP)

The International Energy Agency agreed on Thursday to release over 20 million barrels of diesel to the market and any oil remaining from a record emergency reserves release pledged in March to boost supply and cool soaring prices.

US President Donald Trump has pressed European Union countries to draw down reserves or face a potential US diesel export ban as he seeks to lower prices ahead of November 3 midterm elections.

Diesel prices have surged to record highs in many markets due to disrupted supply ‌because of the ‌Iran war and the Russia-Ukraine conflict, posing inflation and cost-of-living threats ‌to ⁠governments and consumers.

The ⁠32-nation IEA's board met on Thursday to discuss the scale and timing of stock releases.

"The IEA governing board reaffirmed its commitment to continue delivering on the March 2026 Collective Action in response to the Strait of Hormuz crisis," it said in a statement after the meeting.

In March, countries had pledged to release more than 400 million barrels of crude and oil products as prices soared.

On Thursday, members "agreed to accelerate the release of the ⁠remaining volumes, with specific plans already in place, including over 20 ‌million barrels of diesel as soon as possible."

SOME ‌DISAPPOINTMENT OVER LACK OF EXTRA BARRELS

Reuters reported this month that EU governments were discussing a French ‌proposal for the release of 50 million barrels of diesel alongside 50 million ‌barrels of crude from IEA members.

"The IEA announcement is a step in the right direction, but falls short on the details the market was looking for," said Abhishek Kumar, an analyst at Sparta Commodities. "The 20+ million barrels of diesel appear to be an acceleration of existing commitments rather ‌than genuinely new volumes."

The IEA, which coordinates industrialized nations' releases of oil from emergency stocks, said some members had already released ⁠more than they ⁠pledged in March and that others planned to do so.

Members have released approximately 330 million barrels so far, the IEA said.

The US Energy Department said further IEA releases, with a focus on diesel, are under review and in progress, citing the IEA statement.

But the Trump administration "continues to hold European nations accountable for failing to fulfill their previous commitments to minimize supply disruptions in global energy markets and to help lower energy prices," the Energy Department spokesperson added.

The White House, when asked if it was unhappy with the IEA's commitment to draw down reserves, provided the IEA's statement from Thursday on the releases.

Spain said on Thursday it would release 4.4 million barrels from strategic reserves in October.

Spain has released 3.7 million of the 11.5 million barrels it pledged in March.

Business

Al-Jadaan: Saudi Investments in Alternative Routes Ensure Continuity of Energy Supplies and Trade

General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
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Al-Jadaan: Saudi Investments in Alternative Routes Ensure Continuity of Energy Supplies and Trade

General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS

Saudi Finance Minister Mohammed Al-Jadaan said the Kingdom’s investments in alternative routes have helped ensure the continuity of energy supplies and trade flows amid uncertainty.

He stressed that strengthening economic resilience requires diversifying sources of economic strength, protecting the foundations of growth, and maintaining the capacity to deal with recurring and prolonged disruptions.

Speaking at the third meeting of G20 Finance Ministers and Central Bank Governors under the US presidency, held Thursday in Bangkok, Al-Jadaan said the global economy had demonstrated an ability to adapt to repeated disruptions. He explained that resilience is fundamental to this adaptability, but strengthening it requires an understanding of its cost, how it can be developed, and how it should be financed.

He said the success of economic policies in confronting shocks is not limited to mitigating the impact of current challenges. It also depends on preserving the ability to support future ambitions and sustain the long-term path of economic transformation, while maintaining sufficient buffers to deal with any new developments that may arise.

Al-Jadaan participates in one of the sessions at the annual meetings of the IMF and World Bank in Bangkok (IMF)

The Finance Minister stressed that fiscal policies must protect the foundations of growth, highlighting the importance of effective international cooperation in achieving economic stability.

He said access to reliable and affordable energy, along with the uninterrupted flow of essential goods, helps contain price pressures and ease the burden on national budgets, thereby strengthening countries’ ability to navigate uncertainty.

In this context, Al-Jadaan said the Kingdom, through its investments in alternative routes, has helped ensure the continuity of energy supplies and trade flows amid disruptions. This underscores the importance of infrastructure and transportation and supply routes in strengthening economies’ ability to withstand shocks and limiting their impact on markets and the flow of essential goods.

