Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
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Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz underlined on Monday the importance of the nuclear security and safety system and that the responsibility for maintaining this system within any country rests entirely with the state in line with its national requirements and international obligations.

He also announced that the Kingdom is forging ahead in benefiting from nuclear energy.

“Given the importance of nuclear energy in social and economic development, the Kingdom is moving towards benefiting from nuclear energy and its radiation applications for peaceful purposes,” declared Prince Abdulaziz at the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna.

“The Kingdom continues to implement its national nuclear energy project with all its components, including the construction of its first nuclear power plant to contribute to the national energy mix and to achieve the sustainable national development in accordance with the national requirements and within the framework of the international commitments,” added Prince Abdulaziz, who is also Chairman of the Board of Directors of King Abdullah City for Atomic and Renewable Energy and Chairman of the Board of Directors of Nuclear and Radiological Regulatory Commission.

The Kingdom has completed the essential administrative preparations related to nuclear regulatory framework and the requirements for implementing to the Comprehensive Safeguards Agreement and has submitted a request to the Agency in July of 2024 to rescind the Small Quantities Protocol and implement the full Comprehensive Safeguards Agreement, he revealed.

Saudi Arabia is currently working with the IAEA to finalize all necessary subsidiary arrangements for the Small Quantities Protocol to be effectively rescinded by the end of December of this year.

In his statement, Prince Abdulaziz stressed that the Kingdom continues to stand by its legally binding international commitments related to its national nuclear energy project. Its national legislation and institutional infrastructure satisfy all requirements for controlling nuclear materials and technology, as well as regulating exports, consistent with its obligations and fulfilling its important role under the international non-proliferation regime.

He extended his gratitude to IAEA Director General Rafael Grossi and the Deputy Director for Safeguards for their efforts that have allowed the Kingdom to reach this stage.

Moreover, Prince Abdulaziz announced that the Kingdom will host an international conference on nuclear emergencies in Riyadh at the end of 2025 as part of the Kingdom's focus on preparedness to nuclear emergencies and in recognition of the IAEA’s important role in this area.

The Kingdom is looking forward to the cooperation between countries to ensure the success of the conference, which will contribute to boosting the global response to nuclear and radiological emergencies, building on the IAEA and its International Emergency Center's work.

He also highlighted the Kingdom's participation in strengthening the radiological monitoring and early warning capabilities for nuclear incidents at the international center by providing the opportunity to benefit from its national capabilities in the global system of radiological monitoring and early warning.

The Kingdom is pleased to offer its capabilities to the IAEA and the International Emergency Center in other areas, including predicting the environmental impacts of nuclear and radiological incidents, said the minister.

“As part of developing the Kingdom's efforts in the cooperation with the IAEA, the Kingdom deposited, on August 7 its instrument for acceptance of the IAEA's Agreement on the Privileges and Immunities,” continued Prince Abdulaziz.

“The Kingdom is committed to several international instruments related to nuclear fields, including those concerning nuclear security, safety, and safeguards. The Kingdom is also collaborating with the IAEA to host a workshop on the Joint Convention on the Safety of Spent Fuel Management and the Safety of Radioactive Waste Management, which will invite states non-party to the Convention to boost global efforts towards the universality of this Convention,” he added.

Furthermore, Prince Abdulaziz stressed that the Kingdom has benefited from the IAEA's Integrated Regulatory Review Service (IRRS) mission, which completed its task in October 2023. He said the mission has played an effective role in assessing the national nuclear regulatory efforts and the overall integration of national nuclear regulatory framework.

It commended the Kingdom's commitment to radiation safety standards and noted the progress in the regulatory nuclear and radiological framework and the commitment to continuously developing practices according to the highest international standards.



Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port
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Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

The Saudi Ports Authority (Mawani) has signed a contract with Singatac Arabia to establish a fabrication center for offshore structures and platforms at Ras Al-Khair Port.

The contract supports the oil and gas industry and includes warehouses for prefabricated parts, specialized welding equipment, systems, and cranes to serve offshore platform and marine structure projects with an investment of SAR139 million across 100,000 square meters, according to SPA.

