How Saudi Arabia’s nuclear power will play a role against climate change

How Saudi Arabia’s nuclear power will play a role against climate change
Updated 30 January 2019

How Saudi Arabia’s nuclear power will play a role against climate change

How Saudi Arabia’s nuclear power will play a role against climate change
  • With Saudi Arabia planning to develop reactors, experts are talking about the environmental benefits

As nuclear power is increasingly being seen as a key element in tackling climate change, Saudi Arabia is moving toward adopting the renewable energy source.

According to a report last year by the Intergovernmental Panel on Climate Change (IPCC), a large increase in nuclear power could help keep global warming to below 1.5 degrees Centigrade, a target set as part of the 2015 Paris Agreement. 

But to achieve that target, experts say the world needs to start reducing greenhouse gas emissions almost immediately.

“The IPCC report made clear the necessity of nuclear energy as an important part of an effective global response,” Agneta Rising, director general of the World Nuclear Association, told Arab News. 

“Nuclear power is the only form of electricity generation that can deliver constantly, reliably, 24/7 without the production of greenhouse gas emissions. A nuclear power plant also takes up a much smaller area, in contrast to many renewables such as wind or solar.”

Dr. Peter Bode, former associate professor of nuclear science and technology at the Delft University in the Netherlands, said: “The need for electricity will increase by the conversion to electric cars for the next decade, and hydrogen-driven cars beyond 2030. Hydrogen gas is generated from water but also needs electricity, while a single nuclear power station produces energy equivalent to hundreds of wind turbines.”

Nuclear power is seen as especially well-suited to and beneficial in the Middle East, where energy demand is growing rapidly. 

“It’s difficult to see alternatives in the Middle East for electricity needs without nuclear power as a major component in the energy mix,” Bode said. “In addition, nuclear power plants generate jobs.”

Across the region, countries are opting for the nuclear route. Construction of the Barakah nuclear power plant in the UAE is nearing completion, and all four reactors are expected to generate in the next few years. 

Saudi Arabia has outlined ambitious plans for the development of nuclear generation, including next-generation reactors. 

“Nuclear power is well-suited to meeting future energy needs in the Middle East. Energy demand in the region has risen rapidly in recent decades and is expected to continue to grow, with the development of large urban areas with high populations,” Rising said.




Sources: International Atomic Energy Agency, International Energy Agency

“The ability to generate more than 1 gigawatt of electricity from a compact plant makes nuclear generation well-suited to meet this demand.” 

 Last July, Saudi Arabia invited the International Atomic Energy Agency (IAEA) to conduct its Integrated Nuclear Infrastructure Review. 

A team assessed the status of the Kingdom’s nuclear power infrastructure development, while providing detailed guidance. 

Last week, the review was handed to Dr. Khalid Al-Sultan, president of the King Abdullah City for Atomic and Renewable Energy in Riyadh. It will be made public in 90 days.

“Saudi Arabia has made significant progress in the development of its nuclear power infrastructure,” said Mikhail Chudakov, IAEA deputy director general and head of the department of nuclear energy. 

“It has established a legislative framework and carried out comprehensive studies to support the next steps of the program.” 

The Kingdom has developed a national action plan, and earlier this month it had its first meeting to discuss the plan with the IAEA. 

“This is indicative of the commitment of Saudi Arabia to make progress and to move the program forward,” Chudakov said. 

“While the IAEA can provide support, the responsibility for closing any gaps and moving the program forward lies with the (Kingdom).”

Nuclear plants can also be used for desalination — on which the region relies heavily — and supplying industrial heat. 

“Developing nuclear energy technologies will bring a lot of benefits to the Middle East,” Rising said. 

“But countries should ensure that there’s a level playing field in their energy markets,” in which “nuclear energy is treated equally with other low-carbon technologies and recognized for its value in a reliable, resilient, low-carbon energy mix.”

She said countries should also ensure that there is an effective safety paradigm that focuses on genuine public wellbeing, and where the health, environmental and safety benefits of nuclear power are better understood and valued compared with other energy sources.

Dr. John Bernhard, former Danish ambassador to the IAEA, said: “Though renewable energy sources such as wind, solar and geothermal are becoming increasingly important, it’s clear that in the foreseeable future they’re far from able to meet the increasing global clean energy demands, especially in countries with fast-growing industrial development. So it’s essential to maintain, or when possible increase, the role of nuclear power as part of the energy mix.”

Public acceptance will prove crucial in that transition. Dr. Kenji Yamaji, director general of the Research Institute of Innovative Technology for the Earth in Tokyo and a nuclear physicist, said: “Potential contributions to climate-change mitigation by nuclear power would be huge if the nuclear option is considered by the public as a socially acceptable energy choice.”

