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Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
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Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)

Saudi Arabia is closely cooperating with the International Atomic Energy Agency (IAEA) and is actively working to develop peaceful uses of nuclear energy in various fields, announced Energy Minister Prince Abdulaziz bin Salman.

Prince Abdulaziz announced the Kingdom's support for the 'Rays of Hope' initiative launched by the International Atomic Energy Agency (IAEA), with a contribution amounting to $2.5 million. It aims to save lives and address the burden of cancer by using nuclear techniques.

The Minister addressed the Kingdom's perspective at the 67th General Assembly meeting of IAEA in Vienna. Representatives from the agency's 177 member countries attended the meeting held between September 25th and 29th.

At the onset of his speech, the Minister reaffirmed the Kingdom's commitment to its national nuclear energy policy, emphasizing the utmost standards of transparency, reliability, and top-tier safety measures.

He elaborated that Saudi Arabia believes in the positive contributions of nuclear energy to energy security and its social and economic benefits.

The Kingdom is working to develop peaceful uses for nuclear energy across various fields through close cooperation with IAEA, including the Saudi National Atomic Energy Project and its components, and building the first nuclear energy power plant.

The Minister said that the Kingdom is looking forward to operating a regional cooperation center with the IAEA to develop human capabilities in the areas of preparedness and response to radiological and nuclear emergencies, as well as other regulatory aspects at national, regional, and international levels.

Saudi Arabia emphasizes the importance of concerted international efforts to implement the provisions of the Non-Proliferation Treaty, ensuring its universal adherence, he said, reaffirming the significance of countering nuclear proliferation in the Middle East.

"In this regard, we reaffirm the importance of fully implementing Resolution 1995, which aims to establish a nuclear-weapon-free zone in the Middle East," the Minister said.

Furthermore, he congratulated the IAEA and its member states on the upcoming Nuclear Security Training and Demonstration Centre launch in Seibersdorf, scheduled to be operational in October of this year. Saudi Arabia and other countries collaborated on establishing and funding it.

The Kingdom hopes this center will serve as a key enabler for the agency in strengthening the capabilities of all member states in many areas of nuclear security.

The Minister voiced the Kingdom's appreciation for the IAEA's role in maintaining neutrality and its outstanding efforts in dealing with non-proliferation issues by maintaining its safeguards and verification responsibilities.

He also expressed the Kingdom's appreciation for the agency's efforts in ensuring that these activities represent important principles and contribute effectively to the development of peaceful uses of nuclear energy.

Prince Abdulaziz affirmed Saudi Arabia's inherent right to benefit from peaceful nuclear technology, including the nuclear fuel cycle, and to benefit from its natural resources of uranium ores commercially under relevant international treaties and agreements.

Saudi Arabia supports the agency to harness nuclear technology for humanity, calling on the International Community to cooperate actively in developing and addressing all attempts at non-peaceful and unsafe uses of nuclear technologies.

Delegates will discuss various issues throughout the week, including the 2022 annual report and 2024 budget, to enhance activities related to nuclear science and technology and its applications.

It also includes the agency's activities in nuclear safety and security and enhancing the effectiveness and efficiency of the agency's assurances.

The International Atomic Energy Agency states that the "Rays of Hope" initiative has started to impact by expanding the scope of access to radiation therapy, medical imaging, and nuclear medicine services in low and middle-income countries.

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Business

European Commission Vows Tougher Action on Trade with China

Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
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European Commission Vows Tougher Action on Trade with China

Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)

The EU's trade and investment relationship with China is "not sustainable", the European Commission said on Friday, vowing a stronger response as commissioners discussed how best to shield Europe's industries from surging Chinese imports.

Commissioners were pitching ideas ahead of an EU leaders' summit on June 18 to 19, and possible proposals could include forcing EU firms to diversify supply chains or introducing new trade mechanisms to curb China's access to the EU market in chemicals, metals and clean energy technology.

"As economic and security interests become ever more intertwined, both dimensions will require a more robust and coherent response," the Commission said.

Any concrete proposals for the response ‌are not expected ‌to be announced until the third quarter of this year.

Western governments are ‌trying ⁠to reverse some ⁠of the offshoring to China that peaked in the early 2000s, depleting industrial know-how and hubs in their countries, particularly in the US and EU members.

China's commerce ministry said on Saturday in response that Europe should abide by World Trade Organization rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism.

"Should the EU insist on unilaterally introducing new trade instruments and imposing discriminatory restrictions, China will resolutely take countermeasures and adopt effective measures to safeguard its own interests," it said in an online statement.

TRADE ⁠IMBALANCES, OVERCAPACITY IN FOCUS

The Group of Seven (G7) wealthy nations will ‌also tackle trade imbalances and overcapacity at a mid-June summit ‌as China increasingly flexes its dominance on rare earths and other metals that are critical for sectors including defense, ‌tech, energy and automotive industries.

US President Donald Trump has pitched "America First" and, early this year, the ‌EU proposed a new "Buy European" policy and RESourceEU to accelerate the development of critical mineral supply chains in the EU as well as partnerships with mineral-rich countries from Central Asia to Australia and Brazil.

China's Foreign Ministry accused the EU on Thursday of using trade data selectively to justify claims of imbalances, and it has repeatedly threatened "strong ‌countermeasures" should the EU adopt "Buy European" and revised tech sovereignty policies. China rejects the notion that its trade practices are unjust.

Europe's industry faces ⁠a tougher climate than ⁠US rivals, constrained by higher energy costs and stricter regulation.

Industry Commissioner Stephane Sejourne said this week he wants the bloc's existing trade tools such as import duties and quotas to be used "more systematically" across sectors, rather than targeting specific companies or materials.

The EU has tried to curb some Chinese imports, with mixed results.