Managing Shocks and Strengthening Resilience

Discussing ways to enhance economic resilience, Al-Jadaan said dealing with prolonged shocks depends not only on the size of the buffers available to countries, but also on how these buffers are managed over time, while preserving sufficient capacity to respond to future developments.

He noted that strengthening economic resilience requires reducing exposure to risks through economic diversification, reinforcing energy and food security, and developing more resilient supply chains and infrastructure. These priorities have become increasingly important amid recurring disruptions affecting trade flows, the availability of essential goods, and the cost of obtaining them.

Al-Jadaan also addressed artificial intelligence, noting that it has evolved beyond a purely technological issue to become part of a broader agenda aimed at achieving sustainable growth and strengthening economic resilience. This reflects the expanding scope of policies required to build economies capable of adapting to change while preserving opportunities for long-term growth and transformation.

The Role of International Financial Institutions

The Finance Minister emphasized the important role played by multilateral financial institutions in helping economies that are most vulnerable to risk cope with financing pressures through financial and technical support programs and policy advice, thereby strengthening their ability to withstand shocks and maintain economic stability.

Al-Jadaan concluded his participation in the third meeting of G20 Finance Ministers and Central Bank Governors, held on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group in Thailand.

He met with a number of officials, heads of international financial institutions, and representatives of credit rating agencies. The meetings addressed developments in the global economy and policies aimed at supporting its stability, while also reviewing developments and reforms in the Saudi economy as part of the Kingdom’s efforts to strengthen its presence in international economic and financial dialogue.

Business

Saudi Cybersecurity Market Tops $4.3 Billion in 2025

Employees working on computers (National Cybersecurity Authority). 
Employees working on computers (National Cybersecurity Authority). 
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Saudi Cybersecurity Market Tops $4.3 Billion in 2025

Employees working on computers (National Cybersecurity Authority). 
Employees working on computers (National Cybersecurity Authority). 

Saudi Arabia’s cybersecurity market reached SAR 16.3 billion ($4.3 billion) in 2025, recording a compound annual growth rate of 10.7% over the past three years, according to a new report by the National Cybersecurity Authority (NCA).

Government spending on cybersecurity products and services totaled SAR 5.1 billion, accounting for 31% of the market, while private sector expenditure reached SAR 11.2 billion, representing 69%.

The figures were released in the NCA’s report, Key Economic Indicators in Saudi Arabia’s Cybersecurity Sector 2026, which examines market size, the sector’s contribution to gross domestic product, workforce trends and other measures of growth.

Contribution to GDP

The cybersecurity sector contributed approximately SAR 20 billion to Saudi Arabia’s GDP at current prices in 2025, registering a compound annual growth rate of 13.2%, the authority reported.

Of that amount, SAR 9.7 billion represented the direct contribution of cybersecurity products and service providers, while indirect contributions totaled SAR 10.3 billion.

The sector accounted for 0.42% of the Kingdom’s overall GDP and 0.71% of non-oil GDP.

The cybersecurity workforce exceeded 22,000 specialists last year, reflecting a compound annual growth rate of 5.9%.

The report linked this expansion to specialized training initiatives and programs designed to meet the needs of vital sectors and support economic and social development.

Women accounted for 33% of cybersecurity professionals in Saudi Arabia, surpassing the global participation rate of approximately 22%.

Spending on products and services

Cybersecurity products accounted for 51% of total market spending, valued at SAR 8.3 billion, while services represented 49%, or SAR 7.9 billion.

The report identified key areas of spending, including endpoint security and management, cybersecurity systems integration, network security, data security and security operations solutions.

Public-private cooperation

The NCA highlighted efforts to strengthen competitiveness, encourage investment and innovation, and promote cooperation between the public and private sectors as key drivers of market growth.

The study classified cybersecurity offerings into 100 products and services, drawing on internationally recognized methodologies, standards and practices.

The NCA is Saudi Arabia’s designated cybersecurity authority and national reference body, tasked with protecting the Kingdom’s vital interests, national security, critical infrastructure, priority sectors, and government services and activities.

Its responsibilities also include stimulating industry growth, promoting innovation and investment, conducting research and development, and issuing periodic reports on cybersecurity at the national and sectoral levels.