He added: “There remains strong public concern over nuclear safety in Japan after the Fukushima accident. But the Middle East is an attractive new nuclear market, and strong government support will be key.”


The White House is frustrated with media coverage of pandemic

The White House is frustrated with media coverage of pandemic
Updated 2 min 10 sec ago

The White House is frustrated with media coverage of pandemic

The White House is frustrated with media coverage of pandemic

LONDON: The White House and senior officials in President Joe Biden’s administration have expressed their frustration last week over media coverage of coronavirus disease (COVID-19) cases among vaccinated Americans.

A senior official in the Biden administration stated on Friday that the press is reporting misleading information on a breakthrough of Delta variant infections spreading among vaccinated and unvaccinated people.

The official said that the White House had asked these news organizations to tone down the language as focusing on “breakthrough infections” is likely to lead to more vaccine hesitancy.

A member of Biden’s COVID-19 response team, Ben Wakana, also referred to a Washington Post article as “completely irresponsible” for featuring a story about an outbreak in Massachusetts among vaccinated people.

This comes as the Biden administration steps up its efforts to combat COVID-19 misinformation.

Last week, Biden blamed Facebook for the soaring number of COVID-19 infections and said that the social media company was “killing people” by allowing the spread of misinformation about COVID-19 vaccines.

However, a few days later, Biden softened his tone and said instead that he meant to accuse a dozen users who have been responsible for spreading the most amount of misinformation on the social media platform, not the company itself.

With a combined 59 million followers, the 12 online personalities — also known as the “Disinformation Dozen” — include doctors who practice pseudoscience, a bodybuilder, a wellness blogger, a religious zealot, and, most notably Robert F. Kennedy Jr., the nephew of former US President John F. Kennedy.


Cryptocurrencies look up despite regulatory issues

Cryptocurrencies look up despite regulatory issues
Updated 15 min 2 sec ago

Cryptocurrencies look up despite regulatory issues

Cryptocurrencies look up despite regulatory issues

RIYADH, DUBAI: While regulatory issues continue to chase cryptocurrencies, their stock saw a rise on Wednesday with Bitcoin trading higher by 1.28 percent to $39,037.94 at 5 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, traded at $2,609.22, up 3.56 percent, according to data from Coindesk.

The pressure on the digital currency continues, as HSBC became the latest lender to have suspended payments to cyrptocurrency exchange platform Binance in the UK.

“We have made this decision due to concerns about the possible risks to you,” the bank said in a statement, where it cited a consumer warning by the country’s financial regulator.

Regulators in Malaysia, Japan, Hong Kong, Thailand, and Germany have previously issued warnings against Binance.

HSBC earlier said it was not planning to launch a crypto trading desk or offer digital coins as an investment, describing these assets as “volatile” and lacking of transparency.

But Wells Fargo, one of the largest wealth managers in the US, has a different stance on cryptocurrency, as it recently launched crypto investment offerings to its clients.

This was confirmed to Business Insider by the company’s spokesperson, Bitcoin.com has reported.

Also in the US, NCR Corp., a global leader in ATM software applications, said it was acquiring Libertyx, an American crypto company that claims to be the US “first and largest network of bitcoin ATMs, cashiers, and kiosks.”

In Argentina, two blockchain-based digital identity projects are being developed, according to a report by Bitcoin.com.

One of the projects is aimed at improving government-citizen relationships in Misiones, and the other seeks to promote financial inclusion in the Gran Chaco region. They are being organized by Project Didi, which financed by the Inter-American Development Bank.


Saudi property market adapts to new tax

Saudi property market adapts to new tax
Updated 20 min 51 sec ago

Saudi property market adapts to new tax

Saudi property market adapts to new tax

RIYADH: The Saudi Zakat, Tax and Customs Authority registered over 543,000 transactions related to the Real Estate Transaction Tax (RETT) since its implementation in October 2020, the official Saudi Press Agency (SPA) reported.

The highest number of tax transactions was reported in Riyadh with 125,110 followed by Jeddah (55,680), Buraidah (50,462), Makkah (18,955) and Madinah (18,557).

“This gives a positive impression to the property market,” Khaled Almobid, CEO of Riyadh-based Menassat Reality Co. told Arab News.

He said many thought the new tax might contribute to a decline in the demand of property but “the market started to adapt to it,” which is a positive sign for the Kingdom’s real estate sector.

Property deals in Saudi Arabia are exempted from a 15 percent value-added tax (VAT) as the government seeks to support the real estate sector.

Instead a 5 percent tax was introduced last year to boost the economy as it was hit hard by the impact of the coronavirus disease (COVID-19) pandemic and weaker oil prices.

