RIYADH: Saudi Arabia will sign up its nuclear power program to a comprehensive international safeguards framework in keeping with the Kingdom’s principles of transparency, reliability, and safety.
Saudi Minister of Energy Prince Abdulaziz bin Salman made the announcement at the 67th General Conference of the International Atomic Energy Agency in Austria, as he outlined his belief in the positive contributions of the power source to energy security, as well as its social and economic benefits.
He stressed the Kingdom is actively working to develop peaceful uses of nuclear energy in various fields in close cooperation with the IAEA, adhering to international best practices and experiences.
This includes Saudi Arabia’s National Atomic Energy Project, which encompasses the construction of its first nuclear power station.
“The Kingdom has recently taken the decision to rescind its Small Quantities Protocol and to move to the implementation of a full-scope Comprehensive Safeguards Agreement,” said the minister.
He revealed that Saudi Arabia aims to activate a regional cooperation center in partnership with the IAEA to enhance its preparedness for nuclear emergencies.
During his address, Prince Abdulaziz outlined that the center will work toward improving human capabilities in radiological emergency preparedness and response, the Saudi Press Agency reported.
The center will also address regulatory aspects at national, regional, and international levels.
This initiative aligns with the Kingdom’s commitment to global efforts to uphold the treaty on the non-proliferation of nuclear weapons.
Prince Abdulaziz emphasized the importance of countering nuclear proliferation in the Middle East, which requires the full implementation of a resolution to establish a nuclear weapons-free zone in the region.
Additionally, the energy minister announced Saudi Arabia’s support for the “Rays of Hope” initiative by the IAEA, contributing $2.5 million. This initiative focuses on using nuclear technologies to combat cancer and save lives.
Furthermore, Prince Abdulaziz also commended the IAEA and its member states on the upcoming inauguration of the Nuclear Security Training Center in Seibersdorf, scheduled for October.
He highlighted the Kingdom’s role in initiating the idea and providing financial support in collaboration with other nations.
The minister praised the agency’s commitment to neutrality and its efforts in addressing non-proliferation concerns. He reaffirmed the fundamental right of states to utilize peaceful nuclear technology, encompassing participation in the nuclear fuel cycle and the commercial utilization of natural uranium resources, in alignment with pertinent international treaties and agreements.
Prince Abdulaziz reiterated Saudi Arabia’s backing for the IAEA in utilizing nuclear technology for the improvement of humanity. He urged the international community to engage in constructive cooperation for its advancement while strongly addressing any instances of non-peaceful and unsafe utilization of nuclear technologies.
Saudi Arabia affirms commitment to nuclear energy at international conference
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Saudi Arabia affirms commitment to nuclear energy at international conference
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
