‘Our uranium is key to achieving energy transformation’: Saudi minister

‘Our uranium is key to achieving energy transformation’: Saudi minister
Energy minister Prince Abdulaziz bin Salman (Screenshot)
Short Url
Updated 12 January 2022

‘Our uranium is key to achieving energy transformation’: Saudi minister

‘Our uranium is key to achieving energy transformation’: Saudi minister
  • Prince Abdulaziz bin Salman made the comments at the Future Minerals Forum in Riyadh
  • Minister was bullish when it came to the use of nuclear power in the energy mix

RIYADH: Saudi Arabia will not sacrifice energy security for the sake of energy transformation, a leading minister has warned as he talked up the importance of uranium to the Kingdom’s power plans.

Energy minister Prince Abdulaziz bin Salman made the comments at the Future Minerals Forum in Riyadh as he discussed how developing the Kingdom’s mining sector could help with economic and environmental transitions.

Prince Abdulaziz was bullish when it came to the use of nuclear power in the energy mix, telling delegates at the conference: “We have a huge amount of uranium resource, which we would like to exploit and put in the most transparent way. 

“We will bring partners and we will be exporting and manufacturing and developing it and we will be commercially monetizing that resource.”

Referring to the drive to move the Kingdom away from its reliance on oil, he said: “We should not forfeit energy security for the sake of a publicity stunts — that transition needs to be well thought.

“Let’s not forfeit energy security for moving away from the classical concern of over-reliance in the Middle East when it comes to oil to different types of energy security challenges which has to do with availability of these minerals and the concentration of the ownerships of those minerals.”

The Future Minerals Forum is a special event bringing together ministers, organisations and mining leaders from more than 30 countries.

Hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.


Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report
Updated 27 sec ago

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

RIYADH: Saudi Arabia has topped the G20 countries for the flow rating of international tourists in the first seven months of 2022, according to a report released by the World Tourism Organization.

The report, released during the G20 tourism ministers’ meeting held in Bali, Indonesia, did not detail the exact number of travelers who visited the Kingdom, but claimed the sector saw a growth rate of 121 percent in the first half of 2022.

During the event Saudi Arabia’s tourism minister Ahmed Al-Khateeb said the surge in tourist inflow aligns with the Kingdom’s economic diversification policies and aims to increase tourism’s contribution to the country’s gross domestic product, as outlined in Vision 2030, the Saudi Press Agency reported.

Calling Saudi Arabia one of the fastest growing markets for tourism, Al-Khateeb said the Kingdom’s tourism sector is accelerating at a rate of 14 percent compared to the pre-coronavirus pandemic period. 

The tourism minister stressed that G20 countries need to collaboratively work together to build a more resilient and sustainable future for the sector.

According to Al-Khateeb, collective action is necessary to revive the tourism sector which has been negatively impacted due to the outbreak of the pandemic.

He also stressed the necessity of partnerships between the public and private sectors and multilateral cooperation in order to shape an efficient tourism sector for the future.

“Collaboration is key as we strive to secure a more resilient and sustainable future,” Al-Khateeb said.

He added: “Let us continue working together across sectors to drive our continued growth. Let us continue to support one another to take collective action to shape a more resilient sector and let us build sustainability into the core of every decision we make.”

Earlier in June, Al-Khateeb said that Saudi Arabia has allocated $100 million to provide training for 100,000 people to work in the tourism and sustainability sector.

He added that 90 hotels were launched in the Kingdom as a part of its tourism strategy, and more hotels will be opened soon, with 70 percent being funded by the private sector.

Al-Khateeb, in June, told AFP that the Kingdom is hoping to attract 12 million foreign visitors in 2022, up from the 4 million tourists who visited Saudi Arabia in 2021.

“Saudi Arabia will change the tourism landscape globally. The destinations that Saudi will offer by 2030, it’s something completely different,” he said.


OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says
Updated 27 September 2022

OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says

RIYADH: An oil production cut by the Organization of the Petroleum Exporting Countries and allies is vital to break the negative momentum in prices amid recession fears and a stronger dollar, analysts at UBS said on Tuesday.

“A lack of action by the group to remove barrels from the market is likely to spur further downside pressure on oil prices,” UBS said in a note.

“The group has to announce a production cut of at least 0.5 million barrels per day over the coming days.”

The Organization of the Petroleum Exporting Countries, Russia and other producers known as OPEC+, is scheduled to meet next on Oct. 5.

Crude is falling on fears that a recession will lead to weaker demand and a better supplied oil market, UBS said, adding that the broader risk-off environment caused by aggressive monetary policy tightening in the US and Europe was also weighing on prices.

Oil prices on rose more than 1 percent on Tuesday, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices. 


Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO
Updated 27 September 2022

Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO

RIYADH: Nayifat Finance co. has named Bandar Al-Baiz as CEO and managing director of the company following a formal approval by its board, a bourse filing shows.

This follows the resignation of CEO Abdulmohsen Musaed Al-Sowailem in May and the appointment of Chan Kok Veng as its acting chief in June.

The Islamic finance firm has also announced the appointment of Saleh Al Omair as a chairman and Abdulmohsen Al-Saleh as a vice chairman.

The firm’s shares increased 0.17 percent to SR22.98 ($6), as of 10:08 a.m. Saudi time.


TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell
Updated 27 September 2022

TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell

RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.

The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.

Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.

Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.

Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 27 September 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears.

The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708.

The UAE’s indexes tumbled in the same direction, Abu Dhabi’s main index tumbled 2.2 percent, while Dubai's main share index dropped 1.8 percent.

The Qatari index fell 1.3 percent, Bahrain's index fell 0.9 percent and Kuwait's index fell 1.1 percent.

Outside the Gulf, Egypt's blue-chip index declined by 0.6 percent at the end of Monday.

In energy trading, Brent crude traded at $84.94 a barrel and WTI crude reached $77.53 a barrel, as of 9:07 a.m. Saudi time.

Stock News

Alhokair Group for Tourism and Development signed two contracts totaling SR94 million ($25 million) with a company that specializes in the establishment and operation of international brands.

Saudi Paper Manufacturing Co. invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Markets Authority.

Saudi Parts Center signed a Shariah-compliant credit facility agreement with the Saudi Investment Bank worth SR30 million.

Power and Water Utility Co. for Jubail and Yanbu has received CMA’s approval to offer 73 million shares in Tadawul’s initial public offering.

Saudi Top for Trading Co. obtained the CMA approval to float 880,000 shares on the parallel market, Nomu.