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.



Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
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Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas

Türkiye's central bank on Thursday increased its estimates for inflation as officials try to rein in soaring price increases that have weighed on the economy for years.

The official inflation rate is now seen falling to between 15 and 21 percent by the end of this year, up from a previous forecast of 13 to 19 percent.

"We have increased our forecast range because of better visibility on certain risks," the central bank's governor Fatih Karahan said in a statement, without further detail, Reuters reported.

The forecast would still be a sharp decline from the annual inflation rate of 30.7 percent in January, following years of interest rate hikes in a bid to slow runaway price increases.

However, the official figures are disputed by ENAG, a group of independent economists that publishes its own data every month, with the organisation saying year-on-year inflation stood at 53.4 percent in January.

Türkiye has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, after President Recep Tayyip Erdogan ordered interest rate cuts in a bid to spur growth.

The cuts sent the lira plunging on currency markets, further fuelling inflation and leading Erdogan to reverse his unorthodox policy in 2023.

But in January the central bank cut its benchmark interest rate to 37 percent, citing a continued slowing of price increases.

 

 

 

 


Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026
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Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026

Ports overseen by the Saudi Ports Authority (Mawani) reported a 2.01% increase in container handling for January 2026, totaling 738,111 TEUs, up from 723,571 TEUs in January 2025. Transshipment containers rose significantly by 22.44%, reaching 184,019 TEUs compared to 150,295 TEUs the previous year.

However, the number of imported containers decreased by 3.23% to 284,375 TEUs, and exported containers dropped by 3.47% to 269,717 TEUs year-over-year, SPA reported.

Passenger numbers surged by 42.27%, totaling 143,566 passengers compared to 100,909 last year. Vehicle volumes increased by 3.31% to 109,097, and the ports received 886,908 heads of livestock, a 49.86% increase from the same period in 2025.

In terms of cargo tonnage, liquid bulk cargo rose by 0.28% to 14,102,495 tons, general cargo totaled 839,987 tons, and solid bulk cargo reached 4,263,168 tons. The total tonnage handled was 19,205,650 tons, reflecting a 3.04% decrease from the previous year. Vessel traffic recorded 1,121 ships, a slight decrease of 1.75%.

This increase in container throughput supports trade, stimulates the maritime transport industry, and enhances supply chains and food security. These achievements align with the National Transport and Logistics Strategy, reinforcing Saudi Arabia's position as a global logistics hub.

In 2025, Mawani ports achieved a 10.58% increase in total handled containers, reaching 8,317,235 TEUs, while transshipment containers for the year rose by 11.78% to 1,927,348 TEUs.


Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices slipped on Thursday as investors weighed the International Energy Agency's lowering of its global oil demand forecast for 2026 against potential escalation of US-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. US West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA's monthly report, having derived support earlier from concerns over the US-Iran backdrop.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in US crude inventories had capped the early price gains. US crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

US refinery utilization rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia's seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.