Saudi Arabia stands at a stage where its vision to diversify operations is not only helping its own country, but also changing the mindset of people living beyond boundaries. It is important to understand how each economy functions, what grants it a vision to reign above others, and how opportunities multiply when two big economies of the world work together.
Stuart Jones, Regional President for Europe and Middle East at Bechtel, recently said that U.S businesses should be involved in Saudi Arabia’s civilian nuclear energy ambitions as there is ‘tremendous opportunity’ for U.S firms to grow. He further added, “I think the question here is if the Saudis have taken the decision to include nuclear power in their energy mix, which they seem to have done, then this is certainly something where U.S. business should be involved”.
Earlier this year, Saudi Arabia’s Foreign Minister, Adel al-Jubeir, called on the U.S. urging for the same rights as other nuclear nations in order to process its own nuclear fuel. Further revealing, he said that the kingdom is also in talks with other countries, should America refuse to take up the opportunity.
Saudi Arabia is looking forward to construct 16 nuclear power reactors over the span of next 20 to 25 years, costing more than $80 billion. Though, Saudis have invited U.S. firms to be a part of the program, an acceptance is awaited from the Washington to sign a peaceful nuclear cooperation pact.
The pact also known as 123 Agreement is an essential step, which separates civil and military nuclear facilities. Its only focus is to block the steps that countries might take to move from nuclear fuel production to potential bomb-making applications.
Saudi Arabia has, therefore, tremendous growth opportunities and if the agreement is signed within the expect duration, it will certainly be a great boon for the Kingdom’s economy. Also, America, being a superpower, gives any economy an uplift.