Saudi Energy Minister: Kingdom Forging Ahead Fully with its Nuclear Program 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
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Saudi Energy Minister: Kingdom Forging Ahead Fully with its Nuclear Program 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)

Saudi Minister of Energy, Chairman of the Board of King Abdullah City for Atomic and Renewable Energy, and Chairman of the Nuclear and Radiological Regulatory Commission Prince Abdulaziz bin Salman bin Abdulaziz said on Monday the Kingdom was forging ahead in developing its nuclear program.

Speaking at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna, he stressed: “Given the importance of nuclear energy in socioeconomic development, the Kingdom has moved towards utilizing nuclear energy for peaceful purposes.”

“The Kingdom, in cooperation with the IAEA, is continuing to implement its national nuclear energy project in all its components, including the construction of the first nuclear power plant in Saudi Arabia, to achieve multiple objectives: contributing to the diversification of the national energy mix, enhancing the security of supply chains, and advancing sustainable development,” he went on to say.

These efforts are being pursued in line with the Kingdom’s national requirements and within the framework of international obligations, he added.

The Kingdom is committed to ensuring its national program promotes knowledge and technology transfer and supports the development of national human and technical capabilities in line with international best practices, said Prince Abdulaziz.

The minister further noted that Saudi Arabia has completed the essential administrative preparations to rescind the Small Quantities Protocol in cooperation with the IAEA and has fully implemented the Comprehensive Safeguards Agreement, as of early 2025.

Moreover, he said the Kingdom underlines the importance of strengthening nuclear and radiological emergency preparedness and response capabilities at the national and international levels.

International cooperation and knowledge-sharing boost the effectiveness of the nuclear and radiological emergency response systems to ensure people’s safety and environmental protection, he remarked.

The minister praised the IAEA’s efforts, under the leadership of Director General Rafael Grossi, to advance initiatives that support member states in building national systems, developing human capabilities in nuclear technology, and bolstering oversight of nuclear and radiological practices.

The conference underscores the agency’s key role in advancing international cooperation to harness atomic energy for peace and sustainable development, he noted.

Looking ahead, Prince Abdulaziz announced that the Kingdom will host the International Conference on Nuclear and Radiological Emergencies in Riyadh from December 1 to 4. The event will be organized by the IAEA.

Reaffirming Saudi Arabia’s investment in human capital, Prince Abdulaziz stressed that investing in national talent is key to maximizing the benefits of peaceful nuclear applications.

He underlined the Kingdom’s cooperation with the IAEA in supporting programs that develop and equip young professionals in the nuclear field to support national goals and achieve sustainable development.

The minister also highlighted Saudi Arabia’s support for the IAEA’s efforts to encourage member states to join multilateral nuclear safety agreements, noting that the Kingdom recently hosted a regional workshop in Riyadh to promote the Joint Convention on spent fuel and radioactive waste management in collaboration with the IAEA.

Prince Abdulaziz reiterated the Kingdom’s determination to deepen cooperation with the IAEA and advance the peaceful use of atomic energy in support of national development goals and in line with international obligations.



Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
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Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector, which is essential for energy transition, electricity, and advanced manufacturing industries.

He noted that mining partnerships between the two countries contribute to accelerating investment, strengthening supply chains, and creating sustainable industrial value, the Saudi Press Agency reported on Friday.

The remarks were made during a high-level panel discussion on global partnerships and the future of the mining and minerals sector, held as part of the Astana Mining and Metallurgy Congress in Kazakhstan. Government officials and industry leaders from around the world participated in the meeting.

The minister added that Saudi Arabia and Kazakhstan share similar economic and industrial ambitions, as well as a common vision of the importance of developing the mining sector and its role in supporting economic diversification, enhancing industrial resilience, and achieving sustainable growth.


IMF Cuts 2026 Euro Zone Growth Forecast with Higher Inflation

FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
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IMF Cuts 2026 Euro Zone Growth Forecast with Higher Inflation

FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo

The International Monetary Fund cut its growth forecast for the euro zone on Thursday and raised its expectation for inflation because of the US-Israeli war on Iran, adding that the economic situation could worsen if high energy prices persisted.

In its regular report on the economy of the 21 countries that share the euro currency, the IMF said economic growth this year would be 0.9%, down from ⁠1.1% forecast in ⁠April while inflation would be 2.8%, up from 2.6% forecast in April.

The IMF's had already revised down its euro zone growth forecast in April from its January prediction.

"Following a period of growth at potential and inflation on target, the euro area outlook has weakened," the IMF said in a report presented to ⁠euro zone finance ministers, referring to the war in the Middle East as a "large but temporary adverse supply shock."

"An even more persistent energy shock could raise inflation and inflation expectations further, even as a drop in confidence or financial stress could weaken demand. A resurgence of the conflict in the Middle East or delays in repairing energy infrastructure, intensified hostilities in Ukraine, and further trade policy adjustments pose additional downside risks," Reuters quoted it as saying.

The IMF said the European Central Bank, which earlier on Thursday raised interest rates for ⁠the first ⁠time in nearly three years, was likely to raise rates again for a cumulative 50 basis points increase in 2026, with a third rate rise also possible.

The IMF warned euro zone finance ministers against rushing to cushion their economies against the impact of high energy costs. "Broad-based fiscal support is not warranted," it said.

Many euro zone members had already introduced measures, averaging around 0.1 percent of GDP across the EU on a GDP-weighted basis as of May 2026.

It said, despite their limited scale so far, the measures likely blunted incentives for energy conservation and that future measures should targeted more to protect vulnerable households.


Egypt Signs Deal to Transfer Shares in Wataniya 172 Fuel Stations to Taqa Arabia

Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
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Egypt Signs Deal to Transfer Shares in Wataniya 172 Fuel Stations to Taqa Arabia

Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
Egyptian Prime Minister Mostafa Madbouly. Reuters file photo

Egypt signed an agreement on Thursday with Taqa Arabia to transfer ownership of a stake in 172 state-owned Wataniya fuel stations through a newly established company, Quick Fuel, according to a ⁠cabinet statement.

Under the ⁠agreement, Taqa Arabia will acquire a 10% stake in Quick Fuel and will also have ⁠the option to acquire an additional 15% stake when the company is listed on the Egyptian stock exchange, Reuters reported.

Egypt said last year it would offer stakes in military-owned companies, which included Wataniya Petroleum, through ⁠its ⁠sovereign wealth fund.

The IMF has made increasing the role of the private sector in the economy a requirement for Egypt's $8 billion loan program.