Saudi Arabia, Russia ink nuclear deal

Saudi Arabia and Russia have sealed six agreements, including a memorandum of understanding (MoU) on cooperation in the field of nuclear power development, the kingdom’s state news agency reported.

The deal was inked by Saudi defense minister Prince Muhammad Bin Salman during an official visit to Russia on Thursday.

The kingdom is planning to build 16 nuclear reactors by 2030 with an investment cost exceeding $100 billion. It has already signed nuclear cooperation agreements with other countries able to build reactors, including the United States, France, South Korea, China and Argentina, according to data available on Argaam.

Nuclear and solar power stations would help Saudi Arabia reduce the amount of oil output for domestic use, which would free up more oil for export.

Meanwhile, the Saudi crown prince and Russian president Vladimir Putin focused mainly on bolstering ties, particularly in the fields of military and technical cooperation, oil and gas sectors, and investment opportunities.

Prince Muhammad also sealed a deal between the kingdom’s Public Investment Fund and the Rusian Direct Investment Fund (RDIF) that covers investments worth $10 billion.

RDIF is currently one of the world’s leading state funds. It has tied up with a number of investment giants around the world, such as China Investment Corp., Kuwait Investment Authority, and Qatar Investment Authority.