How Saudi Arabia plans to lure foreign investors to kickstart nuclear program
Saudi Arabia is looking to begin an ambitious nuclear project and tap into its significant uranium deposits.
DUBAI — Saudi Arabia is looking for partners to kickstart a nuclear power program plagued by delays as the neighboring United Arab Emirates adds its final reactor to the grid.
Saudi Energy Minister Prince Abdulaziz bin Salman told the International Atomic Energy Agency's General Conference in Vienna on Monday that there was "nothing to hide in the kingdom."
Saudi Arabia, the world's largest exporter of oil, plans to add 17 gigawatts of nuclear energy capacity to its grid by 2040 as part of its plans to diversify its economy away from oil. The country has plans to add reactors with a total capacity of 3.2 gigawatts to its grid within the next decade.
The Emirates, the first Arab nation to have a nuclear power plant, added the fourth and final reactor unit to the 5,600-megawatt Barakah plant on Sept. 6. The UAE meets up to 25% of its electricity needs with nuclear power and is reportedly considering a second plant, according to Reuters in April.
