Saudi-US nuclear deal to bring SAR 100bn, up to 40,000 jobs: expert
Saudi-US nuclear agreement will create a new industrial sector, attract over SAR 100 billion in investment, and generate between 30,000 and 40,000 jobs, expert says.
Key Takeaways
AIFormer president of the Society of Petroleum Engineers, Dr. Sami Al-Nuaim, has said the peaceful nuclear agreement between Saudi Arabia and the United States goes beyond the purchase of nuclear reactors, serving as a launchpad for a new industrial sector that will support the local economy and energy sector. He expects investments in this sector to exceed 100 billion riyals (SAR), with between 30,000 and 40,000 jobs created during the construction phase and several thousand more permanent positions during the operational phase.
Speaking to Al-Ekhbariya TV, Al-Nuaim explained that the Saudi-US nuclear agreement is "not merely a deal to buy nuclear reactors, but a gateway to establishing a new industrial sector that will feed into the local economy and energy sector in the Kingdom."
He added that the most likely scenario, which involves building two large reactors, is expected to drive investment in this promising sector beyond 100 billion riyals, boosting investment opportunities and diversifying national income sources.
Al-Nuaim noted that the construction phase of the project will generate between 30,000 and 40,000 direct and indirect jobs, while the operational phase will later provide "several thousand permanent positions" requiring highly qualified professionals to ensure the sector’s sustainability.
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Al-Nuaim highlighted that this achievement is the result of significant efforts led by the Kingdom through the Ministry of Energy, outlining the historical trajectory of Saudi Arabia’s interest in peaceful nuclear energy, which took shape in 2010 with the establishment of King Abdullah City for Atomic and Renewable Energy.
He added that Saudi Vision 2030 gave this sector greater attention, leading to a major turning point in 2019 with the restructuring of the Ministry of Energy and the appointment of Prince Abdulaziz bin Salman as its head, culminating in productive visits by the Crown Prince and the realization of this strategic initiative.