Saudi Arabia will spend more than $100bn to build 16 nuclear energy plants over the next few years, a senior official disclosed. The Kingdom of Saudi Arabia plans to build 16 nuclear reactors over the next 20 years spending an estimated $7 billion on each plant. The $112 billion investment, which includes capacity to become a regional exporter of electricity, will provide one-fifth of the Kingdom’s electricity for industrial and residential use and, critically, for desalinization of sea water.
Earlier the Saudi government announced the development of a nuclear city to train and house the technical workforce that will be needed to achieve these ambitions. It is clear that KSA’s plans for spending its sovereign wealth fund will be mostly focused on the home front.
Electricity demand is predicted to increase from 75 GWe by 2018 to more than 120 Gwe by 2030. Saudi Arabia and the UAE are investing in nuclear power to help meet rising domestic demand for electricity.
The forum held in Atlanta also discussed new investment opportunities worth $385bn in the Kingdom in the key sectors of education, energy, electricity and water, transport and logistics, petrochemicals and infrastructure.