The project aims to create over 500 direct and indirect jobs, strengthen Ras Al-Khair Port’s operational capabilities and value-added services, expand port capacity, and increase the contribution of exports to the national economy.

Ras Al-Khair Port is distinguished by its strategic location and its ability to efficiently handle a wide range of goods. It features 14 berths with a total capacity of 35 million tons and spans an area of 23 kilometers.


Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)
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Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)

Asian shares mostly advanced on Thursday, tracking Wall Street, after US President Donald Trump walked back from imposing tariffs on eight European countries over Greenland and ruled out using military force to take control of the territory.

The future for the S&P 500 gained less than 0.1% and that for the Dow Jones Industrial Average was virtually flat on Thursday, The Associated Press reported.

Tokyo’s Nikkei 225 climbed 1.7% to 53,688.89, with technology stocks leading gains. SoftBank Group jumped 11.6% and equipment maker Disco Corp. soared 17.1%. Advantest, which makes testing equipment for computer chips, surged 5%.

South Korea’s Kospi closed 0.9% higher at 4,952.44 after crossing the 5,000 mark for the first time, as traders cheered. Technology-related stocks drove the rally. Shares of chipmaker SK Hynix picked up 2%, while Samsung Electronics rose 1.9%.

Hong Kong’s Hang Seng edged less than 0.1% higher to 26,600.68. The Shanghai Composite index edged 0.1% higher to 4,122.58.

In Australia, the S&P/ASX 200 gained nearly 0.8% to 8,848.70.

Taiwan’s Taiex rose 1.6%, while India’s Sensex added 0.2%.

US markets logged their biggest losses since October on Tuesday as investors reacted to Trump’s threat over the weekend to slap tariffs of 10% on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland for opposing US control of Greenland, sparking concerns over worsening relationships between the US and its European allies.

But Trump, attending the World Economic Forum in Davos, Switzerland, backed down on Wednesday and said he would not use force to acquire Greenland. The US president also said in a post on his social media site that he had agreed with the head of NATO on a “framework of a future deal” on Greenland and on Arctic security.

The easing tensions drove Wall Street optimism. On Wednesday, the S&P 500 climbed 1.2% to 6,875. The Dow Jones Industrial Average gained 1.2% to 49,077.23, while the Nasdaq composite also rose 1.2%, to 23,224.82.

Halliburton, the oil field services company, jumped 4.1% following stronger-than-expected profits for the latest quarter. United Airlines rose 2.2% also after better-than-expected quarterly profits. Netflix fell 2.2% even as it reported a stronger profit than expected, as investors focused on factors including a slowing growth of subscribers.

The price of gold fell 0.2% to $4,828.70 per ounce, reflecting investors’ reduced worries, after passing the $4,800 mark ahead of Trump’s reversal of stance on Greenland as many flocked to safe-haven assets.

In the bond market, US Treasury yields also eased following lessened fear among investors as well as a calming of Japan’s bond market turmoil. The yield on the 10-year Treasury eased to 4.25% from 4.30% late Tuesday.

Japan’s long-term bond yields surged to records earlier this week after Prime Minister Sanae Takaichi’s decision to call a snap election in February. That sparked concerns over her pledges to cut taxes and increase spending, which could hinder efforts to rein in government debt.

The US dollar rose to 158.75 Japanese yen from 158.27 yen, prompting analysts to speculate that authorities might intervene if the yen falls any further.

The euro rose to $1.1692 from $1.1687.

US benchmark crude oil shed 16 cents to $60.46 per barrel. Brent crude, the international standard, fell 24 cents to $65.00 per barrel.


Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
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Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification ​into gold.

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday. The safe-haven metal has climbed more than 11% so far in 2026, extending a blistering rally that saw it jump 64% last year.

"We assume private sector diversification buyers, whose purchases hedge ‌global policy ‌risks and have driven the ‌upside ⁠surprise ​to our ‌price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tons in 2026 as ⁠emerging market central banks are likely to continue diversification of ‌their reserves into gold.

Commerzbank, last ‍week, raised its ‍gold price forecast to $4,900 by the end ‍of this year, citing increased safe-haven demand.