“The buyer used to pay a value-added tax (VAT) of 15 percent, and due to the real estate conditions in the Kingdom, it was turned into a tax paid by the seller, not the buyer, called the real estate transaction tax, and it was reduced to 5 percent,” Almobid said.


Tabby raises $500 million, eyes new GCC markets

Tabby raises $500 million, eyes new GCC markets
Updated 21 min 59 sec ago

Tabby raises $500 million, eyes new GCC markets

Tabby raises $500 million, eyes new GCC markets

RIYADH: Tabby, the leading buy now, pay later (BNPL) provider in Saudi Arabia and the UAE has raised $50 million in a new equity round valuing the company at $300 million.

Global Founders Capital and STV led the funding round, with participation from Delivery Hero and CCVA. Existing investors, including Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF, also participated.

This comes one month after the firm raised $50 million in debt financing bringing its total funding to over $130 million in less than two years.

The fintech firm’s Series B financing will be used to expand its product portfolio and enter new markets.

The funding will help tabby further service the growing demand for its BNPL products as customer usage continues to soar, especially in Saudi Arabia, the firm’s largest market.

Ahmad Al-Shammari, a partner at STV, said: “As the global BNPL market is expected to grow at 30 percent CAGR over the next five years, we estimate that MENA will grow at least twice as fast, further accelerated by a rapid switch to contactless payments, e-commerce growth, and access to credit.”

Financial technology startups in Saudi Arabia and the UAE offering online short-term credit say they are enjoying exponential growth as the coronavirus pandemic drives a shift in consumer spending online.

BNPL purchasing is relatively new to the region where consumers have traditionally been skeptical of paying for goods before getting them.

But Saudi-based Tamara and UAE’s Spotii, Tabby, and Postpay all say the take-up has far exceeded initial expectations. And investors are paying attention. Tamara recently raised $110 million in debt and equity, a large amount for an early-stage Middle East startup.

“With global players consolidating the MENA BNPL space, we are proud to continue building a local business and work with investors who understand its value. This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers,” said Hosam Arab, CEO, and co-founder of the fintech firm.

This investment marks Delivery Hero’s first fintech investment in MENA. Delivery Hero, which owns and operates several regional food and grocery delivery companies including Talabat, InstaShop, and Hunger Station, has one of the largest customer bases in the Middle East and Africa (MENA) region.

“We are excited to be investing in tabby as our first FinTech investment in MENA, a strategically important region for Delivery Hero. We see great potential in tabby to drive the industry forward and are proud to be supporting the company on its growth journey,” Mark Venema, senior vice president, strategy at Delivery Hero, said.


Afghanistan could become failed state: UK’s top soldier

Afghanistan could become failed state: UK’s top soldier
Updated 35 min 47 sec ago

Afghanistan could become failed state: UK’s top soldier

Afghanistan could become failed state: UK’s top soldier
  • Gen. Nick Carter: Govt forces need to secure military stalemate with Taliban so as to enable talks
  • There is a ‘real risk’ that the West is ‘giving far too much legitimacy to the Taliban’

LONDON: Afghanistan risks becoming a failed state unless government forces can prevent the Taliban’s advance, Britain’s most senior soldier warned on Wednesday.

Gen. Nick Carter, the chief of defense staff, said Afghan forces have to secure a military stalemate in order to start talks between the government and the Taliban. 

He also warned the international community against giving credence to the Taliban and its leader Mullah Abdul Ghani Baradar, saying there is a risk of giving the group “legitimacy” that it does not deserve.

Carter said the country becoming a failed state “is one of the scenarios that could occur, but we have to get behind the current Afghan government and support them in what they’re trying to do.

“And if they can achieve a military stalemate, then there will have to be a political compromise. Even the Taliban at the level of Baradar recognize that they can’t … conquer Afghanistan.

“There has to be a conversation. And the important thing is to achieve the military stalemate that can then bring on that conversation.”

Carter told the BBC that there is a “real risk” that the West is “giving far too much legitimacy to the Taliban movement.”

He added: “There’s a huge disparity between what Mullah Baradar is saying publicly and … what’s actually happening on the ground. 

“And the international community has got to do much more about calling out the way that the people on the ground are trashing government buildings, they’re threatening the population, there are reports of people being forced into marriages.”

Carter said he has seen “grisly videos of war crimes,” and the international community “mustn’t let them get away with this — we’ve got to call them out.”

His comments come as Tobias Ellwood, a Conservative MP and chair of the House of Commons Defence Select Committee, called for the West to “rethink its strategy.”

Ellwood, himself a former British Army officer, tweeted on Wednesday that there is “still time to prevent civil war” by sending “a 5,000-strong coalition force — enough to give legitimacy to the Afghan government & support to Afghan forces to contain and deter the Taliban.” He added: “Otherwise we face a failed state.”