The bloc imposed tariffs on heavily subsidized Chinese electric vehicles, but not hybrid models. Hybrids accounted for nearly 40% of new car registrations so far this year and China's market share in Europe continues to rise.

While the Commission is keen to adopt a tougher stance, it will have to navigate differences between France and Germany to pass major legislation.

"Paris argues that Europe's open market is absorbing the combined effects of Chinese subsidies and US protectionism," Carsten Nickel, deputy research director at Teneo, wrote in a report.

"Germany's position is more conflicted," Nickel said, with concerns about mounting pressure on German manufacturing constrained by the deep dependency of big industrial groups on China's market.

Business

Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
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Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)

The Suez Canal may have incurred heavy losses due to regional tensions and instability in recent years — from the war in Gaza to the conflict involving Iran — those same disruptions have contributed to a significant surge in activity at Egyptian ports and in transit trade.

However, Egyptian economists said the strong increase in container traffic at the country’s ports is not enough to compensate for the canal’s losses.

They stressed that government initiatives, including efforts to expand transit trade, may only help reduce part of the revenue shortfall.

At the end of April, Egyptian President Abdel Fattah al-Sisi said Egypt had lost nearly $10 billion in Suez Canal revenues because of attacks on ships in the Bab el-Mandeb Strait.

Egyptian ports have experienced increased activity in recent months amid supply-chain disruptions linked to the Iran conflict. Maritime connections with regional countries have expanded, including the launch of the NEOM–Safaga multimodal logistics corridor linking Gulf Cooperation Council countries with Europe.

The Egyptian government has also reinforced trade links between the Gulf and Europe through the “Ro-Ro” shipping line connecting Damietta Port with Italy’s Port of Trieste to increase trade volumes.

In the energy sector, oil flows through Egypt’s SUMED pipeline rose following disruptions in global energy supply chains caused by the closure of the Strait of Hormuz.

Amr El-Samadouni, secretary-general of the International Transport and Logistics Division at the Cairo Chamber of Commerce, said the recent tensions in the Strait of Hormuz have “strengthened Egypt’s position as a regional hub for logistics services and supply-chain management.”

In a statement, El-Samadouni said the developments provide Egypt with “an important opportunity to offset part of the decline in Suez Canal revenues by attracting a share of urgent shipments that cannot tolerate long delays, especially in sectors linked to fast-moving trade and time-sensitive supply chains.”

According to a statement by Egypt’s Ministry of Transport on Thursday, the country’s port sector recorded a major increase in cargo and container handling. Egyptian ports handled 11.1 million twenty-foot equivalent units (TEUs) in 2025, compared with 8.9 million in 2024, representing growth of 24.3 percent.

Transit container traffic also increased sharply, reaching 6.7 million containers in 2025, a rise of 36 percent. The number of ships calling at Egyptian ports climbed to 17,288 voyages in 2025, up 6.6 percent, according to the ministry.

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean and is investing heavily in upgrades to strengthen its role in regional and international trade.

The Ministry of Transport said the modernization program aims to transform Egypt into a regional hub for transport, logistics, and transit trade while boosting the ports’ ability to attract investment and handle growing trade volumes.

Despite the improvements in port activity, “they cannot compensate for the losses of the Suez Canal,” said Walid Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation.

He noted that revenues from trade and container handling “may reduce the losses but cannot fully replace them,” adding that shipping traffic through the canal has yet to return to pre-Gaza war levels.

Gaballah told Asharq Al-Awsat that continued regional instability makes recovery in Suez Canal traffic increasingly difficult.

Egyptian economist Mostafa Badra also said there can be no direct comparison between canal revenues and port trade income. “There is no substitute for the canal as a major source of foreign currency,” he told Asharq Al-Awsat, noting that revenues generated by port trade remain far below the canal’s earnings under normal conditions.

Badra added that the government’s port-development strategy is intended to strengthen Egypt’s logistics capabilities and reinforce the Suez Canal’s role as a global trade corridor while primarily supporting domestic trade. By contrast, he said, the canal itself remains a vital artery in global supply chains.

Egypt recently rose three places in the UNCTAD Liner Shipping Connectivity Index, ranking 19th globally, first in Africa, and second in the Arab world, according to the Ministry of Transport.

Business

US, Mexico Finish First Round of Trade Agreement Talks

Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
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US, Mexico Finish First Round of Trade Agreement Talks

Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)

The United States and Mexico completed a first round of bilateral trade talks Friday, focused on revising the North American Free Trade Agreement in light of pressure from President Donald Trump's tariff policies.

The US-Mexico-Canada Agreement (USMCA) is due for its first review since coming into force in 2020, with talks starting Wednesday led by Mexico's Economy Secretary Marcelo Ebrard and US Deputy Trade Representative Jeff Goettman joining Thursday.

"We talked about rules of origination, the automotive sector, how we compete with countries in Asia and other parts of the world, and how we can integrate more," Ebrard said in a statement.

The Mexican delegation in a statement described the talks as being held "in a constructive environment and with frank dialogue" that ended with a "net positive."

The US Trade Representative Office said in a statement the US approached the talks with the goals of reducing Washington's trade deficit with Mexico and strengthening US supply chains.

"During this first round, negotiators discussed priority issues related to automotive rules of origin, steel and aluminum, and economic security," the statement said.

"The United States and Mexico recognize the importance of advancing cooperation to enhance regulatory compatibility to strengthen sectors, including medical devices, pharmaceuticals, cosmetic products, and others."

Trump has threatened to pull out from the USMCA, arguing it doesn't benefit the US economy, casting a shadow over the talks.

The USMCA is critical for Mexico, as the United States accounts for more than 80 percent of its exports.

With the first round complete, future rounds of negotiations will take place in Washington in June, then Mexico City in July.